Guide to Letting a Property
Let Us.
Our unique approach to looking after landlord’s lettings.
If you’re new to renting out a property for the first time or just have too many places on your plate, bringing an agent on board can make things smoother and less stressful. The five-point guide to letting a property below is proven, practical and based on decades of experience. It shows how simple your lettings can be if you let our letting agents in Ilford team look after them for you.
Valuable insight
Establishing a realistic rental valuation for your property is key, which is why taking advice on renting a house and gaining insight from a local letting agent is the smartest way to set your monthly rent. They will know exactly how much tenants are willing to pay, what the current average is for that area and also what the growth potential is in long-term letting strategies.
Let us show you the full potential of your property with a free rental valuation.
How quick? How close? How long?
The three simple, yet crucial questions you’ll need answered before choosing your letting agent. Ask them how quickly they can respond with a valuation (it shouldn’t be more than 24 hours); check out how close their office is to the property you’re letting (under 5 miles is ideal); and then ask them how long they’ve been managing rental properties in that area (a few years is okay, but a few decades is better).
Take your pick: find, collect or manage.
Agents normally offer three levels of service to landlords and choosing the right one depends on how much or little of the letting process you want to handle yourself.
Let Only, sometimes called Tenant Finding, is just that. The agent will value your property, arrange viewings, find your ideal tenant and negotiate terms with them.
Rent Collection includes everything mentioned in Let Only but also covers looking after monthly rent and any other legal or regulatory issues associated with the financial side of letting a property.
Full Management is the most popular option and as the name suggests, your agent will look after every aspect of the letting. That includes marketing it, credit and character checking potential tenants, collecting rent, complying with all relevant legalities and providing a 24-hour emergency repair service.
Ready, steady, rent!
Your agent should give you a hand getting your property letting-ready. This will include advising on local authority property licensing schemes, legal certifications and ensuring your property is presented in a way that maximises its rental potential.
Spread the word far and wide
When it comes to marketing, Zoopla, RightMove and other mainstream online platforms are great for exposure and should be a given. But make sure your agent is active locally too, using their own website, social media networks and trawling their database of potential tenants who are in the market for a property like yours.
References? Check. Agreement? Check. Cheque? Check.
Your agent can help you check a potential tenant’s credit and character references, organise the signing of the tenancy agreement and collect any payments that are due, a deposit for example.
Once you have ticked this off your check list, you should be ready to hand over the keys and welcome your new tenant!
