Letting Your Property: Step-by-Step
Landlords listen up – this is your whistle-stop tour of letting your property, and the steps you should consider in the process! Whether you need your estate agent to source your next potential tenant, or if you require a full property management service, these steps are an excellent starting point when it comes to understanding your individual process.
Step One: Establish what rent to charge
Firstly, you really need to fully assess your property in order to determine a suitable monthly rent charge, based on its size and condition, as well as where the property is located.
Some factors to consider are: whether the property is close to the city centre, how many bedrooms the property has, and the local amenities and transport options, as well as leisure facilities and nearby shops!
Step Two: Do your research!
Be sure to read up on the up-to-date legislation before offering your property on to the rental market. Some of the requirements you’ll need to comply with include gas certification, PAT tested appliances, fire-proof furniture, as well as smoke and carbon alarms!
Step Three: Arrange an Energy Performance Certificate
These days, it is compulsory for all properties listed for sale or let in the UK to hold a valid Energy Performance Certificate (sometimes known as an EPC) so make sure you have this before putting your property on the market.
The certificate will tell you how energy efficient the property is – some of the contributing factors to this are double-glazed windows and good cavity wall insulation!
Step Four: Get your property ready!
The best way to get your property noticed is great photography which shows your property off in its best light! If you don’t have good photographs which show your property clearly, you could be overlooked – so it is crucial to really consider what audiences will see. It is also a good idea to provide a floor plan, an accurate location of your home, and don’t forget your EPC!
If you need help with this, make sure you choose an estate agent that can take care of you and your property’s needs!
Step Five: Set up accompanied viewings
No matter whether your property is new onto the market, or if you’re a very experienced landlord, having an accompanied viewing can really help to show your property in the best light.
They are local property experts and will know the area well. Remember, this is what they do best, so they will be able to answer any questions your prospective tenants may have on the day!
Step Six: Reference and approve tenants
Referencing is a crucial aspect of starting any tenancy. These reference checks typically look at criminal offence, credit, property, and employment history. Ensure that you reference and approve your tenants before the tenancy commences.
Many estate agents offer this as part of a package, so have a chat with your agent to see what they can do for you!
Step Seven: Complete an inventory report
It is really important, especially when it comes to deposit disputes, that you complete an inventory report. The inventory report notes all the items of furniture in the property, the fittings, the appliances, and the general condition of the property at the beginning of the tenancy. This is also a safety net for you, so it’s important to be as thorough as possible!
Step Eight: Get the lease and paperwork ready!
When you are completely satisfied that you have found the right tenant, the necessary agreement and paperwork needs to be drawn up. These documents include the tenancy agreement and any included guides.
Make sure that your expectations are crystal clear as this will ensure a smoother journey for both you and the tenant!
Step Nine: The tenant moves in!
Now the tenant can move into your property, keys in hand! Both yourself and the tenant can rest assured that everything has been checked and ready to go.
And that’s it – you’re all done and ready to let your property! If you’d like any more information about letting your property, whether you’re new to the process or a tried-and-tested landlord, check out our handy Landlord’s Guide to Property Letting.