We have put together a quick guide to letting a property. By following this Guide, you will ensure a quick and easy process to Letting a property and avoid any unnecessary delays that could hinder the process.
If you like any help or advice please feel free to contact us and a RIGHT-STEP Associate will be happy to help.
Finding the right agent for you
Ensuring you find the right agent for you is vital to guarantee your home is let in a legal way and at the maximum possible value, but also an agent who understands your wants/needs from a potential tenant.
When selecting an agent, ensure they advertise on a good range of property portals, their marketing is quality and in short you can really trust them to look out for you and your home.
Although they want to get the very best possible price for you, the Letting agent needs to value your property sensibly and should be supplying recent comparable evidence to support the valuation.
You do not want your property sitting on the market for months with no interest due to the price being too high, this could have an adverse effect and could result in you missing out on months of rental income.
Once you have chosen your letting agent and have received a sensible valuation, you need to decide which service option you would like. Generally letting services range from: Let only service where the agent markets and finds you the tenant, Rent collection service where the agent finds you a tenant and then takes responsibility for collecting the rent monthly or a full Management where the agent takes ownership of the full management of the home as well as collecting the rent and passing it onto you each month.
Tenants prefer to know their property is being managed by an established and dedicated agent as it means that any difficult situations will be handled independently. Professional property management often means happier tenants who stay longer.
As a landlord you need to ensure that you understand your legal obligation when letting a property as you could be fined or even imprisoned if you do not comply with the legal requirements. Your responsibilities as a landlord are numerous.
By using a reputable letting agent, these burdens can be shared and you will benefit from advice given to you by experienced and knowledgeable professionals.
Agreeing an offer
As a landlord it can be very appealing to accept the first set of tenants that show interest in order to start receiving rental income as soon as possible however, you need to ensure the chosen tenants that have been qualified and have gone through vigorous credit and refinancing checks in order to reduce your risk.
The best way to do this is to choose an agency that has the correct processes in place and uses a reputable credit and referencing company and offers optimum searches.