The Ultimate Guide to Letting a Property

The Ultimate Guide to Letting a Property
  • Opening Intro -

    If you are letting a property for the first time, there are a few things you must avoid to ensure you do not make big mistakes.

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  • Property Preparation

    You will want to make the right first impression to attract the right tenants. Therefore, you should prep the property to make them want to move in right away. You can do so by creating a clean, fresh-smelling property that utilizes space well. By doing so, you will have a queue of prospective tenants hoping to move into the property.

  • Decide on Furnished or Unfurnished Lettings

    While some tenants might like to bring their own furniture, others might be looking for a furnished property rental. You must, therefore, decide whether to advertise as a furnished or unfurnished property. For example, students and professionals might be more willing to move into a furnished apartment or house.

    However, you could also be a little flexible with a storage unit. You could move any furniture into a unit with Self Storage Finders if a tenant hopes to move their own bed, sofa or other items into the property – and you can move the items back in once they eventually move out.

  • Effectively Market the Property

    The best way to attract a potential tenant is with attractive marketing. The last thing you will want is for a property to be left empty for months on end, so ensure you advertise with high-quality, flattering photos, accurate descriptions and clear pricing.

  • Tenant Screening

    You have invested a significant amount of money into a property – so you must select the right tenant to care for the apartment or house in your absence. You should, therefore, embark on tenant screening, which means following up on landlord references, credit check references and employment references.

  • A Tenancy Agreement

    It is essential to create a tenancy agreement that details the process of ending a tenancy, tenancy changes and what is expected of a tenant. It should also include other details for the tenant’s knowledge, such as landlord access to a property.

  • A Deposit

    It is important to request a tenant deposit before a person moves into your property. The amount should be given to the landlord at the start of the tenancy and returned if the property remains in the same condition at the end of a tenancy.

  • Landlord Insurance

    You must be financially protected when you become a landlord, which is why you should take out both landlord and liability insurance. This will ensure you have financial assistance should you need to replace an expensive household object, so you do not have to pay a large lump sum to replace a boiler, electrics, gas pipes or more.

  • Rent

    It is common practice for many landlords to request three months’ rent upfront from tenants, and the funds should be cleared before you hand them the keys to the property. This will provide the peace of mind that you have selected the right tenant.

Home Remodeling reference:

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