A Guide to Renting Property
Steps for Letting
Finding the right agent to represent you is key to safeguarding not only your property investment but also you and your time.
These are the steps you can expect if you have not let a property before or if you want any guidance of how things should run if you are in any doubt.
1. Valuation
An accurate rental appraisal of your property is essential to ensure the maximum market rent is achieved within your chosen timescale. Getting the price wrong can lead to extra time spent on the market and can attract void periods. Hudsons use our wealth of local knowledge, comprehensive evidence and experience and will guide you with honest, professional advice to make sure you gain the best rent from the best possible tenant/s. Our goal is to guarantee the best return for your investment and give you the confidence you are in the right hands.
2. Tenancy Agreement
Each tenancy agreement offers a landlord different options. Hudsons shall advise you on the different types of tenancy agreement that can be used and may be applicable to your property and tenant profile. This is an important consideration as each has its own implications for both landlord and tenant.
3. Safety Regulations
Its essential that landlords have a clear understanding of the legislation and regulations that apply to rental properties. There are over 100 individual pieces, and there are at least 20 very important parts of legislation which many landlords don’t even know about that can bring about a prison sentence if they are not adhered to. Hudsons shall advise our prospective and existing landlords of their obligations and then it is down to them to make sure they protect themselves and their tenants against any potential risks. All Hudsons managed landlords do not have this worry as we will undertake all the necessary work to make sure their obligations are met, all within the management charge.
4. Presentation
We all know first impressions really count and we shall advise on how to showcase your property at its very best, including advice on decor, furniture and how this relates to anticipated occupancy. Sometimes a different perspective and knowledge of what tenants like and dislike can make a huge difference to not only the rent you receive but the calibre of tenant you attract. Always try to see your property investment through the eyes of a tenant – what would they see and like or dislike?
5. Marketing
Our team will create a marketing program tailored specifically to your property. Hudsons organise professional photographs and floor plans on all our properties as first impressions really do count and the knowledge of how the space flows prior to viewings helps tenants make their mind up on layout before they even view, meaning viewings should be more successful. Your property will need to gain full market exposure. We not only utilise our comprehensive database of tenants, but also attract interest from our own website, mobile site and a host of major web portals including Rightmove and Onthemarket.com
6. Negotiation
We never forget that we are working for you and when a suitable tenant is found our aim is to agree the final tenancy at the best possible market price and terms for our landlord/client. It does take two to tango so the art of negotiation should always be handled by a skilled and knowledgeable person, so make sure your agent has all the right credentials and does not ever forget they are working for you first and foremost and not their commission!
7. Referencing
We know that achieving the best rent for your property is important but finding the right calibre of tenant is equally so. In fact for the majority of our landlords this is the single most important factor. We shall never recommend a tenant to you unless we feel confident in their suitability for your property. To provide further reassurance we use the services of a specialised industry leading referencing company whose comprehensive report for prospective tenants will be available for your inspection. We also undertake our own checks beyond this if we get a hint that something is not right, it is amazing what you can find out on the internet these days. It is all about going above and beyond at Hudsons.
8. Inventory
A professional inventory report showing the condition and contents of your property is not a legal requirement but very highly recommended to avoid any possible disputes at the end of the tenancy. We shall organise such a report for you and also a final report after re-inspection at the end of the tenancy. Normally the landlord pays for this at the start of a tenancy and the tenant pays for the cost upon leaving the property.
9. Deposit
This is a very important aspect of a tenancy and there are strict legal requirements and procedures to be observed. We can guide you through the legislation and as members of a Government approved Tenancy Deposit Scheme (TDS) administer and hold the deposit monies on a landlord’s behalf should you require. There are strict rules which you must adhere to or risk losing any right to damages caused by the tenant. Unless you as a landlord are a member of such a scheme you are not legally allowed to hold deposit monies.
10. The Move in
On the tenancy start date it is important to make sure that the tenant is properly moved into the property with supportive information on local services, provide any special instructions for the property and any operating instructions for electrical goods and heating, as well as key contact information for emergencies.
