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What do I need to know to let out a property?

14 Feb 2019

If you’re reading this blog post, you probably fit into one of these two categories:

#1 You’re considering buying an investment property and want to know more about the process before taking those final steps.

#2 You already have a property that you’d like to let but need to know what to put in place before you introduce a tenant.

There are many things to consider when letting out a property which is made simple with an agent managing the process for you.

Here’s the basics of what to expect when you come to us to let out a property ...

Step 1: You brief us on your requirements

You decide on the type of tenant you’d like in your property

Some landlords are happy for any type of tenant in their property to minimise void periods but others have particular preferences. Sometimes landlords decide they don’t want DSS, pets, or smokers and have a preference for working professionals or families.

You plan how long you’d like to rent your property out for

Different tenancy lengths attract different types of tenants - some will prefer long term lets whereas others may only need to rent your property for a short period. When we know how long you’re planning to rent your property for, it helps us to find the right fit.

Pick what deposit you’ll take from a tenant

The deposit you decide to take from a tenant can vary, usually it’s one months rent however there are often reasons to ask for a larger deposit such as if the tenant is moving in with pets.

Restrictions will be coming in to limit deposits to 6 weeks rent in the upcoming months but we’ll keep you updated with any legislation changes.

Read more about deposits here and read the importance of protecting them properly here.

Deciding on your rental price

We’ll head down to your property where we’ll evaluate it’s condition, location and the demand to determine what price we’d recommend you put it on the market at. The final decision is down to you. It may be that we have some recommendations to bring your property up to a lettable standard. We have a team of workmen who can complete this work for you if needed.

Step 2: Ultra Lets management takeover

The sign up process

Once you decide you’re ready to rent out your property and want us to manage this for you, we’ll ask you to sign our terms of engagement and bring keys into the office. For us to be able to rent your property out for you, you must have an up to date gas safety certificate - we can organise this for you if you don’t already have one. You’ll also need a valid EPC.

We start attracting tenants to your property

We get a board up straight away to generate interest. We also capture professional photography of your property and add it to our website, promote it on our social media platforms and add it to Zoopla.

What happens next?

At this point you can sit back and relax. We’ll be carrying out viewings with potential tenants and collecting applications for your property. We’ll do all the referencing so you can make an informed decision. You’ll get details of applicants income, previous landlord references, employer references, bank statements for proof of affordability and homeowner guarantor details.

We’ll contact you when we have applications so you can consider which tenant you’d like to move into your property. We may also contact you with feedback from viewings if there are improvements that can be made to generate more interest if needed.  

Step 3: The tenant moves in and aftercare

The move in procedure

Once you’ve chosen the applicant you’d like to move into your property, we’ll then start the move in procedure and you can leave the rest to us. The only time you’ll hear from us is if there’s a repair needed or when we do a 6 month inspection update.

When will I receive my rental income?

We pay this to you between the 23rd - 28th of every month.

What happens if there’s a late payment?

We get straight on chasing the tenant and we’ll keep you in the loop - this situation is very rare but should it occur, we contact the tenant to get the best resolve on it.

Do you have any more questions? Give our friendly team a call on 01482 562562 and they’ll be happy to answer anything you may wish to know.

If you need a helping hand looking for an investment property, click here to to find out how we can help.  

Posted By

Spencer Wood

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