Things to consider when letting a property:
- When deciding to let a property, choosing the right agent to either manage your property or find your tenants is an important first step.
- When valuing your property to find the best rent for you, our agents consider factors like:
- Who will be renting your property (student/working professionals),
- Will the property be presented as furnished/unfurnished/part furnished.
- Current state of property - if repairs are needed.
Once you have chosen an agent, you need to consider how much involvement you want with your property. From our services you can either choose our tenant find only a package, or for it to be fully managed.
Rental income:
When considering investing in a property, one of the main reasons is to make an extra income. The main ways of doing this is via a buy to let (rental income) or through capital gain of the property value.
You must consider it may be possible to lose money if the value of the property decreases, expenses are more than the rental income, or having long void periods.
Costs you must consider:
Our fully managed service fee, interest on mortgage, insurance, safety checks, maintenance.
Your legal responsibilities:
- Smoke detectors installed/tested
- Communal areas to be in good condition
- Electrics checked every 5 years
- No overcrowding
Different properties in different locations demand different marketing approaches. We’ll tailor whatever we do in line with the likely tenant profile. We have a full range of marketing tools at your disposal, including:
- Photography, floor plans, and virtual viewings
- Advertising on all major property websites (Rightmove, Zoopla, OnTheMarket)
- Vast databases of potential private and corporate tenants
- To let boards
Tenants offer:
It is very likely you'll receive multiple offers, we’ll help you assess your desired tenant profile against the offers on the table.
Our agents are experienced and expert negotiators, so will work on your behalf to secure the best terms for your property. We pride ourselves on transparency at every stage of the negotiation, keeping you fully up to date.
Once an offer has been agreed, we will then do a full reference report on the potential tenant which will be presented to you.
Assuming everything is satisfactory, we can move onto the last part of the process, signing the tenancy. A legal binding contract between you and your tenant. There are two types of contract, Assured Shorthold Tenancy & Contractual tenancy. We will advise on what is best depending on your circumstance.
At the start of every tenancy, an inventory is made of the property with photographs and descriptions. The tenant is contractually obliged to return the property to you in the same condition.
Once the deposit and first month's rent has been paid, the keys will be exchanged.
And that's it! We will continue to be with you whilst keeping you updated about your property.