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Firstly,is the property "ready to rent"?
i.e.. if it were to be marketed today and rent 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, any outstanding jobs?
Rent Smart Wales – Are you registered / licensed? 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 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. 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
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 agents process (or yours if self managing), once they have found a potential tenant, viewing, referencing, 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?
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
Statement of condition - record the condition of the property just prior to move in to avoid any disputes
Regular inspections and feedback - keeps the property as it should be or if there are any issues, they are dealt with sooner
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.
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 find the right balance and tenant.