Ten tips for new landlords
There can be a lot involved when planning to let property – from preparing your property for rent, deciding on the benefits of working with a letting agency, marketing, property viewing and negotiating offers – the checklist of a new landlord can be long. So here’s a brief guide on how to make sure you are ready to let your property.
Get an accurate valuation
An agent with local market knowledge can put an accurate value on your property, ensuring you get the best possible price, calculate accurate rental returns and position yourself for the quickest let.
Select the right agent
Go at it alone or work with an agency? A professionally regulated agency that offers a bespoke service as experts in the local market will often offer the best return. A strong high street presence and a database of potential tenants will ensure you find the right occupant for the right price, fast.
Decide on property management
Both landlords and tenants often prefer the ease and security of professional property management and agencies can offer a reliable service. This should include handling of council tax, utilities and rent, 24 hour emergency repairs, inspections and legally required safety checks.
Make your property presentable
First impressions count. Taking steps to declutter, do those odd jobs, a fresh coat of paint and tidying outside areas and gardens are crucial for marketing photography and when viewing property.
Prepare for tenancy
Clear out unnecessary objects so the new leaseholder has space. Be sure to obtain a professional and comprehensive inventory of your property’s contents to check off in between tenants, this will help with disputes over deposits – an agency with in-house specialists can also manage this.
Organise the legal and financial aspects
The legality of letting may be a worry – gaining consent from mortgage lenders, landlord registration, getting the correct insurance and meeting legal repair standards. There are legal safety regulations to do with gas, fire and electrical safety, legionella risk assessments for water supplies and meeting requirements for smoke alarms and carbon monoxide detectors.
Are you legally compliant? Check the laws to make sure you are or risk huge fines. Why not check out our Jersey landlord checklist if you’re not sure.
Market your property
The perfect tenant is waiting; they just need to see your property. This means maximum exposure across a wide range of media and access to the biggest property portals.
Maximise viewing opportunities
Some people do better than others in organising viewings, but if this is something you are not comfortable with, you don’t have to handle viewings yourself as agents like ourselves can offer accompanied viewings.
Negotiate
It takes skill, expertise and experience to carry out negotiations to completion, whilst gaining the desired price. An agency should be great at communicating, especially to let you know when any offers come in and helping you to decide whether or not to accept.
Accept the right offer
There’s more to do once an offer is accepted too, such as collecting tenant references, property inventories, collecting and registering the rent and deposit and arranging signing of the tenancy agreement.