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Letting your property can seem like a minefield of compliance and red tape, So how do you get a successfully let property?
Firstly,is the property "ready to rent"? i.e... if it were to be marketed today and rented today, could the tenant move in today?
Here is our list, to be "ready to rent"
Condition – is the property in an acceptable condition, clean and tidy. Are there any outstanding jobs? would you be happy moving into your home in its current condition?
Rent Smart Wales – are you registered or licensed? Do you know the difference? Registration is required to be able to use an estate agent to market, find and manage the tenant and property, whereas a license is required to self manage
Energy Performance Certificate – has the property got a valid E.P.C.? This is needed prior to marketing and lasts for 10 years from when it was commissioned. TOP TIP - E.P.C.'s last for 10 years and originated in 2008, so potentially already has expired; check that yours is still valid. Click here to check
Landlords gas safety record – More commonly known as a gas certificate, all rented properties need one renewed annually. If there is work to be done, get it done before and then produce gas certificate before moving in the tenant
Inventory/Statement of condition - it is highly recommended to have a thorough inventory carried out or as they are called these days a statement of condition. What this is, is a walkthrough of the house taking pictures and noting down room by room the condition of each room. You may not think that you need one now, however, this is vital for your case in any disputes that may arise on a tenant move out
Secondly, look at how you would like your property marketed.
What we mean by that is there are many different estate agents out there, what are they offering to do for your property, as you will probably be in a working relationship with your chosen agent for some time.
Therefore it is important to do research to see if you like and agree with their marketing plan.
Ask yourself what type of marketing that you are looking for, to generate what type of tenant, i.e. what type of picture and description will the agent do to attract the right tenant? What does their window display look like? Which property portals will they put your property on? Which property portals are best suited for you and your property?
If you are marketing yourself, where can you market and promote your property to get the type of tenant that your property requires
TOP TIP - Mystery shop estate agents, as a potential tenant, to find out how they deal with people for your property and are you happy with the way that you get dealt with?
What is the agent's process (or yours if self managing), once they have found a potential tenant, viewing, referencing, inventory/statement of condition of your property, move in process, regular inspections
There are many laws in place and being introduced; Are you confident enough to self manage and be 100% compliant? Are you confident enough in your letting agent to keep you compliant?
Here are some of our thoughts on initial best practice to encourage a happy tenant and landlord:
• Thorough referencing - ensuring that you have done everything to vet the potential tenant
• Rent guarantee insurance - cover for if the rent is not paid
• Legalities and paperwork - E.P.C., gas certificate, tenancy agreement, registering with council tax and water etc
• Deposit protection - protect the deposit
• Inventory / Statement of condition - record the condition of the property just prior to move in to avoid any disputes or to help your case in a dispute
• Regular inspections and feedback - keeps the property as it should be or if there are any issues, they are dealt with sooner
Finally, a few thoughts on pricing.
The marketing Price is vital for a landlord, firstly for the return on investment and secondly to ensure that the property gets filled without too much of a delay and loss of income.
TOP TIP - ask your agent, what is their backup plan or plan B
We would suggest that if your property is on the market for longer than 4 weeks, then your return on investment is failing.
Therefore, you must be realistic in your approach on pricing to market whilst also trying to realise your annual yield.
A good agent will a tenant, a great agent will find the right balance between timing, pricing and tenant.
We hope that these ideas and suggestions help you whilst your looking at letting, however if you would like any more information on any of the above or indeed any help, then get in touch and we will be more than happy to help and advise
Virtual Appointments: Valuations & Viewings
Click here to start talking to us if you would prefer a virtual appointment
We never need to meet - you can call us, email us or contact us through our website in the first instance to discuss booking a valuation, just the same as you would under normal circumstances
Details - we will ask you about your property to get as much information as possible, so that when we carry out our virtual appointment, we can give you tailored/bespoke advice.We will also ask you to confirm a date and time to carry out the virtual appointment, giving you advice on how to show your home in the best possible light
Preferred method of appointment - choose your preferred method for a virtual valuation, Zoom, Skype, WhatsApp, Facebook or FaceTime
Virtual appointment - we will then contact you via your preferred method and run through a marketing plan with you, talking about how we work under these circumstances. We will talk you through a marketing plan, how do do virtual viewings, what happens if a virtual viewer likes your home
Decision - The virtual valuation will end as we ask you if you wish to proceed. We will give you instructions on what to do to instruct us to market your home for sale or for rent
We will try to make the decision making process that you will be facing as informative and as stress free as possible
Contact - once you have determined which property you would like to view further, then please get in touch via phone, email or contact us through our website in the first instance so that we can arrange a virtual appointment with the sellers/landlords
Details - we will still take all of your details just as we would on a physical viewing
Preferred method of appointment - choose your preferred method for a virtual viewing; Zoom, Skype, WhatsApp, Facebook or FaceTime, so that once an arrangement has been made with the sellers/landlords, we can contact you back
Virtual appointment - we will then contact you via your preferred method and walk you through the property
Decision - once the viewing has taken place, we will contact you again via your preferred method to gain feedback to pass onto the owners. We will then discuss future options with you
"SA Property sold our property within one day!
We loved their proactive work ethos, promoting the sale of our property through various forums. Ben and Cheryl communicated well throughout the process which made the selling of our house much less stressful. They were also able to provide additional services such as a mortgage advisor. If we were to sell a property again, we would definitely used SA Property, trustworthy, credible and get the job done!