FIRST TIME LANDLORDS
GET THE RENTAL VALUATION RIGHT
The best place to start the letting process is when we visit you at your property. This meeting is called a ‘property valuation’ and we use it to assess your requirements, establish who your property is likely to appeal to, agree how much rent we think you should be able to achieve and suggest any recommended improvements to help ensureyou maximise the potential of your property.
We base our valuations on actual properties recently let within your area. We also take into account a number of other factors such as market conditions, the location of your property, the size of your accommodation and, if furnished, the standard of that furnishing.
Overpricing a rental creates two major problems :
- The property is vacant for a month or two until someone is desperate enough, in which case you might as well have dropped by 10 -15% on your rental. Additionally, it creates a cash flow problem as you still have to service your bond, rates, levies accounts etc.
- Secondly. the tenant that takes an overpriced property, is desperate at the time but immediately begins looking for alternatives. This means that instead of creating a long term tenant that looks after the property, you have to re-do the search and lease process quite regularly
GET THE PROPERTY PREPARED
Target Market
It is worth thinking about the kind of tenant you want to attract as each type of person has different needs. For example, young professionals tend to want contemporary decoration, while students will require desks and young families generally like to eat in kitchens with a table.
Presentation
Properties that look good achieve higher rents and let more quickly. So it really is worth taking time to ensure your property is presented to the highest possible standard.
As a general guide, the following ideas work well when letting a property:
- Before marketing your property, do ensure that it is in good decorative order and sound structural condition.
- If you’re living in the property while it is being marketed, do make sure that you keep it clean and banish clutter.
- Keep the decorations neutral – the property will look cleaner and is more likely to fit in with your tenants’ personal belongings.
- If your property is let furnished, include everyday items like a vacuum cleaner, ironing board and, if there is a garden, a lawn mower.
- Have a look at our seller advide page for detailed info on
preparing a property for viewing
APPOINT AN AGENT THAT MATCHES YOUR NEEDS
Trying to handle being a landlord on your own, first time round is risky. You simply do not yet have enough experience to enter what is a minefiled of possible problems and legal implications. Take the time to learn the in's and out's of the business and when you are ready, then and only then, manage your rental privately.
Experience has taught most landlords a hard and valuable lesson though. Working with a professional agent is the better route and you will probably find after the first year that your thoughts of handling it yourself have vanished.
Why not have a look at our page on our detailed services and fees to get a rough idea of what is involved in handling a rental properly - then decide whether you have the time and capacity to do it all.
Remember that with Property Network, you get an agent dedicated to your property so you have a single person you can contact at any time shoudl you need assistance. Additionally, as opposed to many rental agencies that work office hours only, we are available for extended hours - which is when most issues arise.
We pride ourselves on the personal interest and care we take for our clients and you need to carefully consider your agency taking this into account. While some sytems might compare to ours, on a technical basis, at the end of the day you want someone who is as passionate about your property as you are. Make sure your prospective agent treats you like a person and not a number.
BE FLEXIBLE - BE WISE
- Be prepared to be negotiable on your price in order to secure a very good tenant. Its a small price to pay for long term peace of mind.
- Some people are extremely attached to their pets - consider carefylly whether your no pets decision is actually that important to you - maybe specifiy no dogs allowed in the home - but be prepared to talk.
- Bend over backwards for viewing times - many people have hectic schedules or work shifts. You do not want to lose a tenant because you are not willing to be a bit accomodating.
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