The first process of renting your property out is to prepare your property for new tenants. First impressions do count and it is vital your property looks its best for any potential tenants.
So first of all the external view is important and focusing on optimising its appearance which can be from weeding, trim hedges, clear away dead plants, repair cracks, holes, maybe give the windows a lick of paint if needed and keep rubbish bins out of sight. In regards to the interior, there are safety standards in place such as gas and furniture please read the government link below:
This government leaflet explains all the legislation before you rent your home out to tenants. This will cover smoke alarms, carbon monoxide detectors, gas safety certificates that you have to have annually and furniture safety. Please see PDF guide to furniture safety……..
If you can declutter your home to create more space, make minor repairs, clean thoroughly top to bottom carpets, eradicate any pet odours for example. Some landlords decorate rooms if required and can re-energise the whole appearance of a room. If you need any help with organising any jobs that you cannot do we have a team of contractors that can give you a quote. Another thing to consider is that if a property is occupied by more than one family or party, this constitutes a House of Multiple Occupation and further regulations will be needed as well as registering this with the local authority. If you need any more information regarding this please go on to the government website and it will tell you the requirements of Houses in Multiple Occupation. This all may seem a lot of work but at Westbeach Properties is always here to help and with any questions you may have.
When we come round to do a market appraisal on your property we can go through all of this with you and also discuss what sort of tenants you will be looking for, for example, families, students, professionals. We will also mention that before you let your property out you should consult your mortgage lender, insurance company and any freeholder. The most important thing is we will discuss the letting figure you should expect to receive for your property and it is important to bear in mind the following costs:
- Monthly Mortgage Repayments
- Any expenses involved in bringing the property up to requirements
- Furniture and furnishings
- Solicitors fees
- Insurance fees
- Lettings management fees
- Always plan to have access funds to make any essential repairs that may arise
- Cost of getting an EPC done as you have to have one in place before marketing begins. This is around £50 – £60
- An electrical test report is needed if you do not already have one in place and these cost around £100+VAT
- A gas safety certificate. This can cost from £50+VAT upwards
Now your property is ready to be marketed and at Westbeach Properties we do this in many ways to reach out to as many potential tenants as possible, such as:
- Social media – Facebook, Twitter etc.
- Shop window
- To Let boards
- Our own website
- Latest Homes magazine
- Main portals such as Zoopla, Prime Location, On The Market and others such as Wonder Property, Property Flow, Propertini, Net House Prices, My Homes Unlimited, Mouse Price, and Home.co.uk.
We at Westbeach Properties have a good knowledge of the local area and can help tenants find what they are looking for.
We can prepare full Inventories with photos (free to our fully managed package), this is a very important document to have in place at the start of any tenancy especially for when a check out has to take place when a tenant leaves that everything has been documented at the start otherwise there is nothing to go by. Some landlords may think because their property is unfurnished this is not needed but it is just important to note the condition of the property from the start. When a tenant moves in we give them a copy of this document and get them to check it over sign and return this back to us within 7 days of them moving in.
We can help arrange for rent guarantee and legal expenses (at a separate charge), this is something to consider and this can be applied for while tenants go through the referencing process.
We arrange the viewings and accompany at all times and will give you feedback every time. We negotiate with the potential tenant the rental price and provide you with help and guidance along the way. Once tenants have been found and you are happy with them and the price we will start the referencing process. We use a company called Rent4sure and this will enable us to check their income getting employer’s reference and before they commence we check with them the affordability and what they would need to be earning. We also get their previous landlords reference if they have one, and more importantly these days passport verification to proof they are that person. All guarantors are also referenced as well.
Once all references are back we then prepare all the documents that is needed such as the Tenancy Agreement which can also have additional clauses added into this such as if they have any pets, Prescribed information which is where their dilapidation deposit will be held with (we use the DPS), leaflets on condensation and mould is given out along with our details and emergency numbers. We also give your tenants standing order mandates to fil out in the office give them a copy and send this off to their banks in readiness for the next month’s rent. We send off the deposit to the DPS and make sure the tenants have a certificate and documents relating to this and copies on our files. We take a photocopy of all keys for our files.
Now your tenants are in your property, and we notify the utility companies of their names and when they moved in giving them meter readings gas, electric and southern water also informing the council tax department. Each month we prepare monthly statements either sent via email or mail to show your rental earnings and expenditures for the year. If for any reason the rent does not come in on time we have a system in place for chasing the rent and if the standing order does not get set up in time we have our Worldpay card machine that can take payments over the telephone. With our fully managed properties tenants call us first with any issues they may have over repairs, leaks etc. and we will always call or email you first and give you quotes either from your own contractors or contractors we use to try and get you a good rate be it small or large. Your tenants use us as their port of call throughout their tenancy and can pop into our friendly office along Hove seafront within our office hours Monday to Saturday. They also have access to my emergency mobile number for out of office hours as well.
You can rest assure that we will look after your property and your tenants. For a friendly chat or a valuation on your property please give Westbeach Properties a call on 01273 911213.