This ultimately depends on the property, how and where it’s marketed. We market our properties on all the main portals reaching out to the entire rental market. Appealing properties that are in good and clean order will rent relatively quickly. Don’t inflate the rent, this will lead to the property being vacant for longer than necessary. Don’t go too low, this will have an impact on your return. Get your property valued by an Agent that knows the local market.
This can easily be avoided by keeping the lines of communication open throughout the entire tenancy. Building a good relationship with your tenant is key to a successful let. We invoice tenants the day before rent is due, if they fail to pay on the due date, we send a polite reminder the following day asking them to pay asap before late fees are applied. We have a debt recovery procedure and put this into practice if we cannot retrieve outstanding payments by reasonable requests. If there is a guarantor we will pursue them for payment.
Our checks are thorough, the last thing we want is a tenant from hell! We check credit scores, bank accounts, landlord and employment references, identification checks and right of residency. We also meet our prospective tenants before we proceed with an application. Once all info has been collected, we will ask for your permission to proceed. You will always have the final say when it comes to choosing a tenant.
By serving notice to leave. This is a legal process, you must be able to rely on the relevant grounds used for eviction. There are 18 different grounds to choose from. Some are discretionary and some, mandatory. Make sure you use the correct Ground. Seek advice If you are unsure. Landlords have previously faced fines for illegal evictions.
Routine inspections should be carried out periodically. This can determine how the tenant is caring for your property. Most Landlords that self manage, don’t do this. We cant imagine why? Our inspections are every 6 months. (more frequently if we have concerns) If the tenant has damaged the property during the tenancy, we offer to have it repaired at a cost to them. If they decline our offer, we allow them a reasonable time to have it repaired to a good standard. Final inspections are carried out at the end of each tenancy. Any costs incurred due to damage will be deducted from the deposit. A schedule of condition (Inventory) determines the condition of the property at the start of each tenancy. See our blog regarding the importance of having an Inventory.
The tenant pays all utilities (unless these are included in their monthly rent). If we are managing your property, we will take start and end meter reads and set up utility and council tax accounts on behalf of the tenant. If you are self managing, do this for your tenant. This will avoid unpaid bills at the end of the tenancy.