A Guide For Landlords
Whether you’re letting a property for the first time or you’re a seasoned investor, the lettings market can be a daunting one. Our professional property management service gives you peace of mind that your investment is in good hands.
As well as achieving the best possible returns from your rental property, you have many obligations and responsibilities as a landlord. And regulations change frequently. This is why our expert team is on hand to help you every step of the way.
Finding the right rental property
Choosing the right property for your budget and circumstances is important, as is the market you want to target. Our experience of the local area and current market means we’re able to advise you on the most suitable property type and potential tenants, for the level of rental income you want to achieve.
Preparing your property for letting
First, you need to decide if you’re going to let your property furnished or unfurnished. Generally, unfurnished properties are more popular with families, while furnished are more in demand for student accommodation. Unfurnished includes carpets, white goods and fixtures and fittings (lights, towel rails, etc.). If you’re going to rent your property furnished, you need to be aware that all soft furnishings will have to comply with the Furniture and Furnishings Regulations Act 1988, and you’ll be responsible for the repair or replacement of any electrical equipment.
Good presentation, in terms of décor, cleanliness and tidy outside areas, will not only help you achieve a higher rent, but will mean tenants are more likely to respect it.
Marketing your property
Effectively marketing your property is the key to finding the right tenants and optimising your investment. We use our knowledge and experience to market your property extensively via our own website, national websites such as Rightmove, and our many industry contacts. We also have many prospective tenants already registered with us.
Finding the most suitable tenants
It’s crucial to have a thorough process for selecting the right tenants. This is why we’ll work closely with you from the start, so we know exactly the kind of tenant you want to live in your property. You, rightly, want to know your property will be looked after and your rent will be paid, so tenants are carefully chosen through a series of strict referencing procedures.
Arranging the tenancy
Once suitable tenants have been selected and references are accepted, there are various procedures to go through and documents to put in place.
Tenancy Agreement – This covers all particulars of the rental, including the term, rental amount and the responsibilities of both the tenants and landlord.
Inventory – Before the tenants move in, you should have an agreed inventory in place, to avoid any disputes when the Tenancy Agreement ends.
Deposit Protection Service – All deposits paid under an AST have to be registered with a Government-approved scheme, such as the Deposit Protection Service (DPS), within 30 days of receipt.
Other responsibilities – You should ensure you obtain permission from your mortgage lender to let your property, and make sure you have adequate buildings and contents insurance (and encourage tenants to insure their own contents, too).
We can arrange and prepare all of the above agreements and documents for you, as well as contact utility companies on your behalf.
There are a number of regulations in place to ensure the safety of both the tenants and your property, and there can be serious penalties for not complying with them. As a professional property management company, we’re able to advise you on the regulations, the certificates you need to have in place and your landlord obligations in terms of health and safety. We keep up to date with the latest changes in legislation, so you’re always fully covered.