Saturday, April 1

Guillermo Godínez: Your endorsement in a simple application

A few days ago a friend told me how “stormy” and complicated the process to rent her new offices was proving to be, since the landlord was even asking for the deeds to her parents’ house for collateral.

And it is that many owners of real estate always want to protect themselves against the possible situation that they are not going to pay the rent.

Many people do not have a way to guarantee that they will comply with the rent payment and cannot rent real estate. On many occasions they are asking a family member or friend for a favor to be their guarantee with the uncertainty of whether or not they get the favor.

This week I was invited to the presentation of a new product that, as it sounds or was the presentation, comes to solve this situation for all the people who need to rent a property in a very simple and fast way, in fact as I wrote in the title of my editorial is an operation that will be done from your cell phone in an application.

This is NOWO, which comes from the words in English “no” “worry” and they offer you to acquire a kind of policy that you give to your landlord as a guarantee in case you fall behind in your rent payments. This company belongs to the Aserta Financial Group.

In plain words I am going to mention what the characteristics of this option are:

That you will not need a property to give it as collateral.

They will take care of screening prospective tenants in minutes.

If NOWO’s “policy” is applied, you receive one hundred percent of the rent, without deductions or coinsurance.

According to what I understood, this works like this… After the date on which your rent is paid has expired and you as the landlord have not done so, you request your payment from NOWO and five days later this company pays you.

You only have to download the application on your cell phone and fill out the contracting process and enter all the information that is requested, which is: the tenant’s information; the data of the property to rent; the data of the owner and the biometric data of the tenant.

You have a period of up to 60 days to report the non-payment of your real estate. The contracts can be made for 6, 12, 18 and up to 24 months and they also accept foreigners as tenants.

And well, the question that everyone will be asking is and how much does this wonder cost! The cost ranges from 2.5 to 4.6 of the total value of the rental contract, that is, if the rent will be 10,000 pesos and it is for one year, the contract is 120,000 and they charge you, for example, 3 percent, which would be 3 1,600 pesos for the NOWO policy.

Depending on the situation, the property and the term is how they assess the percentage that you will have to pay for this service.

This new policy is a great solution for brokers and real estate agencies because in a matter of minutes they can close rental operations for many properties.

Everything is changing and advancing vertiginously in these times and the processes in real estate are becoming more and more streamlined.

See you next time!