7 steps to sucessfully letting your property
When asking an agent to value your home you will have several options. It is important to consider more than just fees when making this decision. The reputation of a letting agent can attract tenants and an agent with membership to regulatory bodies can offer you peace of mind that your money is in safe and secure hands.
A property valuation will take into account the many factors which affect the appropriate rent to charge your tenants. At The
Property Shop, when we value properties for rent we look into aspects which may influence the rate you are able to charge including:
- The type of tenant will the property attract (families, couples, corporate)
- Quality of any fixtures and furnishings will be included in the property (oven, fridge wardrobes etc)
- The local trends and demand for the property type in the area (and whether this is likely to change over time)
- Proximity to transport links and local amenities
- State of repair and décor. We base our valuations on our knowledge of the local market trends and use this information to guide how we market your property.
Select Your Service Level
Before you become a landlord, consider how much involvement you want to have with your tenant and property, day to day maintenance, monthly rent collection and other responsibilities may affect your current lifestyle in a way you do not want.
When using The Property Shop, you can choose between either of our service levels to find the best fit for your needs and personal requirements. Build on the Let Only Service to a more comprehensive Fully Managed Service, designed to make your property investment hassle-free.
Choosing a service that suits you
We offer two service options where we can be involved as much or as little as you'd like - either way, you can be assured of the best quality service with whichever option you choose.
- Fully Managed
- Let Only or Introductory Service.
An easy way to differentiate the services are:
Fully Managed is our most popular service as we market, advertise, and find a tenant, fully reference the tenant and draw up the tenancy agreement, see the tenant into the property, handle the collecting and bonding of the deposit with the DPS, forward the 1st months rent and collect and chase subsequent rents. We take all the communications from the tenant within the tenancy and arrange for any work required using our tried and trusted maintenance contractors. Oversee the smooth exit at the end of the tenancy, arrange returning of the deposit and re advertise for a new tenant.
Let Only or Introductory is when we market, advertise, and find a tenant, fully reference the tenant and draw up the tenancy agreement, see the tenant into the property, handle collection of the deposit and the bonding arrangements and forwarding the 1st months rent to the landlord. Let only is ideal if you are local, have the time to deal with and service the tenants, arrange maintenance and have time to keep abreast of all the legal changes that effect the rental industry.
Marketing your property
Without a letting agent, finding the right tenant can be expensive, time consuming and hard work. You want to get the word out about your property and encourage a tenant that is in the best position for you.
We need to offer your property to the largest number of possible tenants to ensure it meets its maximum potential. Consequently, we use property particulars with multiple photos, floorplans and room sizes. These are then published on Rightmove.co.uk, our own website and other property portals that have proved successful. We have forged excellent links with local employers in the area and although company lets are not as prevalent as they once were, we continue to supply quality property to the large companies in Swindon.
Compliance for marketing
Your property must meet UK’s legal safety requirements and standards. We ensure our landlords are kept up to date with the latest legislation – it’s all part of the service. We will advise on the essentials such as gas safety certificates, electrical safety certificates and building insurance etc.
Our staff will always accompany potential tenants ensuring your property is shown to its best advantage. We are good at what we do – so you can trust us to secure the best possible return for your investment.
Selecting your tenant
Choosing the correct tenant for you is THE THING THAT MAKES US DIFFERENT. Unlike other agents who simply rely on tenants passing a reference, we undergo the strictest of selection criteria which includes an initial suitability interview, independent referencing from a company that specialises in credit and financial checks, employer’s references, previous landlord references, and identity checks for proof of residency. Once all this is completed satisfactory, we can then recommend the tenants to you. And remember, the best tenant is not always the one willing to pay the most money.
Finalising the paperwork
Once we have selected a tenant it is very important that all the required paperwork is prepared correctly. We are keen to keep up with all the latest legislation. Not only will we produce a tenancy agreement we will also ensure that all the supporting documentation such as deposit certification and protection, prescribed information and a thorough and comprehensive Inventory & Condition Report with photographic evidence is completed.
Signing the tenancy
On the commencement day of the tenancy we will ensure that the tenant signs all relevant forms, that all payments have gone through and are cleared and that all legal requirements have been completed. If we fully manage the property an Inventory or Schedule of Condition is carefully completed and supplied to the tenant – vitally important in ensuring that your property is fully protected during the tenancy (we can also provide these if you are only using our Introductory Only or Let Only service ).
Step 7 A smooth running tenancy
If you are using our Fully Managed service – just relax and we will take care of everything for you. We have a dedicated team all working for you to ensure the smooth running of your tenancy. We have a dedicated property maintenance manager to ensure the safety of your tenant and legal compliance. We have a dedicated member of staff to collect and make the rental payments and to chase any late payments. We routinely inspect the property to ensure the tenants are maintaining your property to satisfactory standards and of course we will deal with the inspection and deposit refunds when your tenants vacate.
Charges That Apply
- Rental commission is charged at a rate of 10% +vat per calendar month. This is deducted from the monthly rent received.
- Energy performance certificate EPC. If required, payment of £60 + vat in advance.
- Set up fee of £150 +VAT to cover the cost of referencing and comprehensive inventory
- Contract fee. When a new contract is required we charge £75 +vat.
- WE DO NOT CHARGE RENEWAL FEES.
- We do not charge fees when the property is between tenants.
Let Only or Introductory Service
- A sum equal to 65% +VAT of the 1 st months rent will be charged for introducing a suitable tenant to the property. This includes referencing of tenants and comprehensive inventory.
- EPC. If required, payment of £60 + vat in advance.