A Successful Let
This page gives advice, hints and tips to help you let your property both profitably and easily. Letting your property can appear to be a daunting task with so many things that need to besorted out. Follow this route to mkae sure you have everything covered.
1. Appraise the market
Check the local market to assess what level of rent you can expect and what sort of tenants you should be looking for. An agent can give you impartial advice on the sort of tenant that is likely to be interested an how to attract them.
2. Prepare the property
Decide whether you will be letting furnished or unfurnished. Check you comply with legislation, for gas safety, electrical equipment, furnishings and smoke detectors. You must have an Energy Performance Certificate (EPC) for your property before you start to marketing to let.
3. Contact your bank
If your property is subject to a mortgage your bank or build society will need to give their consent to the letting. You should also ensure that terms of your insurance are adequate.
4. Choose an agent
A good agent will tailor fees to the level of service that you require. Some landlords are able to undertake a more ‘hands – on” approach whilst others prefer an agent to look after all the day to day issues. You will want to ensure that you property is managed to a high standard.
5. Start marketing
Your property must be featured to the widest possible audience. Sign boards, press advertising and web portals such as Rightmove and Zoopla will ensure people see your property. Your agent may also have a database of suitable applicants that they will contact
6. Undertake viewings
many tenants are in a hurry to find somewhere to live and will need to see a property at evenings and weekends, so being flexible will help your property let more quickly.
7. Screen the tenant
A tenant referring service will ensure both the indentity of the applicant and that they have the means to pay their rent. Where applicable look for prior landlord references and if needed that a guarantor be provided.
8. Prepare the inventory
A professionally prepared inventory will comprehensively cover the condition of the property and contents. Signed by the tenant at the commencement of their tenancy this will help resolve any disputes and help you obtain recompense for any damage that may be caused
9. Prepare the agreement
We utilise an Assured Shorthold Tenancy which will allow you to get the property back empty should you wish, by giving formal notice after the first six months of any tenancy has elapsed.
10. Advise the Authorities
To ensure that you are not charge for utilities that are the responsibility of your tenants, take the meter readings at the start and end of the tenancy and advise the relevant utility companies accordingly.
11. Protect the Deposit
All tenancies that started on or after 6th April 2007, the tenant’s deposit must be protected in one of the government-approved schemes. If a deposit is not properly protected, you will be breaking the law and be unable to regain possession of the property using the notice-only grounds for possession.
12. Collect the rent
Most tenants pay their rent by standing order. If you are using an agent, your money will be transferred automatically to your bank account less any fees and expenses due to the agent.