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If you're a landlord looking Here are some useful steps to follow when letting a property, to ensure a positive experience for both you and the tenants.
A good place to start is deciding on whether on you want to advertise privately or use a letting agent and if the latter, choosing the right agent for you.
Consider the costs involved, including how effective it will be to market your property, how viewings are conducted, their high street or online presence and the pool of potential tenants available to them. If going privately, will you be able to reach the same audience? are you able to vet them professionally as required?
Below is a table of the possible costs involved when setting up a letting management service with a letting agent.
|Based on a 2-bed property with a rental yield of £ 1100pcm|
Letting management fees
£90 - 500
Photos and floorplan
£100 - 220
£20 - 60
|Tenancy agreement||£100 - 200|
|EPC||£50 - 120|
|Inventory/Check in-out||£350 - 550|
|Total Cost||£710 - £1650|
First impressions really do count. To obtain quality tenants, who you can rely on to look after your property, it's important the property is presented in a clean, tidy and well maintained state.
Any low cost jobs you’ve thought about doing but never got around to, do them! A fresh coat of paint really can make a difference!
You will need to notify your mortgage lender, purchase the required landlord insurance and ensure all tax related issues are up to date.
A comprehensive and professional inventory should be completed, consisting of a thorough record of the condition and contents of the property, which becomes extremely helpful when completing checkouts.
Once the rental price has been agreed, prospective tenants should be thoroughly referenced, credit checked and confirmation obtained that they are legally allowed to rent a property in the UK.
At this point the tenancy agreement is created making sure it complies with current regulations in the UK. The security deposit and first month's rent are paid and the successful tenant is free to move in on the agreed date.
As a landlord there are constantly jobs to be completed, as well as rules and regulations to be followed.
Allow the tenants to live undisturbed, provide 24 hours notice if you require access to the property.
Keep on top of the maintenance and repairs.
Gas, electricity and water appliances all in working order consistently throughout the tenancy.
When the tenancy comes to an end the landlord or letting agency should go to the property and formally take possession. Ensure that rent is paid up to date, all keys handed back and assess the state and cleanliness of the property.
The tenants deposit should then be returned, however, when assessing the property against the inventory you can charge for any damages or missing items.
Always take into account the wear and tear of living in the property, no landlord wants the reputation of being unfair.
We hope these are useful steps to achieving a happy life as a landlord.
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