13 Nov Letting Your Property?
… take a look at my list of things to consider before you do….
Choose a great ARLA Propertymark Agent.
When choosing who will advertise and, possibly, manage your property you will want to ensure that the whole team is honest, knowledgeable and keen to work with you to your specific requirements. Always ask what qualifications the team have and which industry organisations they are members of.
Using an ARLA Propertymark agent will give you the peace of mind that your agent is professional, trained and insured.
You can find your local ARLA Propertymark Agent by looking for this logo
or you can search for one on the ARLA Propertymark website here:- www.arla.co.uk/#find-an-expert
Price your property to attract a wide range of applicants
Rents in the local area are high and no doubt you will want to get the market rate for your property. However, pitch your price just below the market rate and you should achieve more viewings and more tenancy applications. More applications means that you can pick the right tenant for you. We often find that applicants will offer more than the asking price if the property is right for them and priced reasonably.
Keep up with the legalities of Lettings Land
Remember that as a Landlord you are running a small business. There are currently more than 150 pieces of legislation applicable to letting your property. You not only need to know what they are but also be able to comply with them all. (Another good reason to employ the services of an ARLA Propertymark agent as they will have been trained in all aspects of the law relating to property)
Make sure you have savings for unexpected maintenance issues and any void periods
It’s a good idea to keep an amount of money separate to help pay for any maintenance issues as and when they occur. If you have a fairly modern house you can expect there to be less issues than with an older house but even a modern house can have a boiler breakdown or a leak.
Although void periods are pretty rare in the local area (we don’t really see anything more than a couple of weeks here) it’s still a good idea to keep at least three months rent aside to cover any unexpected voids. Landlords who aren’t able to ride out a void will find it more difficult to turn down an unsuitable tenant.
Get some landlord insurance
Make sure that you put some landlord insurance in place (this will be a term of most, if not all, buy to let mortgages). As well as covering the fabric of the house, this can include legal protection and also rent guarantee. The rent guarantee will cover you where your tenant defaults on the rent and the legal protection will give you cover to deal with any legal dispute with your tenant.
Meet your Tenant in Person
If you are managing your property yourself, it would be a good idea to meet your tenant before accepting their application for a tenancy to ensure that you are happy with them. Of course, if you have a trustworthy agent who knows the sort of tenant you are looking for this is less important.
Use reputable contractors with public liability insurance
Always check that the contractors who deal with the repairs/refurbishment for your property are reputable and have the necessary insurances to deal with the work you have employed them to do. If you need a contractor and don’t know anyone suitable always look for a recommendation from someone you trust. The point about their insurance is an important one – you don’t want to employ someone to repair a roof who is not insured to work at height and risk the ramifications if he falls through the roof and injures himself and damages your property.
Use an Agent with Client Money Protection
Always check that your agent has Client Money Protection (CMP) insurance because if something goes wrong and your agent can’t or won’t pass on the rent that they have collected to you, you are likely to lose the money unless CMP is in place. All ARLA Propertymark Agents have to have this to continue their membership.
Read and Understand your Tenancy Agreement
Always make sure that you read through the tenancy agreement in plenty of time before you need to sign it. It’s important that you understand your obligations and that you discuss anything you don’t with your agent. If your agent will be signing the paperwork on your behalf, you still need to understand the agreement as it is ultimately you who is liable for the terms within it.
And finally …
….Keep your Property Well Maintained and Updated
Grotty properties attract grotty tenants and less rent…. Enough said!
If you have anything lettings related that you’d like to discuss please get in touch by telephone 01489 579009 or email firstname.lastname@example.org – we’d love to get to know you.
Emma Macgregor MARLA
PS: If you are looking for a ‘smart let’ (www.robinsonreade.co.uk/quick-let-or-smart-let/) call us today on 01489 579009 or email us at email@example.com for honest, expert and friendly advice.