PROPERTY RENTING TIPS AND GUIDE
Letting Advice For Landlords
PRESENTATION, PREPARATION and LEGISLATION. Get these right and it is plain sailing all the way!
Lay it on as much as possible! A pot of fresh flowers, a mirror above the mantelpiece, a print on the wall, a welcome rug all cheap and easy and instant pleasers.
The look and the smell of a place can make people look no further. Or look for somewhere else.
Keep things neutral! Think light when it comes to repainting those scuffed walls, it will make your property feel vastly bigger!
Smells, 'Air freshener' does exactly what it says on the can. One squirt can transport you from the heat of last night's Indian Madras to the cool of the pine forests of Northern Sweden, or from a wet dog’s bed to fresh ocean breeze. We all know which are more likely to entice the tenant to stay.
Think carefully about the exact date you want your property to be let. 6-8 weeks before that date is recommended. This allows us to get the ads out - and to find and select the very best tenants. Often it's the first person that walks in the door. But then, sometimes it's the last.
The London letting market moves very swiftly. Tenants expect to be able to view at short notice. So, if you're flexible about your move date, get ready to move at any time.
Calculate costs carefully. You'll have gas safety regulations to pay for- and inventories to draw up. And, of course, agency commission.
If you have current tenants, don't forget to let them know they will be receiving calls from us requesting permission for viewings.
Here our expertise really comes into its own. All our offices are ARLA qualified. So you can rely on us to get it right. And here are the areas where you might need our advice:
• Fire and furnishing regulations
• Gas safety regulations
• Do you need an electrical safety certificate?
We can provide you with all the information and arrange all the necessary checks for you with reliable contractors at reasonable prices, making sure you are fully compliant with the Law and aren't risking any hefty fines further down the line.
Did you know that it is almost impossible to deduct any damage from a Tenant's deposit without an independent inventory check-in and check-out report in place? We can advise you on everything from Schedule of Conditions to the Deposit Protection Scheme, ensuring you are fully protected and compliant.
Giving you complete peace of mind.
Addison Townends Simple Lettings Guide
Renting your home can be a complicated and daunting business, but at Addison Townends we aim to take the complications out, just read our step-by-step guide to renting your property and we feel that the whole process will be simplified in an instant :-
Your aim should be to let your property at the best possible price in the shortest possible time. Our expert valuers have an intimate and unparalleled knowledge of property values in your area.
This is why we consistently achieve the asking price across all our clients' properties.
2. Instruction of the Agent/Property Details
When choosing a letting agent consider their opening hours, when they will be available to conduct viewings, if they will only find you professional referenced tenants and what kind of marketing your property will receive. These are critical to obtaining the maximum rental value for your property.
You should also check if your agent will organise your government-required Energy Performance Certificate (EPC) on your behalf or if you need to arrange this yourself? You are responsible for making this document available to prospective and future tenants. Addison Townends can arrange this for you.
3. Consider Property Management
Property Management can be the key to reaping maximum rental returns on your property. Many tenants insist on renting managed properties and are often prepared to pay a premium for this.
Instructing Addison Townends to manage your property gives you peace of mind that both your property and tenant will be cared for. Your dedicated Property Manager will look after the general day-to-day management and more complex issues such as emergency repairs, collection of rent and much more.
4. Presenting your property
First impressions count, making the presentation of your property critical to a successful let.
Consider addressing any DIY jobs you have been meaning to get done, add a fresh coat of paint where necessary and try to declutter to make rooms appear larger.
Neutral décor and, well presented kitchens and bathrooms are important to achieve a successful let.
5. Preparing your property for tenancy
Before you let your property for the first time it is advised that you obtain a professional and comprehensive inventory. This will set out the condition and contents of the property. Addison Townends can recommend reputable companies who will carry out a professional inventory on your behalf.
Long term tenancies (6 months or more)
You are responsible for checking that the tenants have set up accounts with utility companies, telephone supplier, council tax and TV licensing.
Short term tenancies (up to 6 months)
You will retain responsibility for the utility accounts, council tax and TV licence, as these costs are included in the rent. The tenant will be responsible for any telecommunication services.
A) Assured Shorthold Tenancy (AST)
This Tenancy is attractive to Landlords as it offers market rents without security of tenure beyond the contractual term and the majority of Tenancies are based on this format. However, certain criteria must first be met:
a) The Tenant must be an individual
b) The property must be the Tenant’s main residence/home
c) The rent cannot exceed £100,000 per annum
d) The Landlord must not occupy the same property
If the property is let under an Assured Short hold Tenancy, the Landlord can issue a Section 21 Notice for possession provided the term of the Short hold is expired and not less than two months notice has been given by the Landlord stating he requires possession.
If court action is needed, this can be obtained on a number of different grounds against the Tenant.
However, it should be noted that is a criminal offence under the Protection from Evictions Act 1977, for a Landlord to threaten or forcibly evict a Tenant from their property.
B) Company Tenancy
This is governed by contract law and is not regulated by the Housing Acts of 1988 or 1996. It is used when a Private or Public Limited Company (excluding partnership or sole trader) want to enter into a Tenancy. There is no security of tenure and rental payments are often made on a quarterly basis by prior agreement.
6. Marketing your property
To find your perfect tenant you need to give your property maximum exposure across a wide range of media.
When you instruct Addison Townends you will automatically benefit from our unrivalled, comprehensive marketing package, including: exposure on our website, full colour property details, email and SMS alerts.
Any offers we receive are promptly verbally notifie. Our competent lettings team will negotiate between you and your prospective applicant in order to achieve the strongest tenant.
8. Offer Agreed
Once you accept an offer we will do the following, regardless of whether your property is managed:
- Collect and complete references from all tenants.
- Prepare the Tenancy Agreement and supply you with legal documentation and give practical general advice.
- Arrange signing of Tenancy Agreement.
- Collect moving in payment (rent & deposit).
For your added peace of mind on all managed properties we will hold the deposit as a stakeholder and register this with a deposit protection scheme, resulting in a faster and more efficient deposit release process at the end of the tenancy. We can also assist you in obtaining a linked insurance policy to safeguard your rental income and provide legal protection (RENT GUARANTEE).