Do you want to be a great landlord? And do you want to know how we let properties? Well here you are: if this list is long and daunting, well… that’s why you can pay us just £495 (inc VAT) for us to arrange it all for you*. On the other-hand, feel free to steal this list and use it as your own check-list. And don’t forget – you can arrange a free 30 minute consultation with us if you need.
Follow these tips!
- Identify and acquire your rental property – tip, you can use us to advise you on the most suitable property.
- Make sure you have funds leftover after purchasing!
- Decorate, fix, do the garden, clean/replace carpets check for any snags and then write up a landlords pack of instructions for your tenants (Neutral decor throughout in case you’re wondering).
- Clean throughout! How clean? Imagine the cleanliness you should experience in a good hotel room – that’s what you’re aiming for. Get the oven professionally cleaned by a specialist – so worth it!
- Remove all items (unless you’re providing a furnished property which is not the norm). That really means ALL items!
- Have a gas safety check of all gas appliances and pipework in the property – that includes LPG systems (it also includes a gas BBQ if you happened to be supplying one).
- Have an EICR (electrical safety check) carried out – they’re a legal requirement now. The certificate should state that the “whole of the dwelling and outbuildings” have been checked (or words to that effect).
- Setup a contingency fund for unforeseen problems (You still have some money leftover don’t you?) – if the boiler breaks down then your tenant will expect it to be fixed pretty quickly. Worst case: £3000+ for a new boiler and associated aspects. Have it in the bank waiting.
- Take your marketing photos – good lighting and good framing are all vital to make your property look great. Don’t underestimate the power of blue sky in your exterior photos.
- Get marketing – write your advertising copy with enthusiasm and “sell” the property. But be completely truthful! If there is a factory right next door then state that! You’d be surprised – whatever you think might be off-putting will not be off-putting to everyone. But wasted viewings due to poor descriptions are a pain for everyone.
- Carry out viewings with prospective tenants.
- Provisionally select a suitable tenant
- Carry our referencing of the tenant – these should be objective checks – eg, credit check, employment check, salary check, check of previous arrears etc.
- Arrange a check-in date with your tenant
- Draft the tenancy agreement and provide to the tenant for approval prior to the tenancy starting. The tenancy agreement is likely to be a Housing Act tenancy (AST) but it might not be – make sure you get this right!
- Make arrangements and specific agreements for pets (if applicable).
- Make arrangements for rental payment. Don’t compromise on this – set the standard from the outset; eg you should be requesting the rent, as initially agreed and paid by standing order on your chosen day of the month.
- Carry out Right To Rent checks in accordance with Immigration Act and the Home Office criteria
- Collect the deposit (no more than 5 weeks rent – that’s a legal limit)
- Register the deposit with an approved scheme (This applies to Housing Act Tenancies).
- Prepare an inventory and schedule of condition in a suitable format (if you think you don’t need one because the house is unfurnished then how do you propose to prove, in a dispute, that the property was in good condition?).
- Arrange for complete sets of keys to be provided to the tenant.
- Accompany the tenant on a check-in at the property.
- Provide the tenancy agreement and prescribed information (Deposit registration, EPC, How To Rent Booklet, Gas Safety Cert (if applicable), EICR). Tip: it is permissible and possible to do all this electronically before the check-in.
- Not providing any of the documents in the para above will invalidate the tenancy agreement. So, obtain a signature/agreement from the tenant that they have received these docs.
- Agree the state of cleanliness at the check-in; literally walk-around and show them clean ovens, sinks, toilets, cupboards and carpets etc. Then stipulate this level of cleanliness for their check-out
- Provide a draft copy of the inventory agreement
- Perhaps you want to give your new tenant a gift – after all, this is a special occasion for them and a new home is usually an exciting time. So it’s worth remembering this and being happy and positive.
- Provide a draft copy of the inventory and schedule of agreement and allow the tenant 2 – 3 days to check and agree the contents.
- Agree the final draft of the inventory and schedule of condition.
- And relax!
- Then start thinking about ongoing management.
Summary
There is a lot to do – and if it’s your first property then you may feel that you’re making losses and not gains! Rest assured, great landlords who are persistent, manage and maintain their properties well, and who are prepared to commit many years to their rental properties will see the returns. It’s like running any business – outlay and investment is required and ongoing monitoring is needed to keep things on track and going in the right direction.
Good luck.
*Gas safety check, EICR, Inventory, cleaning, repairs and maintenance etc are subject to separate fees.
Legal Disclaimer. This content is not intended to be legal advice or an official source of information. Landlords and/or agents should seek official advice from a relevant professional or official organisation in order to assist them to satisfy their legal obligations.
Copyright and plagiarism. The content in this blog article is original material authored by Chris Chambers. Downloading and printing for personal use is permitted. Reproduction in a public forum, e.g. on a website or a link on a social media, must include suitable references and identify Chris Chambers of Proudhouse Property Management as the author.
