Preparing your property to rent out in London

Whether you are a seasoned landlord or it's your first time renting out a property, follow these simple steps to ensure you secure a great tenant quickly with the minimum of hassle and at the best price possible.

Present your property in the best light 

A property with decent quality, modern and neutral décor and furnishings will maximise enquiries and result in more viewings, which in turn will give you more options for a good calibre tenant - it is more likely to attract a tenant who is house proud and will look after the property (or pay a cleaner to do so!).  A poorly presented property can often result in longer void periods between tenancies and attract the wrong type of tenant that may have little regard for the state of the property. Small investments like a lick of paint and changing the lights, curtains/blinds, and carpets will not cost much but will make the property look fresh and clean in order to attract the best tenant at a better rent quickly.

Make sure everything works

Aside from the aesthetics you should make sure that everything you provide is in good, working order – anything on its last legs will not only upset the tenant when it goes wrong, but it will also cause you stress and, in some cases can cost you dearly (a broken washing machine or waste pipe in a 10th floor flat seldom ends well!).  Most tenants in London will require a furnished property but they will likely already have the basics like TV, bedding, towels, etc.  You should also remember that anything you provide, you are responsible for maintaining and replacing if faulty, so don’t leave that Nutri-Bullet on the property if you are not willing to replace it when it breaks.

Selecting the right letting agent

You should ensure that you meet with an agent in person and prepare a list of questions in advance so that you can be confident they are reputable and able to guide you through the task of marketing, viewings, legal paperwork, and collecting funds all within the current legislation. There are various legal requirements that you are personally responsible for when renting out property such as gas safety certificates, furniture fire & safety regulations, and tenant right-to-rent checks just to name a few.  While this can all sound a little daunting, any agent worth their fee will be adept at dealing with these matters daily.

Like most things in life, the cheapest option is rarely the best.  That said, the most expensive corporate agents can also lead to poor customer service where you are just a number in a huge portfolio of landlords dealing with a different person in a call centre every time that you or your tenant have an issue.  If you’ve prepared your list of questions and done your research, you should be confident that you have chosen the right agent to meet your requirements at a reasonable cost.

Marketing

You should make sure that the agent you choose uses a professional photographer, they carry out floor plans and advertise on both Rightmove & Zoopla – the two biggest portals in the UK which will give your property the maximum exposure to potential tenants.  This will generate the maximum amount of interest, viewings, and offers quickly.

If your property is well presented and you have the right agent marketing at the correct price then you should rarely suffer a void period between tenancies, ensuring that you are receiving rent all year round.

Choosing the right tenant

When an agent presents an offer to you they should provide detailed information about the tenant, such as their job status, role, salary, Visa status (if applicable), and how long they plan to rent your property. If this is acceptable to you and the tenant has paid a holding deposit, the agent will then conduct reference checks. Most agents will use a professional reference agency that will carry out a credit score, work reference, and previous landlord reference. Once completed they will send a final report for you to sign off on.

If the potential tenant is a student then they should provide a UK-based guarantor for the rent who will be referenced in the same manner as the tenant and they will be expected to sign a guarantor agreement that legally binds them to the tenancy.

If you have any questions at all about renting or selling your property then please feel free to contact me for further information at 020 3137 9773 or hello@jackrose.london