If you have a property that you are in a position to be able to let out, this can represent a lucrative, steady income stream for you. An experienced lettings estate agent can help you through the entire process, from the initial valuation to the end of tenancy paperwork.
Here are some points to consider before committing to letting out your property:
- Are you looking to secure a short-term let of just a few weeks or months, or would you prefer to have someone in your property for a longer period of time?
- Do you want to handle the tenancy yourself or engage the services of a property management service? How much help will you need from them – simple rent collection, tenant vetting, or the full management service to relive day-to-day issues and stress?
- Do you know how much your property is worth and how much you can expect to get in rent? Check out similar properties in your locality to find out what prices they are commanding.
- Do you know who might be interested in your property? Your estate agent should have a database of potential customers and will be able to advise you on the type of tenant you can expect to attract.
- Is your property in the right state to encourage good quality tenants? Take an objective look round and correct any faults before putting the property on the rental market.
- Do you know your legal obligations? And your rights as a landlord? It is vital to find out as much as possible about these areas now, to prevent problems occurring further down the line.
Once you have decided to let your property, the next stage is to get it valued. Residenza offers a free, no obligation valuation to give you a current value and the best rental bracket in which to place the property. You may like to get two or three valuations for an even more accurate forecast.
Next, you must choose the lettings agency you would like to work with. Look for one that has excellent local knowledge and a thriving tenant database. See which agency asks the most pertinent questions about your property during the valuation, as this will give you an idea of how well they will photograph and market it to potential tenants. Other selling points to look out for include versatile, successful marketing techniques, both online and offline, plus convenient opening hours and effective options for contacting them out of hours. Also look for well-written, creative advertising material, positive reviews and a dedicated property marketing team who will handle your property.
The advantages of using a full property management agency include having someone on hand to arrange the inventory and tenancy agreement paperwork, collect the deposit and chase overdue rent, sort out emergencies as they arise, organise utility bill transfers, yearly inspections and safety checks, such as the gas safety certificate and even offer legal advice in some situations.
During the viewings stage, it is important that your property looks at its very best. First impressions count for a lot. This includes the outside as well as the inside – tidy the garden, get any external repairs done now and give the inside a good clean. Try not to have too much clutter in the rooms of a furnished property – people are likely to want to bring some of their own furniture with them.
When you get one or more offer from your viewings, your estate or lettings agent will be able to help you negotiate them and secure the best rental price for your property. The agent will also carry out background checks on the new tenants to allow you to sign on the dotted line with greater peace of mind. You are not obliged to accept any of the offers, but don’t spend too long waiting for an even better price – a decisive, reliable and solvent tenant is worth his or her weight in gold.
For your free property letting valuation, call us today.
? 0208 672 7979