These are some of the ways you let your property:
1). High Street Letting Agent
Letting agents offer different levels of service:
ï A basic letting service that will market your property, set rent levels and perform viewings and tenant referencing services. You will normally be charged a one off fee:
ï An intermediate managing service that would include the basic service described above plus rent collection. The agent will normally charge a percentage of the monthly rent (around 5%) for this service:
ï A full management service, which includes all the above plus organising repairs, regular property visits and tenancy possession at the end of the rental period. The agent will normally levy a service charge of around 10 – 12.5% of the monthly rent for this service.
If you decide to use a letting agent choose one that belongs to The National Approved Letting Scheme (NALS)
Telephone 01242 581712, or visit www.nalscheme.co.uk
Alternatively you could contact the Association of Residential Landlords (ARLA) which self regulates letting agents, arranges training for landlords, and provides information and guidance for both landlords and tenants.
Telephone 0845 345 5752, or visit www.arla.co.uk
By signing up to these organisations the letting agent agrees to provide professional standards of service to both landlord and tenant.
2). Self-Managing Your Property
If you decide to self – manage ask yourself one question “Do I have the time to self-manage?” Managing a property can be time consuming – you need to ensure that you are always readily accessible and have the time to deal with situations when they arise.
Also, if your property is in Wales you will have to register with Rent Smart Wales and attend training courses that provide relevant up-to-date information on how to successfully manage tenancies before you start self-managing your own property.
Please follow the link for more information on registration.
The following paragraphs set out some of the issues you will need to consider when self-managing, the list is not exhaustive
Legislation & Regulation:
You will need to have an understanding of the numerous legislative and regulatory provisions that are in place to protect both you as the landlord and the tenant. Eg, Notice and eviction requirements: landlord & tenant rights and obligations; and bond deposit schemes;
One of the most important property management tasks is rent collection. It is extremely important that a clear process is followed in this regard and that the full rent amount is paid on the specified date. If you are not clear on this you may find your tenant is constantly late or the money is trickled to you in multiple payments over the course of rent period.
From time to time your property will become vacant and you will need to find a new tenant, – preferably someone who will care for the property and pay their rent on time! Advertising and tenant vetting play an important part in finding the right tenant.
Advertising – Determine the type of tenant you are looking for and develop a marketing plan to maximise the number of prospective tenants you can choose from.
Tenant Vetting – It is really important to have a thorough tenant vetting process. Create a questionnaire of the housing and employment history of prospective tenants. Verify the information supplied. Remember it is easy to put a tenant in your property but can be potentially very difficult to remove a bad tenant from your property.
Inventory and Property Inspection:
Making sure your property asset is looked after is really important, therefore, regular inspections are recommended, however, you will need to adhere to legislation regarding inspections, particularly in relation to notification and entry processes. For evidential purpose take photographs.
Repairs and maintenance
You as the landlord will be responsible for most major repairs that are required to your rented property. This includes:
• The structure of the property, for example walls, roof, windows and doors,
• You will also be responsible for sinks, baths, toilets, pipes and electrical wiring, heating and hot water, for example the boiler.
• You will also be required to have up-to-date the gas and electrical appliance safety certificates.
Contact the following organisations for more information:
National Landlord Association (NLA).
Telephone 020 7840 8900 or visit www.landlords.org.uk
Residential Landlords Association (RLA).
Telephone 0161 962 0010 or visit www.rla.org.uk
3). Monmouthshire Letting Service (MLS)
Or you can use the Council’s own letting agency – Monmouthshire Letting Service (MLS) that will provide all the services mentioned above for a “hassle free no fee” management service. Click here for further information.