First time landlord guide
So you’ve got yourself a buy to let. Or you’re thinking of buying one? Discover the 6 steps involved in being a landlord – and how to be really good at it too.
1. Get your property valued
Putting the right price tag on your property is crucial. That’s why we’ll kickstart the letting process by visiting your buy to let. We can then tell you who your property will appeal to, figure out how much it’s likely to fetch in comparison with similar properties in the area. While taking into account factors like market conditions, location, size of accommodation – and if furnished, the condition of your furnishings. Get an idea of how much rent your property could achieve by using our handy instant valuation tool.
2. Prepare your property
First think of your target audience and the type of tenant you want to attract. Then do what you can to make it appealing to them.
For instance, young professionals are drawn to contemporary furnishings. Students need desks. While young families enjoy eat-in kitchens with a dining table.
Of course, keep in mind that the smarter your property looks the more likely it is to earn you more money – and fly off the shelf. Here’s a top level preparation checklist that can help:
Before putting it on the market, make sure it’s in good decorative order and structurally sound. If living in it while it’s being marketed, de-clutter as much as possible and keep it tidy. Go for neutral décor. It will look cleaner and it allows prospective tenants to imagine their stuff in your property. If you’re letting it as furnished, make sure to include practical everyday items like a vacuum cleaner, an ironing board – and if there’s a garden, a lawn mower. If you’re letting it unfurnished, it’s standard practice to include carpets, light fittings, curtains and a cooker.
3. Find the right tenant
With us by your side, you’ll soon find the right type of tenant. The key is in marketing your property to the right people. Something we can help you do through our:
- Network of high street offices
- Online presence, both through our own website and popular property search sites like Rightmove, Zoopla and more
- Advertising in local press and other relevant publications
- Distinctive ‘To Let’ boards
- Large client bank of eager tenants, looking to move
Then, when it comes to viewings, we recommend letting us conduct them for you. Our people know how to pick up on the subtle cues and signals that can propel the lettings process.
We also make it a point to offer as many viewings as possible at peak times such as lunchtimes, evenings and weekends so you get as many prospective tenants through the door.
4. Signing up your tenant
Once we’ve found you a tenant you’re happy with, we’ll ask them for a holding deposit to reserve the property and request that they complete an online tenancy application. Once we’ve got these, we’ll crack on with taking up references.
Referencing is the standard way of assessing a tenant’s reliability. We use an experienced independent agency to manage this process. They arrange a formal credit check and request a reference form from your tenant’s employer and any previous landlord.
And of course, we’ll run these check by you first before the tenancy is agreed.
5. Our ongoing services
Want a hand running your rental? Or live too far from it to do it yourself? Leave it all to us. That includes finding your tenants, collecting the rent, arranging contractors – essentially everything necessary to keep things running smoothly. You can just sit back and enjoy the perks of owning a buy to let.
This is the ideal option if you’re happy to manage your property’s maintenance, including arranging contractors. But need some help finding tenants and collecting rent. So we’ll market your property to snag you a suitable tenant. Then take care of rent collection.
Know your way round being a landlord? Or fancy having a go at it on your own? But want some help finding a tenant and setting up the tenancy? Look no further than our Let only service. We’ll find you a suitable tenant, get them all set up – then hand it over to you for the day-to-day running, including collecting the rent.
6. Managing and ending the tenancy
The standard rental period for most properties is a 6 or 12 month Assured Shorthold Tenancy. As the tenancy comes to an end there are certain rules you need to follow. For example, you’ll have to give a minimum of two months’ notice in writing if you’d like your tenants to vacate your property on the final date of your contract.
If you want us to manage your property for you, we proactively write to tenants so you’ll never have to worry about missing important dates.
An explanation of fees to landlords.
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Striving to create perfection in an ever growing collection of beautiful properties.David Westgate, Group Chief Executive