If you're investing in property and are thinking of becoming a landlord, there are a number of pieces of advice it's useful to follow. Christopher Crampsie, Head of Property Management at London estate agents James Pendleton, describes the process of investing in and managing tenanted properties.
If you're becoming a landlord, especially the first time, there are a few key things to be aware of in relation to the agency you choose. There are also some steps in the letting process it's useful to prepare for.
Initially, it helps to take a thorough approach to researching both potential properties and the agency. Speak to your lettings agent about what you're looking for; a good agency will be responsive, thorough and organised, responding promptly to your questions along with being able to advise you on yields and market trends.
It's also a good idea to look at how your agency has marketed previous properties to rent. Consider the following;
- Are the property brochures well put together?
- Do they convey the important information about the property?
- Where and how does your agency display properties to rent?
At James Pendleton we promote brochures in highly visual displays as well as having printed copies available in each office. You (and your potential tenants) can see your property in any of our ten offices, not just the one you most often speak to. This is because of our multi-office marketing
approach, central to which is a well-connected team of consultants who communicate regularly with each other.
Exploring your agency's online presence is telling. At James Pendleton we have developed our website to make the search process as smooth as possible. We share properties daily on Social Media and have a strong presence on Zoopla
. The more platforms your agent is active on, the more potential tenants will see your property.
Of course, a high level of interest in your property is ideal, but how that interest is managed by your lettings consultant is another matter. A good agent will ask you pertinent questions, provide guidance and advice readily, and offer statistics and other information on engagement with your property and on the local area.
You should receive regular updates; your agent should be well informed and should ensure you meet the legal requirements expected of landlords - deposit protection and the completion of EPCs
and gas certificates fall under this remit. Your agent should also provide you with a full legally valid contract on request. They should be prepared to advise you on the issues unique and specific to your investment.
- Has your agency advised you on separate insurance schemes for yourself and your tenants?
- Have they helped you to prepare a rental guarantee?
- Has the tenancy agreement been backed up with solid references and relevant paperwork?
If not, it may be worth looking elsewhere.
Finally, does your agent have the enthusiasm and commitment to deliver what they promise? If they don't then choose and award winning London estate agency such as James Pendleton.
For more information or to rent your property through us contact email@example.com or to contact your nearest office click here.
For our fees, please see below:
Rent Collection Fees & Let Only: 14.4% inclusive of VAT
- Provide a Rental Valuation and agree the rent
- Advertise and market the property
- Carry out accompanied viewings and finding tenants
- Process referencing
- Agree terms of the Tenancy
- Collect rent in accordance with the tenancy agreement.
Management Fees: 20.4% inclusive of VAT
- In addition to the above service:
- Arrange the Inventory and Check-in at your request
- Notify utility providers of meter readings and new occupants
- Hold a set of keys
- Co-ordinate any necessary repairs or maintenance
Tenancy Agreement Fees: £180.00 inclusive of VAT
- Contract negotiation (amending and agreeing terms)
- Arranging the tenancy agreement