20 things to do before you let your property
Before marketing commences:
1. Research area and online property portals such as rightmove.co.uk, zoopla.co.uk and spareroom.co.uk, also speak to some local letting agents for their opinions. Then set an achievable rental figure – if the property is empty don’t get greedy with sporty asking rent figures, as you will be losing money on a daily basis.
2. Notify mortgage lender of intention to rent the property.
3. Notify the freeholder or block management company of intention to let if required.
4. Notify insurance company and arrange suitable landlord cover.
5. Ensure property is well presented and thoroughly cleaned before it is put on the rental market.
6. Ensure all electrical wiring and appliances have been checked and are safe to use and the relevant certificates have been issued and received.
7. Ensure all gas appliances have had a gas safety check carried out on them and the relevant certificates have been issued and received.
8. Ensure Soft furnishing have met the appropriate fire safety regulations.
9. Ensure Smoke detectors are located on every floor as well as carbon monoxide alarms in any room with a solid fuel combustion appliance.
10. Ensure a Valid Energy Performance Certificate has been carried out.
11. Check with the local authority to see if you require a HMO License.
Marketing the property:
12. Take professional wide angle photos and supply floorplans for the property or instruct a professional company to do this for you – Make sure your property looks better than any other property advertised.
13. Use an online property advertising company this will help get the word out there on the property portals. Let the world know your house/flat or room is available.
14. Try and carry out any viewings as a ‘Block/Group Viewing’ this will save you time doing one off viewings. If you do not feel comfortable showing property by yourself from a safety point of view then try and make sure you have another person there with you or get a company to do your viewings for you.
Once you find a suitable tenant:
15. Supply a breakdown of rent and deposit and any terms and conditions you may have and a take a holding deposit of 1 week. 1 weeks deposit will be deducted from the final balance accordingly.
16. Carry out credit and right to rent references via a professional referencing company – also request a copy of their passport, 3 months bank statements and 3 Months Payslips.
17. If the referencing is acceptable then supply a tenancy agreement for signature, how to rent guide along with all safety certificates by email.
18. Request balance payment by bank transfer – 1 months rent in advance and 5 weeks rent as deposit – register the deposit with a suitable Deposit Protection Scheme and serve the prescribed information within the given timescale to comply with the deposit regulation scheme.
19. Agree a move in time with your tenant and make sure you have a professional inventory.
20. Supply contact details for any maintenance or emergency situations.
Please note this is a general guide only – landlords should seek independent professional advice before entering into any legal contract.
If you decide not to let your property by yourself – then use a member agent from the Association of Registered Letting Agents – ARLA