Understanding how to prepare your property for rent is an important part of the process for landlords placing their property on the market. Getting the preparation right can make all the difference if you want to find a tenant quickly.
Our extensive experience and knowledge of the property rental market in London will help you prepare your property for rent stress-free.
Remember, if you’re a landlord, we can help you market your property, and we can manage it too. We are always happy to offer free advice. Email us at info@yourhomemanaged.com or call 02081257780.
1. Make Sure Your Property is Clean
This sounds basic, but you need to give your property a good clean, especially if you have tenanted the property for numerous years. From the carpets to the kitchen cupboards, and from the oven to the bathroom, go through the property and make sure the standards are high. You want the place looked after so you need to get it right at the start so that you attract the right type of tenant.
Top Tip:
You could do the work yourself and save money, but you might want to get the professionals in, particularly if the place is really in need of a deep clean.
2. The Devil is in the Detail
When you find a tenant, you hope they will stay in your property for a while. But, when they do move out, you want to be sure that they haven’t damaged or disposed of any of your items. The best approach is to use a professional to complete a full inventory of the property. This will save you time and money at the end of the tenancy.
Top Tip:
Put your mind at ease by taking photos of the interior and exterior of the property or recording a video on your phone. You’ll have a record of the condition of the property at the start of the tenancy.
3. Complete all Repairs
Carry out any repairs ahead of viewings, especially before a tenant moves in. Get the place decorated if need be. It will be someone else’s home, but it is your asset, so look after it. Minor repairs not yet being completed can deter viewings from submitting an offer, even if you have told them you will complete the repair before moving in! It also helps if you organise your property certificates to ensure that no major repairs are required (for example, having to remove a chandelier as it doesn’t pass the EICR requirements).
Top Tip:
You should expect to make repairs as a result of wear and tear, but, if the repairs are required due to the result of a tenant’s actions, you can claim the money back from their deposit. At Your Home Managed, we provide you support and advice for free when a tenancy ends.
4. Is Insurance in Place?
When letting your property in London, make sure it is insured properly. Cover the rebuild, and the contents if you are letting the property furnished. Speak with an insurance broker who specialises in landlord’s insurance to ensure you are getting the correct coverage. If your property has been empty, notify the insurer that someone is moving in as your policy may need to be changed.
Top Tip:
Getting the paperwork in order is absolutely essential to the successful running of a property, whether it is a buy-to-let or a home you’ve inherited. Be organised and diarise when insurance needs to be renewed.
5. Choose a Letting Agent
9 out of 10 Property Professionals will recommend you choose a lettings agent or property manager, but first, you need to decide what you want them to do for you.
- Is it just to market the property and find a tenant? Consider a specialist in your area.
- Do you want them to deal with the right to rent and financial checks too? Consider a company with a specialist admin team or person.
- Do you need them to manage the property for you? London Property Management companies have different experience and contacts than companies outside of London.
Top Tip:
Always ask your Agent as many questions as you feel is necessary. You are paying them for their help, and they will be able to help with any concerns you may have, no matter how random the question may seem.
6. Consider the Profitability
- Do you know what the rental income will be?
- Have you worked out the yield?
- Have you got a mortgage on the rental property and need to make a certain amount?
These are all questions that need answers. You need to have done your homework on similar properties nearby and your expectations should be based on reality, and not on the rent you are dreaming about! Our Online Valuation Tool will be able to help with this. You can also book a Free, no-obligation Valuation with us at any time for a truly accurate rental price.
Top Tip:
Work with a lettings agent who knows the area; who knows the market and who knows the right kind of tenant for the property.
Get your property up to scratch, and you’re more likely to attract the sort of tenant you want in your property. Being a landlord can be rewarding but there’s paperwork to get right, and most importantly, you have responsibilities too.
We are local lettings experts for South West London, though we cover all of London.
Speak with us as we can help you through the process of finding a tenant and managing your property.
Email us at info@yourhomemanaged.com or call us on 02081257780.
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