Letting Valuation
If you have a property you wish to let out, you should start by finding out how much the property will rent for. Getting up to date valuations is vital, as letting figures can change year on year and taking the time to update yourself should be your number one priority, as you need to ensure that buy to let is affordable for you. During the valuation, you should ask the estate agents as many questions as possible to ensure that you make the best choice when letting out your property.
Choosing an Agent
Choosing the correct letting agent to handle your property is extremely important and this should not be taken lightly. How to choose the right agent? You should start by looking at what was discussed on your valuation and decide which agent was the most knowledgeable and experienced in the area, as they will be the ones that understand what you need and should offer a better quality service. In buy to let, choosing the wrong agent could cost you thousands as you may find low quality tenants that don’t pay or damage your property. Some landlords end up with a property that is vacant which will cost them thousands!
Getting Ready to Let Out
If your property is vacant you should always ensure that it is presentable. Having a property that is clean and in good condition is very important and this could be the deciding factor in a tenant letting the property. Spending a few hours cleaning or arranging for a company to come in could save you a lot of money between lets. If the property is occupied, you should tell the tenants to keep it clean and clutter free for viewings, as these things could put new tenants off.
What You Need
Before a tenant can move into a property, the landlord will have to ensure the property is safe for letting. There are lots of regulations that have to be met before you can legally let a property and being up to date with them is very important and should not be taken lightly. We offer our Landlords free advice!
Here are some important things you will need to have before and during the tenancy:
We believe that a tenant and landlord should show respect to one another, ensuring a smooth letting process for all. On occasion there will be issues to deal with and making sure your tenant are living in a safe environment is vital in keeping a good relationship with them and most importantly, that you are meeting your legal requirements as a landlord. We advise dealing with any issues immediately, as a leak or any kind of fault will only get worse and cost you more to repair in the future. Any of our landlords can call us at anytime for advice on whose responsibility a repair is.
Letting Fee - 10% plus vat (12% inc vat)
Rent Collection - 12% plus vat (14.4% inc vat)
Full Management - 14% plus vat (16.8% inc vat).
Additional Charges:
Charges for serving legal notices - £100 plus vat (£120 inc vat)
Charge to secure deposit - £30 plus vat (£36 inc vat) Included in Management
Charge to do inventory – (Up to £500 depending on property size)
Charge for property inspection – £75 plus vat Included in Management
Commission charged to a Landlord for arranging the renewal of a letting of rents achieved, based on a period of 12 months - (8% plus vat) Negotiable
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