How to let your property

So, you’re thinking about letting out your property? Great – but did you know that there are several important factors that you need to consider before the ‘To Let’ sign goes up?

As a landlord, void periods can be devastating. Whether you’re a new landlord or have tenants moving out soon, finding tenants quickly is a top priority. After all, when your property is unoccupied, there is no rent coming in but mortgage payments, utility bills, council tax and letting agent fees going out.

To make it easier for you to understand your duties and responsibilities as a landlord, and how to keep your tenants happy, we’ve compiled a shortlist of tips – including reasons why you should seek expert advice from letting agents in Warrington, for example.

5 tips for landlords:

Do your research

First and foremost, you need to get to know your market. Think about your target demographic. Is your house suitable for students, single people or families? If you’re struggling, consider asking a letting agent for advice.

It’s also worth looking at properties similar to yours, in the same area. Find out how much they are being let for each month. The last thing you want to do is put prospective tenants off because your rent is set too high, or even too low. If something seems too good to be true, the chances are, they will look elsewhere.

Prepare your property

Before you even turn to letting agents for support and put your house on the market, you have a few big decisions to make – including whether to let it furnished or unfurnished.

Typically, properties that offer a blank canvas are most appealing to potential renters as it allows them to put their personal stamp on things. Similarly, neutral colours are easy to maintain and go with almost every décor. And you mustn’t forget to show the exterior of the house a little TLC – it’s just as important as what’s on the inside!

Though it may seem obvious; you’ll need to remove personal belongings and items of value, not to mention anything tired, unsuitable or an acquired taste. It’s also a good idea to make copies of keys and dig out instruction manuals so they are easily accessible for when tenants move in.

Arrange landlord insurance

Ok, so your reasons for letting your property is nobody’s business but yours. However, you must make sure that your current buildings and contents insurer is well aware of your intentions to let your house because your policy will need to be amended.

Although landlord insurance isn’t a legal requirement, it’s highly recommended. This additional cover will protect both your building and your tenants, as well as your investment, ensuring you don’t experience financial losses.

Know your rights and responsibilities

Going from a homeowner and occupier to a landlord may not seem like that much of a big deal but, when letting a property, landlords have a lot of regulations to comply with. 145 to be exact.

Being a landlord is a full-time job, so you need to make sure you’re ready to take calls from tenants, both day and night – even at weekends. What’s more, you will be held liable for repairs and maintenance, and refurbishments if and when necessary.

If you’re letting your first property or would like to refresh your knowledge, more details about renting out a property can be found on the gov.uk website.

Choose the right letting agent

Employing the expertise of a letting agent can be really helpful when letting a property, but it pays to do your homework and choose carefully. You want to be confident that they follow every rule in the book, work to industry standards, and have your best interests at heart. And that is exactly what experienced Warrington letting agents, like Easylet Residential, do.

They don’t just advertise your property to help you find your dream tenants. Oh no. They make the entire process a breeze by: