Letting youre a property can be a daunting experience but knowing the process help put at ease a lot of those fears. Concept Spaces Lettings Agency can help with every stage of letting your property from valuation, to viewings, comprehensively referencing the tenants, rent guarantees to providing a fully managed property management service.
Step 1: Get an Accurate Valuation
Having an empty property can cause a great deal of stress and reduce your yields.
To get the landlords to sign on the dotted line, we find that many agents purposefully overvalue properties. Gradually either the price gets reduced due to lack of interest or offers coming in are far lower than promised. We find this exercise to be counter productive. Every agent's focus must be to letting your properties in the shortest possible time at the highest possible price.
Getting an accurate and realistic valuation is, therefore, very important.
It’s always a good idea to:
Do your research - Look on the internet for similar properties and the going rate in the area.
Get the agents to justify their valuation.
Consider how much do you need to cover your mortgage, any ground rent and or service charges, and the agency fees.
Our experts value property accurately using a cross sections of data obtained from properties let by us and other agents. We are therefore consistently able to achieving close to the asking price and letting property quickly.
Get a free valuation by completing the Rental Valuation Request form or calling us on 0207 644 0280
Step 2: Dress to Impress
People looking for a home may have a hard time looking past the clutter. Prospective tenants will decide within the first few minutes of stepping into the property if it’s right for them.
Making your property look clean, neutral, freshly painted can be the difference between letting the property quickly or having an empty property on the market for a longer period.
Step 3: Concept Decoration and Design
You don’t always have to spend lots of money. Sometimes a little can go a long way. During the recession we found landlords struggling and were time and again invited to rent out properties that had been lingering on the market for too long. To this end we set up Concept Decoration and Design which helped rent out properties that were previously void for longer periods.
Concept Decoration & Design is a free service available to all landlords, providing expert advice on how to dress your property to let it quicker and achieve higher rents. Concept Decoration and Design provides free pillows, bed linen, pots, plants, throws, candles etc. Setting up empty rental or sales properties as show homes 'a-la Ikea style' does really work. To request a visit from one of our experts at Concept Decoration and Design fill out this Request a Valuation Form, or call 0207 644 0280.
Step 4: Landlords Legal Obligation
When renting out a property the landlord has a number of legal obligations including:
All deposits have to be registered in one of three approved schemes.
All properties with gas have to have a valid gas certificate which is no more than one year old.
All properties with portable appliance should be Pat tested.
All international landlords must be registered with inland revenue and have a valid NRL number.
For a more comprehensive guide on landlords legal obligation Click Here.
Step 5: Deciding on the Required Service
All agents offer different level of service which can be divided up in:
Let only –Agents let your property, reference the prospective tenants, take deposit and months of rent in advance, draw up the necessary paper work. Tenants pay rent directly to landlord and contact landlord for any maintenance issues. For a more comprehensive guide Click Here.
Rent collection – Let your property and collect the rents if you are financially reliant upon receiving regular income. Provide insurance against non payment of rent and legal complaince for court proceedings to recover possession where applicable. For a more comprehensive guide Click Here
Property Management: Includes tenant finding and rent collection. Provide insurance against non payment of rent and legal compliance for court proceedings to recover possession where applicable. Appropriate when you do not have sufficient time to commit to the day to day management of tenancy matters. For a more comprehensive guide Click Here
You will need to decide which level of service is appropriate to you. For the busy landlord, property managements is always the way to go.
Step 6: Property Management 24/7
Even with experience, managing a property can be a full-time job. One you do not need if you already have a full-time job or live overseas. We can take that load off your plate with our property management services.
Our property management service is highly valued by our clients, with tenants having a peace of mind that they will be cared for in event of any emergency- meaning tenants are more likely to renew their tenancy agreement. Many tenants insist on renting managed properties and are often prepared to pay a premium for this. Your dedicated Property Manager will look after the general day-to-day management and more complex issues such as emergency repairs, collection of rent, transfer of utilities and much more. Corporate tenants are usually only allowed to rent managed properties.
The property management services of Concept Spaces includes assigning a dedicated lettings team to all properties, and “Rent guarantee”. You will know exactly who is overseeing your property and have a personal contact to assist with all queries and update you on any maintenance issues and get competitive quotes for any repairs. For a more comprehensive guide to our management service Click Here.
Step 7: Viewings and Accepting Offers
We will arrange and do viewings from 9am until 8pm on a daily basis except for Saturdays where we do last viewings on 4pm. All our viewings are accompanied by our fully trained expert lettings negotiator.
On receiving an offer we will communicate the offer to you with full details and any required conditions.
Full details and any conditions will include:
Rent per week offered.
Start date of the tenancy.
Length of the tenancy.
Any break clauses.
Any furniture requirements.
Any maintenance requirements.
Names and job description of prospective tenants.
The details will help you decide whether or not to accept the offer.
Step 8: Accepting the Offer
Once you have accepted the offer we will proceed with taking a holding deposit, equivalent to one week of rent start, and the referencing process.
Please note that unlike other agents Concept Spaces does not do any internal referencing. All our references are done by HomeLet which comprehensively providing credit checks, employment checks, previous rental history and addresses. This ensures a high level of customer service for all our clients.
Recent research shows 37% of landlords have tenants in arrears (National Landlords Association: 2009). Of these, 50% of landlords who have attempted to claim-back/recoup loss of earnings in court reported a waiting time of over three months. As this is a key problem in our industry, Concept Spaces believes a high quality of references equals better levels of rental payments.
Get the tenants comprehensively referenced!
Step 9: Preparing the Property for Move In
Once you accept an offer we will laise with you and guide you through what you as a landlord will need to organize or alternatively we can arrange on your behalf:
Gas Certificate – your property has to have a valid gas certificate or we will not be able to move the tenant in.
EPC (Energy performance certificate) – Legal requirement for the landlord.
Pat Test – All electrical appliances have to be testes to be safe.
Cleaning – The property needs to be given to the tenants professionally cleaned.
Inventory – Without one, tenants could mistreat your property and contents, and leave you powerless to deduct deposits.
Check in & Meter reads – to be submitted to the utility companies when new tenants take over or move out so landlords are not stuck with the tenants bill.
Inform the free holders and block management company of tenancy and tenants details.
Ensure all manuals or electrical appliances, hob, oven, boiler, fridge freezer are available.
Council – inform the council that new tenants have moved in.
Delivery / removal of any furniture – All furniture has to be meet fire safety standards and tenants should have the furniture delivered before they take up residency.
Step 10: Move In
Once the tenants have passed their references we will:
Take the 1st month of rent in advance.
Take the deposit.
Get all tenancy related documents signed.
For your added peace of mind, where applicable we will register the deposit with the DPS (Deposit Protection Service) and send the money to them. To learn more about legal requirements on deposits please Click Here.
Once we have received all the monies and all the necessary paper work is signed we will release keys to the tenants or the inventory clerk on day of move in.
Regardless if the property is managed or not we will post copies of all tenancy related document to you and tenants.
Where the property is not managed we will forward your details to the tenants and visa versa.
Where the property is managed we will:
We will provide tenants with a move in pack
Inform the tenants of the property manager details
Post letters to the utility company and council with the tenants details
Congratulations, your property is now let!