When buying an investment property, it is important which letting agency you decide to trust your property with and the level of service they can give you.
1) The first step to letting your property is to arrange valuations that establish the right rental price for your property. We recommend getting valuations from at least three agents. Our expert team have extensive knowledge of the local property market and we would be delighted to provide a no-cost, no-obligation valuation of your property.Ā You can give us a call or email us.
2) Once you have received the valuations, it is time to select an agent to market your property and act for you in the letting process. We donāt recommend choosing your agent solely on the valuation provided ā you should consider who you have the most confidence in to complete the rental of your property, and also the tenancy terms they propose.Ā Once you have considered the agent, you need to decide what level of service you require.Ā
3) There are normally 3 levels of services which letting agents provide.Ā Landlords should assess what the best level of service they will want for their property.
The standard level of service is a Let Only service where the agent will find the right tenant for your property. Once the vetting process is complete and the tenant is moved in, it is the responsibility of the Landlord to manage his own property.
The next level of service is Let & Rent Collection.Ā This is similar to the Let Only Service.Ā The only difference will be is that we will collect the rent from the tenant and transfer the rent directly to the Landlord minus our fee.
The highest level of service is the Full Management Service which we recommend as this provides peace of mind that your property and your tenants are constantly cared for when issues arise.Ā Before we take measures into our own hands, we inform the landlord of the problem before actioning the issue.Ā One of our integral aspects of the business is to be transparent with our client.Ā As issues bares cost, we understand the landlord needs to know what the cost of the issue is before carrying it out.Ā Once approved by the Landlord we will resolve the issue quickly and efficiently.
4) As a landlord, there are various legal requirements you have to meet before your tenant moves in. By law you need to arrange a gas safety certificate, an EPC and have smoke/carbon monoxide detectors fitted and tested on the day your tenant moves in. A portable appliance test and fixed wiring test for electrical items are suggested but not obligatory in law. If required, we can help you find qualified and reliable contractors to carry out these items.
5) The next process will be for the agent to market your property.Ā Your agent will prepare marketing materials to show prospective tenants what your property offers. This is where we excel.
We pride ourselves on our attention to detail and making sure your investment stands out from the crowd with eye-catching photos and precise marketing.
Professional photography and floor plans are carried out.Ā We even provide virtual tours of the property which are upon request.
6) When everything is in place and ready to go, we launch the property live and list on all major portals, all our social media accounts which include Facebook, Instagram and Twitter.Ā We also carry out property videos which will be listed on our YouTube channel as well to ensure maximum exposure for your property.Ā Ā
You will receive an email to review and confirm you are happy with how we have marketed your property.
7) We will carry out viewings for you and encourage offers from them.
8) When an offer is made, we will negotiate the best price and establish that the terms of the tenancy are acceptable to you. Key components are move in date, tenancy term, furnishing status and any additional tenant requests. We will ensure we keep you informed every step of the way and be the point of contact between the tenant and yourselves.
9) Once the landlord has accepted all the key components and is happy with the formal offer from the prospective tenant, we will then organise a meeting between both parties at the office or the property whichever is convenient.Ā The meeting will finalise and last requests.
10) Subject to a successful landlord and tenant meeting, we will begin referencing the applicant.Ā As a letting agent it is our duty that we make sure the right tenant is capable of affording living in your property.Ā By doing this we carry out a number of checks and use a third-party referencing company to make sure the tenant can afford to live in your property.
Those checks include:
11) After successfully completing their referencing and the property is ready or being prepared it is time sign the tenancy agreement.Ā We will draw up the legally backed Assured Shorthold Tenancy (AST) agreement.Ā We will make sure all the key measures that were agreed between the landlord and the applicant are implemented into the AST.Ā We will get both parties to review the AST and once both are happy with the agreement, we will arrange signatures from the landlord and the applicant.
12) If you are letting for the first time, it is advisable to arrange for a professional clean and to deal with any maintenance issues. This ensures the property is handed over in the condition that you would like it returned in ā and puts the onus on the incoming tenant to do so. We also strongly advise that a professional inventory and schedule of condition (a report that sets out the condition of the property) is arranged. If required, we have reliable contractors who can carry out these on your behalf.
13) A professional inventory is important to have when you let out your property.Ā It is also important for the tenant to have this as well since the tenant will be putting down a minimum of 5 weeks deposit.Ā The inventory is a detailed report which includes photos and videos and refers to the condition of the property prior to the start of the tenancy.Ā Utility metres such as Gas, Electricity and Water are read and documented in the inventory report.Ā This report will be issued to both landlord, tenant and the agent and the tenant to sign as acceptance to confirm they are in agreement with the report issued.Ā It is practical that the tenant pays for the Inventory Check In Report and the Landlord pays for the Check Out.
14) Once everything is signed and the property is ready, the tenant is ready to move in.Ā Keys are released and the tenant is checked into the property by way of the signing of the inventory and schedule of condition that has been prepared.
15) The landlord will receive their Landlord Pack whilst the Tenant will receive their Tenant Pack.Ā Both packs consist of the same documents which are as follows: