The Letting Process
The Letting Process
PREPARING TO LET
Although letting your property can be a tempting investment opportunity, it is important to prepare, consider all factors and understand the entire letting process to make sure it does not become stressful.
VALUING YOUR PROPERTY
You will want to make sure that you are letting your property in line with other local property. To get the pricing right, it is important to understand the local property market and be aware of local rental demand.
CHOOSING AND APPOINTING A LETTING AGENT
When choosing an estate agent consider what kind of marketing your property will receive. If your agents advertising is limited, so will your letting potential. You must also decide if you would like your landlord to simply help you market the property and take over the management of it, or if you would like them to help with every aspect. Including rent collection, repairs, gas, safety checks and so on.
PRESENTING YOUR PROPERTY FOR VIEWINGS
In the same way that you would prepare your property if it was being sold, it is important to present a clean and tidy space and all repair works should be completed before viewings take place. Freshly decorated properties can be more appealing to potential tenants.
DECIDING ON LENGTH OF TENANCY
For private rentals, the most common type of tenancy is an Assured Shorthold Tenancy (AST). These tenancies usually begin as fixed term tenancies where the duration is defined from the outset, typically anywhere between 6 months to three years and mutually agreed between the landlord and tenant.
FINDING THE RIGHT TENANTS
Different types of properties will appeal to different people, therefore it is important to understand the local market in order to find the right tenants.
AGREEING THE TENANCY
Once a tenant has been found and their application has been accepted, you will need to complete some important paperwork before the tenancy can start.
TAKING THE DEPOSIT AND MOVING TENANTS IN
Whether you choose to work with your lettings agent on a managed or non-managed basis, they will ensure you comply with legislation to protect all deposits.
MANAGING A LETTING
As the landlord, you are responsible for making sure that the property you are letting is safe and secure for your tenants. If any issues arise, they should be dealt with in a timely manner.
END OF TENANCY AND RENEWALS
If the tenancy is a fixed term agreement the letting agent will get in touch with both parties to determine intentions before the end of the term. This is usually done three months prior to the end of tenancy.