MIDAS Sharing Tips: RentGuarantor, the leader in the rental market, is on the rise
An Englishman’s home is his castle. But for more than four million families, this castle is privately rented, not wholly owned. Some cannot afford the purchase; Others are not interested in home ownership. Either way, the numbers have been increasing in recent years and are likely to continue to do so.
Regardless of the tenant, landlords have the right to request documentation proving that potential occupants can pay rent, such as employment records, character references and credit checks.
Up to 20 percent of potential renters find this problem. They may be perfectly capable of paying their bills but often lack the required paperwork. In such cases, landlords tend to ask for a guarantor, often mom and dad for young people and students. But parents or colleagues may lack the means or inclination to intervene — and the logistics can be nearly impossible to handle for anyone applying from abroad.
Paul Foy, an Irish businessman, discovered the problem and decided to try to fix it. With a portfolio of 27 properties, Foy has spent over 30 years in the rental market and is a passionate advocate of fair play for both landlords and tenants.
After noticing that perfectly healthy applicants were being rejected across the board because they couldn’t provide documents or guarantors, he founded Rent Guarantor, an online company, designed to help both renters and landlords.
SAFE AS HOMES: RentGuarantor is designed to help renters secure the homes they want and reassure landlords that they won’t be out of pocket if renters default on payments
The company is listed on the fast-growing small cap exchange Aquis, the shares are priced at £2.74 and should rise in price this year and beyond.
RentGuarantor was created in 2017 to help renters secure the homes they want and reassure landlords that they won’t be out of pocket if renters default on payments. Applicants fill out questionnaires online and receive a one-year guarantee, if successful. Foy and his team have developed this process over several years and it appears to be working. Thousands of renters use RentGuarantor, defaults are rare, and the company is increasingly endorsed by real estate agents and specialty groups, such as Clever Student Lets.
Annual results for 2023 will be released in full this spring, but a trading update last week revealed revenues rose almost 80 per cent year-on-year to £742,000, the number of tenant contracts increased by 57 per cent to 1,124 and the value of each contract. The contract also rose.
Foy has invested heavily in the business, so he is still making losses, but revenues are expected to rise at a rapid pace and profits to continue.
The rule of Midas: RentGuarantor is a leader in the rental market, using smart technology to make life easier for landlords and tenants. Foy is a smart businessman with decades of experience under his belt. With more than 30 percent stake, he is also motivated to succeed. At £2.74, shares should go far.
Traded on: water Indicator: RGG accountCt: rentguarantor.com or 02071934418
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