Fully market your property for you advise/organise any tests that may be required on the property – for example gas safety test Handle all tenant enquiries and carry out all viewings Carry out a comprehensive tenant report on all tenants and guarantors Draw up the Tenancy Agreement and other associated paperwork. Should you have any amendments we’ll work in consultation with you to create the right agreement for your needs. Sign all the paperwork with the Tenant Collecting the first month’s rent and deposit. Register or advise on how to register the deposit with the government back scheme Transfer the first month’s rent along with a rental statement to your nominated account
Includes all of the above plus
Full Conditioned Report of the PropertyMid Term Inspections Rent Collection Rental Statements Rent Reviews Rent Chasing should your tenant fall into arrears. Serving all the required notices. Tenancy Renewal Management of the utitlity supplies and local council Management of any maintenance issues, which includes a 24 hour help line for tenants.
We offer help and advice to ensure your property and tenancy comply with the constantly changing letting industry legislation.
Fully market the property, speak to the potential tenants and send only the correct ones for viewings based on your requirements, advertising only also includes advising on what amendments should be or could be made to the property to maximise full potential
Please see below package prices
Providing you the Landlord with daily updates on progress-this includes number of watchers, enquiries, feedback and advising on what may or may not be the best action to take going ahead in order to achieve a quick let to the correct tenant
We can if required thoroughly reference check each tenant - this cost will be covered by the tenant(s)
The Changing Rentals Market
Although home ownership is higher than ever, many people still choose to rent.
This is due to the change in the economic and social environment over the past 20 years, which has introduced:
When people want to live in your property you will have the pick of the tenants. Ensuring that your property is attractive to the rentals market will increase your chances of keeping it occupied through the year.
A successful property lettings starts with the ability to find a suitable tenant for your property.
Whilst each individual has different needs, expectations and housing habits the market consists of:
We will recommend the appropriate rent for your property, depending on the area, size and quality of the property. It’s also worth spending a little time researching achievable rents for your property so that you have a rental price in mind.
Unlike house prices, the rental market does not follow a trend. The fact that house process may have risen in a particular area do not mean that the rents will have done the same.
As a landlord, you will want to achieve the highest possible rent for your property, which we will assist in you doing so. However, it is important to be realistic. Overpriced properties will attract very little interest which will increase your void period and thus result in you having to pay council tax or charges to utility companies.
In addition to the rental income you will also need to budget for a number of necessary costs.
It’s worth highlighting what these costs are so you can budget for them. This is especially important as ultimately you are responsible for these costs whether the property is occupied or not.
Insurance Premiums. Premiums for buildings insurance vary by area, type and size of property but allow for between 2 and 3% of the rent. For furnished property allow between another 1 and 4% of the rent depending on the level of furnishing.
Replacing Fixtures and Fittings. Allow for 10% of the rent each year to replace worn out fixtures, fittings and furnishings. Also, be prepared to re-decorate every few years.
Things break down and need to be maintained over time. You will need to allow a percentage of the rent to cover this. The type, age and condition of the property will obviously have an effect on repairs and maintenance of the property, so this should be taken in to consideration when choosing your property to purchase.
Ground Rent & Service Charge. If the property is leasehold you’ll have to pay these charges
Of course, your biggest cost is likely to be your mortgage. Many buy-to-let mortgage lenders will only lend up to 80% of the property value, so you’ll need to put in some money yourself – which of course has a cost too! Once you have deducted all these costs from the rent, you end up with your net expected rental income.
If you divide this into the value of the property, including all the costs associated with buying it, you have the net rental yield.
Start of tenancy information :
Health and safety :
Gas safety checks must be arranged every 12 months by a Gas Safe Registered Engineer.
Ensure wiring and electrical appliances are safe, Fire extinguishers are only obligatory in large HMOs but it is a good idea to go beyond the minimum requirements where possible, so you may wish to provide one regardless of property type. In HMOs, one fire extinguisher should be provided per floor and one fire blanket should be provided for each kitchenand provide smoke alarms on each floor and carbon monoxide detectors in any room with a coal fire or wood burning stove.
We advise that a deposit of 5 weeks rent is taken on a rental property; this may be increased if the tenant has a pet or the property is of a particular high standard or furnished for example.
Deposits must be protected in a deposit protection scheme if its an assured shorthold tenant.
Lodgers' deposits do not have to be protected.
Deposit should be returned when tenancy ends unless there is a reason to make deductions.
Rent guarantee insurance is a small but powerful product that has a range of benefits. Landlords can guarantee their rent will be paid.
Read our five reasons on why rent guarantee is a must for any landlord.
1. Zero rent arrears
Regardless of how great your tenants may appear on paper, a reference is a snapshot of that person’s situation at that given time. Life can hit a person at any time. Losing a job or ill health are among the common factors that cause financial difficulty for tenants. This then has a chain reaction which affects rent payments and before you know it, you’re owed thousands in rent arrears.
Managing agents such as ourselves are quick to spot the signs of a troubled tenant, so we would act accordingly fast. However, having rent guarantee insurance makes that tenancy watertight. If tenants do run into troubled waters, the insurance will cover 100% of any rent arrears accumulated. This can give great peace of mind to landlords, knowing that their investment property is in positive cash flow.
2. Tenant Eviction
If your tenant is not paying their rent, the chances are you’ll want the tenant to leave. Evicting a tenant can be a lengthy and costly process. In addition to rent arrears, the amount of money lost can soon make a big impact on your overall finances. Coupled with how much time it will take to evict a tenant, it can be extremely frustrating.
Rent guarantee insurance covers eviction fees. As long as the tenant is occupying the property, the insurers have to pay any rent arrears. As a result, it’s in the insurer’s interest to evict the tenant as soon as possible, so that they minimise the amount of money they’ll have to pay out.
If you don’t have rent guarantee insurance, then you would have to pay for court fees, bailiff fees and legal fees, all whilst you’re receiving no rent from your property.
3. Legal fees
The rent guarantee cover that we offer also covers legal fees in addition to the above. Solicitors will attend court hearings if needed and will also send the relevant paperwork to the courts regarding the eviction. Having legal help is a must, especially if you want a smooth sailing eviction process.
We’ve come across a number of landlords who aim to do this themselves and soon find that they’ll need professional help. Trying to evict a tenant without any prior knowledge or the right credentials can often result in losing the case, which means you’ll also have to pay the tenants legal costs!
4. Peace of mind
Knowing that your rent is guaranteed to be paid has more than just a financial benefit. Rent guarantee insurance can also give landlords time to manage other aspects of their life, including further investments to add to their portfolio. Chasing tenants for rent and then trying to evict them can take a lot of time and cause unnecessary stress. This can all be avoided with rent guarantee insurance.
If you are a landlord and have had a tenant that’s fallen behind with their rent or a stubborn tenant that’s not willing to leave, then you’ll understand how frustrating and stressful this situation can be.
5. Positive cash flow and more investments
Not having rent arrears, will result in having more funds and should keep your investment at a positive cash flow. The funds can then be used to expand your portfolio or spent on the upkeep of your investments. If your investments aren’t making money, they then become liabilities.
A lot of landlords aim to snowball their investments. For example, using the income and profit from investments to expand their portfolios so it becomes a self-funding venture.
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