Understanding how to prepare your property for rent is an important part of the process for landlords. 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 and around 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. Email us at hello@properly.space or call 0207 459 4400
Make Sure Your Property is Clean
This sounds basic, but you need to give your property a good clean. 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.
Get Your Certificates in Order
As a landlord, you have legal responsibilities to the tenant. You will need to make sure the property has:
- An Energy Performance Certificate (EPC)
- A Gas Safety Certificate
- An Electrical Installation Condition Report
These tests must be done by proficient professionals, registered with the regulatory bodies – failure to get these certificates means you could be fined.
Top Tip Ask around to see which qualified plumbers and electricians are recommended. They must be competent of course, but you also want tradespeople who will do an efficient job at the right price (particularly if they must make necessary repairs).
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.
Complete all Repairs
Carry out all repairs before a tenant moves in. Get the place decorated if need be. It will be someone else’s home, but it’s your asset, so look after it.
Top Tip You should expect to make repairs because 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.
Put 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 landlords’ insurance. 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 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.
Choose a Letting Agent
You’ll need to choose a lettings agent, 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?
- Do you want them to deal with right to rent and financial checks too?
- Do you need them to manage the property for you too?
Top Tip Seek recommendations and look at online reviews on social media and Trustpilot to find the best letting agent in London.
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!
Top Tip Work with a lettings agent who knows the area, knows the market and 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 responsibilities too.
We are local lettings experts for London. Speak with us as we can help you through the process of finding a tenant and managing your property.
Email us at hello@properly.space or call us on 0207 459 4400
