Letting information
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The letting process
1. Valuation
Probably the most important part of the letting process; price your property too low and you’ll no-doubt let in record time but for less than might be possible. On the other hand setting the price too high will mean your property won’t generate much interest and you’ll almost certainly struggle to find a tenant and run the risk of the property being empty.
At Young London we use our extensive local knowledge of property rental prices and in depth research of individual streets and developments to give you an accurate rental valuation, ensuring you quickly let your property for the best price.
2. Instruct an Agent
If you’ve had valuations from a number of agents you must decide which agency to use. Although it’s tempting to simply opt for the agency that has offered the highest valuation, this is often counter-productive. Get the price wrong and you could be frustrated with the lack of interest in your property.
It’s better to consider each agency on its own merits; where will they advertise your property? What are their opening hours? When will they be available to conduct viewings and what is their local, presence and reputation?
Finally consider the fees each agency charges for letting your property. As with the agency offering the highest valuation, the agency offering the lowest fee is rarely the best. If their fees are lower than their competitors, it can be a sign that their marketing budget is also low, and there is a high chance their levels of service will be too.
3. Viewings
If you are living in the property, make sure you keep it clean and clear of clutter and be flexible in accommodating viewings - many prospective tenants work during the daytime and can only view properties in the evening or at weekends. If your property is looking tired, a lick of paint never hurts but keep it bright and neutral. Magnolia may not be very exciting but it’s the best selling paint colour because everyone can live with it.
4. Accepting an Offer
It’s advisable to seriously consider any offers you receive for your property, even if it’s slightly below the level that you envisaged accepting. Holding out for an extra £10 or £20 might seem like good business sense, but if the property is empty and you have a mortgage to pay, waiting for just an extra week for a slightly higher offer will invariably mean you are out of pocket in the long run.
Don’t forget to take into account the applicants themselves. Do they have steady jobs? When can they move in? Have they asked for furniture to be supplied or removed? Have they passed the referencing process with flying colours, and what’s their credit history? All of these things should be considered; not simply how much they are willing to pay in rent!
5. The Paperwork
Once you have accepted an offer, your agent should obtain references, get contracts signed and have the move-in-monies transferred from your tenants.
The vast majority of estate agents will charge you administration fees, on top of their letting fee, but at Young London all administration is included in our letting fee, so there are no hidden charges to worry about.
6. The Move In
Before a tenant moves into your property, it is advisable to have it professionally cleaned. This then ensures that the tenant must leave the property in the same condition at the end of their stay. If they don’t, you will have the right to retain the appropriate amount from their deposit in lieu of having the property cleaned to the same standard.
You will also have to have an inventory created, which records the condition and contents of the property. The inventory clerk will meet the tenant at your property on the move-in day and both they and the tenant will check the property and its contents against the inventory to confirm that it is accurate.
Congratulations, your tenants have moved in!
7. Managing the Property
Once your tenants have moved into the property you can sit back and relax, but you have to be prepared for any issues that may arise. It is a good idea to have a professional maintenance company in mind should any problems crop-up, preferably one that can handle an emergency call out. If the boiler fails over the Christmas holiday, you will have to get it fixed immediately and the handy man from down the road is probably not going to be around!
Alternatively you could talk to us about our professional management service. Our expert team will always be on hand to deal with any problems that may arise. We will even inspect the property at regular intervals to make sure that your tenants are looking after it.
Take a look at the benefits of our property management service or call us on 0845 356 1010
