Letting your property can be quite overwhelming when you do not know where or how to begin the process. There are a lot of steps and documents to go over which can easily confuse you. Therefore, we have put together all necessary information on how you can go over the entire process.
The following presents the guide that explains the different stages of letting a property.
- Reasons to let
- Choosing the right property
- Letting your property at the right price and at the right time
- Preparing to let
- Letting Certificates
- Marketing your property
- Before Moving In
- Finding a Tenant
- Choosing the right tenant
- During Tenancy
- 24-Hour Maintenance
- Ending Tenancy
- What is my Investment worth?
Reasons to Let
Purchasing residential properties to let can be a secure and worthwhile form of investment. More and more people continue to invest in properties for practical and financial reasons.
Some who move abroad either temporarily or permanently choose to let their properties instead of selling as it provides opportunities in maintain an income with the option of return at a later date.
On the other hand, others decide to let as it enables them to relocate and purchase another property. Generated income from let properties provides flexibility in the ever changing job market.
Choosing the right property
One of the most important things in letting is choosing the right property. Different factors must be considered through thorough research like location and the type of people who live in a certain area. One example is knowing perhaps the main tenant market – this can be made of busy professionals who prefer a place that is closer to their jobs.
Our professional team with years of experience can provide you with these information including gaps in the rental market. Being knowledgeable about the health and safety regulations are also necessary, otherwise you will find yourself needing to replace boilers, gas fires, and appliances without prior notice.
We provide extensive services that offers incredible flexibility towards your personal circumstance as we completely understand how time-consuming letting a property is.
Letting your property at the right place at the right time
Valuing your property entails extensive research – through our local database, we can easily advise you with the best possible price for your home. This includes getting all things done correctly from the choosing to preparing the property and at the same time weighing in your needs and expectations.
Feedback provided during viewings will be considered as this helps maximizing every opportunity. Additionally, marketing updates from different online portals like Rightmove, Zoopla, OnTheMarket, along with social media platforms to give you better advise on how your home is performing in the open market. You will be looked after by our team at Johals Homes from day one and receive regular updates from us.
Preparing to let
First impressions are important for tenants looking for a property. This is why it’s important to consider a property’s condition and appearance – this greatly affects rental value and how fast it can be let. Below are some of the factors to ponder:
- Light modern and neutral decorations (re-decoration can also be needed)
- Clean and colour-neutral carpets
- Modern and clean kitchens and bathrooms
- Organized and clean surroundings
- Gardens should be easily maintained
These are the certificates required in letting a property:
- Energy Performance Certificate
- Electrical Safety Certificate
- Gas Safety Certificate
You will also need to be aware of the legislation around providing smoke detectors along with carbon monoxide detectors.
Marketing your property
Getting your property to stand out to make a great first impressions mean producing property particulars, photos, and videos. These need to provide comprehensive, clear and accurate representation of your home.
Our in-house marketing team can provide you with superior standards, state-of-the-art video and virtual tours, and the right photos that highlight the strengths of your property. All of these enable us to secure viewings for serious clients or potential clients already willing to make offers prior to viewing the property.
As soon as everything has been prepared for the launch of your property, our team will reach out to all the pre-qualified potential tenants in our extensive database. These are our existing clients ready to proceed with an application. Moreover, your home also needs to be shown on different online platforms like Rightmove, Zoopla, social media platforms, etc. as we make certain it can be viewed anywhere in the world through whichever type of device a potential tenant may be using.
Before Moving In
Once suitable references have been received and a date has been agreed, all legal documents must be prepared. However, before moving a tenant in, the property must be checked as much as possible using a comprehensive checklist to ensure that it is ready for the new occupants to turn it into their home. This checklist includes simple things from keys working to all lightbulbs operating along with any smoke or CO detectors working correctly. To safeguard all documents, it is highly recommended that all should be signed digitally. This allows both tenants and landlords for easy access and limits chances in losing them.
In Johals Homes, out team arranges to meet the tenants on their moving in day and complete all necessary documents on your behalf. By providing tenants with good and personal service, this encourages them to treat your property as their home rather than just another house they live in.
We also make certain utility companies will be informed of the new occupants and rent payments will be set up to ensure this minimises any future problems for both parties.
Finding a Tenant
Maximum exposure through all necessary channels is needed in finding the right tenant.
In Johals, we ensure that all viewings are carried out by our highly trained and well experienced staff who can provide you with all feedback we receive.
On your behalf we will take references on every tenant who is to be named in the tenancy agreement, which will normally mean everyone over 18 intending to reside in the property.
To ensure this vital process is carried out as objectively and thoroughly as possible we use an independent professional referencing company.
The report sent to us will be actioned on the basis that the conclusion deems the applicant to be a suitable tenant and acceptable to underwriters for legal and rent protection policies.
Choosing the Right Tenant
One of the principal functions of a managing agent is the identification and referencing of a quality agent. We aim to secure the right tenant at the right rent in the shortest possible timescale.
In Johals Homes, we always aim to pay any rent received to you within 3-5 working days. We understand that this is part of your generated income which is why we do not wait until the end of the month as you deserve to receive it as soon as possible. You will be provided with a full statement detailing any income and expenditure, along with any invoices that we have paid on your behalf to contractors – this will assist you with your yearly tax return.
Under government regulations, all deposits must be registered without exception. We strongly advise you to discuss this with your Johals representative to ensure that you are fully compliant with the latest rules.
We currently use the TDS scheme and hold the security deposit in our secure client deposit account. A deposit will not be released in most cases, until we have confirmed any deductions at the end of the tenancy. Full details will be given upon request.
Johals ensures that regular inspections are carried out during a tenancy and a report will be sent to you – highlighting any issues that need to be dealt with.
We use the same program that the inventory is carried out on recording the condition along with photographic evidence. The initial tenancy will be 12 months, unless agreed otherwise, and we will contact you to discuss renewing the Assured Shorthold Tenancy so that you are always in control.
We are fully equipped to resolve any emergency within the quickest possible time as stress-free as we possibly can for all parties concerns as we understand that peace of mind is essential for all landlords and tenants alike. Our dedicated team provides easy instructions for any emergencies outside of business hours.
We ensure to contact landlords regarding any issues, subject to arrangements, which again, keeps you in control of your property and finances.
Johals Homes firmly believes that the rigorous process that we adhere to when letting a property will ensure a trouble-free let. However, we also make certain we’re prepared for any exceptions that are out of everyone’s control. This is why we recommend that the tenant has adequate protection insurance to protect any damage that happens to your property by them and subsequently we would always recommend that the landlord has similar cover as well.
Rent Guarantee policies can be put in place to protect your rental income along with any necessary legal recovery costs to ensure that your investment is protected at all times.
Ending the Tenancy
While Johals Homes works hard to ensure continual tenant occupation, there are still factors that cause a tenant to move out. With this, the tenant is required to give one contractual month’s notice, not ending before the end of the AST date, in writing and we will liaise with all parties to ensure a smooth handover.
At the same time, remarketing your property will be prepared to find a suitable replacement to minimise any rental void. On the checkout day, our Inventory Executive will attend the property to carry out a thorough inspection against the original inventory and report any defects discovered. A negotiation will then take place to ensure your property is ready for occupation the soonest possible then deal with the costs via the registered deposit scheme if required.