Tips For Landlords

For all you landlords out there, here are a some tips from us to give you a hand along the way

Preparing your property

Decide whether you want to let your property out furnished or unfurnished. It's great if you can offer both options, as this means the agent can market it to a wider pool of applicants. In terms of decorating and soft furnishings, keep it fresh and neutral. A well-maintained, clean property will attract good tenants and generate more interest.

The safety of your tenants is very important, so make sure you have a Gas Safety check every year. It goes without saying that your rental property should be fitted with smoke alarms throughout and a CO2 alarm if required.

By law, you will need an EPC (energy performance certificate) for your rental property. Your estate agent can usually help you to organise this. You won't be able to market the property without one, so get it organised as soon as possible - they're valid for 10 years so you won’t need to worry about it for a while once it is in place.

It's a really good idea to get a professional inventory taken at the start and end of each tenancy. Your estate agent will be able to manage this for you. It can make all the difference with any disputes that may arise when a tenant vacates the property.

Your tenants

Try to keep a relatively open mind about your potential tenants and don't set unrealistic expectations, as this only reduces your target audience. Try not to become too emotionally attached to the property either, as it is always hard to let go of a property you love - try to distance yourself from the process.

Potential tenants may try and negotiate on the price. Depending on the tenant's offer, it's worth weighing up if the price you want is worth holding out for, or if it's better to accept it and reduce the time the property is empty and not making money. It's definitely worth listening to your letting / estate agent's advice.

What level of service do you want from your agent?

You need to figure out how much involvement you want from your letting agent.

Do you just want them to find you a tenant and conduct all the security checks, or would you like them to look after the ongoing rent-collection and property management? Of course, there is an additional cost for the agent's ongoing involvement and overlooking the rental of your property, but it could save you a whole lot of hassle and time in the long run.

Whilst choosing your agent, don't automatically opt for the agent that offers the lowest fee. This may prove to be a false economy for numerous reasons.

Ongoing considerations

Consider employing staff to help look after your property, like a cleaner and gardener for example. This means you can retain some level of control over your property's care and maintenance.

Services

Property Valuations

Online valuations provide an estimate of how much your house is worth, based on average property prices in your area. But these are based on the assumption that your home is typical of those in the area. We therefore always recommend that an estate agent visit your property to discuss how to market your property to the best effect given your circumstances, the timeframes you are working to and the sale price you hope to achieve.

Quality Marketing

Our unique multi-channel approach to marketing your property is designed to showcase it in a way that entices potential tenants to enquire about the property. We have a team of local experts who work with you to secure the very best applicants, paying the maximum price for your property, all within a timeframe that suits your needs.

Property Management

We understand that sometimes it can be extremely stressful and time consuming when managing the day to day affairs of your rental property. This is why we have employed decades of knowledge and experience to develop a streamlined model which ensures that things run as smoothly as possible with the minimum amount of stress for you, our client. We pride ourselves on our work ethic and the commitment we dedicate to our clients, and stride to exceed your expectations every time..

Financial Advice

At Ideal Properties we work closely with reputable financial advisers who would be more than pleased to compare the latest mortgage deals and devise a mortgage which is tailored to your individual sales situation. The financial advice that they would provide you with would be totally impartial. They also understand and appreciate the time restraints involved with the purchase of a property, and work to ensure that a product is recommended within a timely manner.

Relocation Assistance

We’ve already done all the hard work and research so you don’t have to. Whether you’re moving back to the UK from abroad, downsizing, looking to take the next step on the property ladder, or looking to invest in property, we have an expert for you with a thorough knowledge of the local area, and could tailor your search to your personal requirements. Whether it’s schooling that is a priority for you, or it could be transport links, maybe certain activities, or even a combination. We’ve got you covered!

Maintenance

When a problem is reported, we will notify by e-mail, text or letter immediately and we keep you in touch with progress. You will also receive regular detailed financial statements. Furthermore, we have specialist contractors with a vast amount of knowledge that can cater for any maintenance issue which may arise. We can also refurbish your property. From minor decorating, to refitting kitchens and bathrooms, to a full refurbishment including structural works.

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Permitted payments England

What permitted payments can I expect to pay if I rent a property with Ideal Properties?

 

Holding deposit (per tenancy). One week’s rent.

This is to reserve a property. Please Note: This will be withheld if any relevant person (including any guarantor(s)) withdraw from the tenancy, fail a Right-to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).

 

Security deposit (per tenancy, rent under £50,000 per year). Five weeks’ rent.

This covers damages or defaults on the part of the tenant during the tenancy.

 

Security deposit (per tenancy, rent of £50,000 or over per year). Six weeks’ rent.

This covers damages or defaults on the part of the tenant during the tenancy.

 

Lost key(s) or other security device(s).

Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s).

 

Variation of contract (tenant’s request) £50 (inc. VAT) per agreed variation.

To cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents.

 

Change of sharer (tenant’s request) £50 (inc. VAT) per replacement tenant or any reasonable costs incurred if higher.

To cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents.

 

Early termination (tenant’s request).

Should the tenant wish to leave their contract early, they shall be liable to the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.