Selecting the ideal agent for your needs
Securing the right letting agent is crucial to ensure optimal rental value and a swift rental process for your property. It's advisable to assess how they present their listings online in comparison to competitors. Evaluate whether they employ professional visuals like photos, videos, floor plans, or virtual staging to enhance online appeal.
Effective communication is paramount. Consider asking pertinent questions such as:
- Who will be your primary contact?
- How long has this individual been with the agency?
- Upon receipt of tenant payments, when can I expect them in my account?
- Where is the property management team located?
- Ideally, consistent communication with the same contact person facilitates seamless management of your investment and one of your major assets.
- Consultation and Property Valuation.
- The agent should come equipped with local comparables of nearby rentals to substantiate their pricing approach. They should then outline their strategy for achieving an optimal price within a short timeframe. The agent will also guide you through current rental regulations, aiding in making the property compliant and legally ready for occupancy.
Choosing a Service
Upon selecting your letting agent, the next step involves picking a service level. Options include:
- Let Only: The agent markets and finds tenants.
- Full Management: The agent assumes complete property management, including rent collection.
Additionally, you should discuss whether the property will be let furnished, partially furnished, or unfurnished. Details will be included in the move-in inventory. An Energy Performance Certificate (EPC) is also required if not already available before marketing the property.
Property Marketing
With the agent chosen and your preferred service established, the agent will initiate marketing efforts across major platforms. This entails comprehensive property promotion, social media coverage and placing a 'To Let' sign to boost visibility. The agent will conduct viewings and can be entrusted with a spare set of keys.
Accepting an Offer
Following viewings, the agent will negotiate offers for the property's best possible price. Once an agreement is reached, background checks are conducted. Rigorous checks encompass references, credit history, income verification, and right-to-rent validation. The agent handles these checks on your behalf.
Tenancy Setup
Both the landlord and agent share responsibilities in preparing a safe, compliant rental property. As setting up a tenancy involves numerous facets and ever-evolving legislation, a well-informed agent is essential.
Tenant Move-In
Upon successful reference checks, a move-in date will be established. A day or two before move-in, the tenant will transfer an agreed-upon sum and their deposit. On move-in day, the agent will meet the tenant to finalise the tenancy agreement and hand over keys.
End of Tenancy
As the tenancy concludes, you have the option to provide notice or renew the agreement. If notice is served, a fresh inventory is conducted, and the deposit is returned to the tenant after deducting any damage-related costs. Should you choose to find new tenants, the agent can relist the property for you.