First time landlord guide

So you’ve got yourself a buy to let. Or you’re thinking of buying one? Discover the 7 steps involved in being a landlord – and how to be really good at it too.

1. Get your property valued

Obtaining the right rent for your property is crucial. That’s why we’ll kickstart the letting process by visiting your buy to let with you. We can then tell you the type of tenants likely to be interested, 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 might need more living space and a garden.

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 belongings and furniture 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, we'll help you 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 OntheMarket
• Advertising in local press and other relevant publications
• Distinctive ‘To Let’ boards
• Large client bank of registered and vetted tenants, looking to move

Then, when it comes to viewings, we recommend letting us conduct them for you. Our experienced team members 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 using our industry leading supplier Goodlord. Once we’ve got these, we’ll crack on with taking up references.

Tenant references

Referencing is the standard way of assessing a tenant’s reliability. Goodlord will 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 for your approval before the tenancy is agreed.

5. Opening up the tenancy market with Flatfair

What is it? 

Tenants secure a new home with a small check-in fee equal to one week's rent (+VAT) or £120 whichever is greater instead of paying for a costly deposit, with any damages paid when it's time to move. The fee is non-refundable and does not count towards any end-of-tenancy charges.

How does it work?

You get up to 10 weeks protection for free. Unpaid established charges up to a total value of 10 weeks rent (though never more than 5 weeks rent arrears). At the end of the tenancy, with a traditional deposit you only have 5 weeks worth of rent so if the rent is £1000 per month you would have a deposit of £1153 with which you could claim on for rent arrears or dilapidations of the property. Flatfair provides 10 weeks worth of rent as protection at the end, so, (on a rent of £1000 pcm), you would have £2307 at the end of the tenancy to claim for arrears or dilapidations of the property. Flatfair deal with the risk by supporting referencing and collecting documentation.

Why Flatfair?

Properties let faster and attract more quality tenants.

If there’s any damages or unpaid rent, you’re put back in pocket within 10 days of charges being agreed.

6. Our ongoing services

Full management

Our most popular service and the best one to keep your investment and income protected. This is a ‘hands-off’ service that includes finding your tenants, collecting the rent, arranging contractors, dealing with any little niggle, including those most timely of emergencies! – essentially everything necessary to keep things running smoothly. You can just sit back and enjoy the perks of owning a buy to let property.

Rent collection

This is the ideal option if you have the time and knowledge to manage your property’s maintenance, including arranging contractors and upholding all legislative requirements for a landlord. But if you need some help finding tenants and collecting rent (including chasing any arrears for you as they occur) then this could be the service for you. Included in this is all the finding, referencing and moving in of your new tenants, but also processing and chasing your rent each month.

Let only

Have a property qualification or have significant experience of the legislative requirements of being a landlord? But still want a qualified letting agent to provide some help finding a tenant and setting up the tenancy correctly? 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, managing any tenant enquiries, upholding existing legislation and being on top of new legislation introduced and collecting the rent.

Rent and Legal Protection Service

Worried about your rent arriving promptly each month? With the removal of Section 21 notices on the horizon, as a landlord you could go from the risk of 3 month arrears (at an average rent in England as of Dec 24 of £1368, this could equate to £4,086) before regaining possession of your property, to 12 month arrears before posession (at average rents this could be £16,632 owed to you). Let us protect this for you, and ensure you receive your rent each month without fail for just over £1 a day. This ensures that your rent is paid to you every month, whether your tenant pays or not. Features include the following:

If a tenant defaults on their rental payments, providing they have fully passed references, we will protect your rental payments until vacant possession on the property is gained. Once the tenancy is in two full months’ arrears, Andrews will make the rental payments to you whilst the Tenant remains in the property. These payments will be made subject to a successful claim.

Up to £100,000 of legal expenses coverage per claim.

Following a successful claim, and once vacant possession has been obtained, Andrews will continue to pay 75% of the rent whilst the property is vacant or until the property is re-let with Andrews, for a maximum of 2 months whilst we help you get it ready to let again.

With changes on the horizon, it has become an essential part of being a buy-to-let landlord to ensure your rent is protected.

7. Managing and ending the tenancy

The standard rental period for most properties is a 6 or 12 month Assured Shorthold Tenancy. As the initial tenancy comes to an end there are various options for the tenancy including renewing for a further fixed term or certain rules you need to follow regarding bringing the tenancy to an end. 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 we are managing your property for you, we will be in regular contact with your tenants throughout their tenancy, and will proactively write to tenants so you’ll never have to worry about missing important dates.

An explanation of fees to landlords.