Letting a property check-list.
Are you thinking of letting your property? Then there are a few things you will need to consider. Here is small step by step guide we have put together to assist you.
Step 1: Preparing to let your property
In the very first step before you let your property you might need to consult:
• Your mortgage lender
– Your lender may need to be notified of the type of tenancy and would want it to be an Assured Shorthold Tenancy.
• Your insurance company
– Your cover can be affected if you are letting out your property. It may be invalid in case of damage to the property if you haven’t notified your insurance company
• Your freeholder
– (may apply if your property is leasehold) You may need consent from your freeholder.
It is required by law that you provide an Energy Performance and Gas Safety certificates for the property. Property People can arrange these for you through our reliable list of workmen.
Step 2: Appoint a letting agent
Appointing a letting agent can seem overwhelming as there are over 200 agents covering the local area. Property People are a small company which means we truly value your business. We will work tirelessly to find you a tenant for your property in as short a time as possible. Using top websites such Rightmove, Zoopla and Prime Location to name a few, we can reach a huge number of prospective buyers.
There are a couple of ways you can appoint an estate agent.
is where you appoint a single agent for a fixed period of time and that agent concentrates their efforts to find you a tenant. Sole Agency is the most popular option with better value for money.
is where you instruct several agents at the same time, who will all market your property. The commission rate for a multiple agency let will be higher than that of sole agency.
Note: It is arguable that you increase your chances of finding a tenant quickly by instructing more than one agent. In most cases you will be duplicating your efforts if you instruct 2 agents to do the same job. In this age of internet, prospective tenants are internet savvy and won’t restrict their property finding to a single high street agent but instead register their interest on all online property portals. Property People advertise your property through all the major websites as well as marketing through an up to date tenant register. We will leave no stone unturned in search of the right tenant for your property.
Once you have chosen an agent there are usually three levels of service to choose from.
• Letting Only
is where an agent markets your property through a multitude of websites, magazines and existing database of potential tenants. Your agent then follows up leads from all the sources and arranges and conducts the viewings, draws up a tenancy agreement and performs the handover of keys.
• Letting & Rent Collection
is essentially the same as above with one key difference; your agent will chase & collect the rent and pay into your account every month.
• Full Management
is an all-inclusive service with letting, rent collection and management of your property. Your agent will market and let your property and deal with all repairs & maintenance of the property during the length of the tenancy. Your agent will carry out periodic inspections and deal with any issues. Rent will be paid into your nominated account every month minus the management fees.
Note: At Property People We have years of experience in dealing with workmen to arrange repairs for properties that we manage. We know what the right price is for any given job in a property. We work with carefully selected group of workmen on our books who give us preferential rates and we have witnessed the quality of their work. If the job is bigger we look to get a few quotes so that we can get the best value for money in addition to a good quality of work.
Step 3: Presenting Your Property
First impressions count, and there are a few things you can do to ensure you find a tenant as quickly as
possible, which are:
• Reduce Clutter
– Remove things you don’t need, this will allow the prospective tenants to imagine what the property will look like with their possessions in and will make rooms look bigger.
• Add a coat of paint
– A neutrally coloured fresh coat of paint can really make a difference.
• Have a good clean
– A simple tidy and clean including windows really helps.
– A potential tenant will often walk or drive past a property they are interested in before arranging a viewing. Painting the outside and tidying the front garden or driveway will give a great first impression. You’re then ready for your lettings agent to start showing prospective tenants round.
Step 4: Agree the rental
Once a suitable tenant has been found, has been referenced and credit checked, a tenancy agreement will be drawn up by your agent which both parties then sign. If required, your agent will carry out an inventory of the property and register the deposit with tenancy deposit protection scheme as required by law. The keys are then handed to the tenant before the agreed tenancy start date.
Note: Property People engage the services of a reputable tenant referencing agency to obtain credit checks and references on prospective tenants. And as such the checks are very stringent to make sure we match great tenants with your property. Property People also protect all deposits with the Depots Protection Scheme.
You have now let your property – congratulations!
Letting fees for agents can range between 5%-17%. Our introductory fees are very competitive at 5% for letting only, 7% for rent collection and 9% for full management. These rates apply to sole agency Lettings – should you decide to market with multiple agents, please ask us for a quote.
Repairs, Improvements, EPC and Gas Safe certificate
Please ask our staff and we will appoint one of our contractors who are carefully chosen by us based on their competitive prices and quality of workmanship.
Ready to let your property?
Call us on 020 8946 7171 or email on [email protected]
You will be pleasantly surprised with a quick and efficient let. Our office is based near Southfields and Wimbledon Park Tube Stations on Durnsford Road. Our average turnaround for letting a property is usually 2 weeks.
By Asad Jamil
Branch Manager at Property People. Best Letting Agents in Wimbledon Park SW19