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A Guide to Letting Your Property

1 Rental valuation

When searching for an agent to advise on letting your home it is important to consider more than just fees when making this decision. The reputation of a letting agent can attract tenants and an agent with membership to regulatory bodies can offer you peace of mind that your money is in safe and secure hands.

A property valuation will take into account the many factors which affect the appropriate rent to charge your tenants. When we value properties for rent we look into aspects which may influence the rate you are able to charge including:

  • The type of tenant will the property attract (families, couples, corporate)
  • What fixtures and furnishings will be included in the property.
  • The local trends and demand for the property type in the area
  • State of repair and d├ęcor
  • Proximity to transport links and local amenities

As experts in letting property in North and North West London, Radlett and Royal Wootton Bassett we have an in-depth knowledge of what tenants are looking for in the area. We base our valuations on our knowledge of the local market trends and use this information to guide how we market your property. We will always give you a realistic and achievable valuation.

2 Select your service level

Before you become a landlord, consider how much involvement you want to have with your tenant and property, day to day maintenance, monthly rent collection and other responsibilities which may affect your current lifestyle.

When instructing APP, you can choose from our three service levels to find the best fit for your needs and personal requirements. You can opt for the basic Let Only Service, or Let with Rent Collection Service or choose the Fully Managed Service to make letting your property stress free.

3 Market your property

Before you become a landlord, consider how much involvement you want to have with your tenant and property, day to day maintenance, monthly rent collection and other responsibilities which may affect your current lifestyle.

When instructing APP, you can choose from our three service levels to find the best fit for your needs and personal requirements. You can opt for the basic Let Only Service, or Let with Rent Collection Service or choose the Fully Managed Service to make letting your property stress free.

High profile advertising
We invest in marketing through high profile advertisements in all the leading local property newspapers and publications across our branch network as well as using our extensive tenant database to target direct mail campaigns.

Online exposure
Your property will also be marketed on our website, onthemarket.com and rightmove.co.uk.

The website is also available in a mobile format for customers with an internet enabled phones so they can search for properties when they're out and about.

In addition Admiral Property Partnership local market knowledge, large database of potential tenants, in-branch visibility, and open house viewings, will ensure that your property will soon be seen by thousands.

Arranging gas and electrical safety certificates
Your property must meet the UK's legal safety standards, therefore an impartial service must be employed to provide you with essential certified gas inspections. Admiral Property Partnership will be able to provide this and also can offer additional certified inspections of your property's electrics.

4 Viewings

We recommend you keep your property as a blank canvas for prospective tenants by keeping the space clean and clutter-free. As standard, Admiral Property Partnership will accompany the prospective tenants on all viewings on your behalf however if you choose to host the viewing yourself remember to highlight all the good points that aren't immediately obvious, such as friendly neighbours and in-built storage.

5 Negotiating and agreeing an offer

Negotiation
Your estate agent can handle negotiations between you and the prospective tenant. At Admiral Property Partnership, we strive to get you the best price, however there may be other factors worthy of consideration in this decision, such as the references of the tenant and whether they have a reliable income.

Agreeing an offer
Once negotiations have reached a positive conclusion and you are happy to accept an offer, we will work on carrying out all the checks on the prospective tenant and securing the deposit.

6 Reference and credit checks

It is important to run thorough checks on prospective tenants to ensure that your investment will be secure. At Admiral Property Partnership, we use strict referencing procedures carried out by independent experts which can give our landlords a comprehensive understanding of their personal and financial circumstances, including a check on their employment history, credit worthiness and previous addresses.

7 Signing the tenancy agreement

This document outlines the agreed responsibilities of both parties. It is important that both tenants and landlords take the time to read this carefully before signing.

8 The inventory

An inventory is a detailed list agreed and signed by both parties itemising the contents and condition of the property at the time of the tenant moving in. Admiral Property Partnership uses an Independent Inventory Service to provide a comprehensive list designed to minimise the risk of any dispute over the deposit at the end of the tenancy.

9 Securing the deposit

Once the deposit has been paid in full, the tenant has secured the property. This deposit is held against possible damage to the property which can be checked against the inventory at the end of the tenancy. The Housing Act 2004 protects all parties in this regard as the deposit is now required to be held within a government-approved scheme on an Assured Shorthold Tenancy. This scheme offers quicker and easier ways of resolving disputes, without the need for court action.

10 Tenants move in

In order to keep checks on the property and that it is being well looked after, you will need to agree a number of visit dates with your tenant, usually a couple of times a year. Of course, if anything breaks down or needs repairing then you may be required to visit the property more often. If you want to minimise your workload Admiral Property Partnership offers the fully managed service option to lighten the load.

Once the tenancy period has nearly come to an end, your tenant will need to decide whether to extend their stay or move out (remembering to give two months' notice in writing).

As a Admiral Property Partnership landlord, if anything else arises before, during or after the tenancy we will be on hand to offer you full, supportive lettings advice. Whatever your enquiry, contact us - we will be more than happy to help.