For all you landlords out there, here are a few handy tips from us
Preparing your property:
Decide whether you want to let your property furnished or unfurnished. It's great if you can offer both options, as this means the agent can market it to a wider audience. In terms of decorating and soft furnishings, keep it fresh and neutral. A well-maintained, clean property will attract good tenants.
The safety of your tenants is very important, so make sure you have a Gas Safety check every year and get all electrical equipment tested once a year too. It goes without saying that your rental property should be fitted with smoke alarms/carbon monoxide detectors throughout. A Legionnaires Risk Assessment is also required prior to any Tenant taking occupation, including managing the risk. We anticipate later this year that a 5 year hard wiring check will also become mandatory.
By law, you will need an EPC (energy performance certificate) for your rental property. Your letting agent can help you to organise this. You won't be able to market the property without one, so get it sorted as soon as possible - they're valid for 10 years.
It's a really good idea to get a professional inventory taken at the start and end of each tenancy. Your estate agent will be able to manage this for you. It can help with any disputes that may arise when a tenant moves out.
Your tenants:
Try to keep a relatively open mind about your potential tenants and don't set unrealistic expectations, as this only reduces your target market. Try not to become too emotionally attached to the property either, as it is always hard to let go of a property you love - try to distance yourself from the process.
Potential tenants may try and negotiate on the price. Depending on the tenant's offer, it's worth weighing up if the price you want is worth holding out for, or if it's better to accept it and reduce the time the property is empty and not making money. It's well worth listening to your letting agent's advice.
What level of service do you want from your agent?
You need to figure out how much involvement you want from your estate agent. Do you just want them to find you a tenant and conduct all the security checks, or would you like them to look after the ongoing rent-collection and property management? Of course, there is an additional cost for the agent's ongoing involvement, but it could save you a whole lot of hassle in the long run.
In choosing your agent, don't automatically opt for the agent that offers the lowest fee. This may prove to be a false economy.
Let Only Service:
A let only service is primarily suitable for experience or professional landlords who have a good understanding of letting legislation, who feel comfortable having a close relationship with their tenants during the term of the tenancy and are confident dealing with the end of tenancy check out and negotiating the return of the deposit. This service includes:
Managed Service:
As a landlord, you want to rent your property out as quickly as possible for the best market price. You want to avoid empty periods and guarantee a regular income and if you are too busy or unable to deal with the day-to-day management of the property then leave this to us, we will look after every detail of your rental property as if it were our own.
Whether you're a landlord with one property, or a landlord with a large portfolio, we'll manage your rental property with the utmost professionalism and integrity.
Property management is a core element of our business, managing a property requires a lot of time and commitment and we are passionate when it comes to providing this service, for ease we have listed below some of the services included:
Let & Rent Collection:
This level of service offers all that is included in Letting Only and is ideal for landlords wanting to manage their properties but require the ongoing services of an agent to administer the receipt and transfer of rent during the tenancy period. In addition to providing statements of accounts we will provide you with a yearly statement for your accountant.
For more in-depth information please do not hesitate to arrange a free valuation.
