A step-by-step guide to letting your property.
The first step is to get an accurate appraisal of the rental value of your property. We would be delighted to visit the property and bring with us evidence of properties recently let which are similar to yours, giving you the comfort that we have properly researched the rental value of your property. We take into consideration many factors when carrying out a market appraisal including transport links, local amenities, condition of the property, furnishing, and local trends and whether these are likely to change.
We will also advise you of the type of tenant likely to rent your property, how long they are likely to stay, and even the occupations of tenants which have rented similar properties.
Your aim should be to let your property at the best possible price in the shortest possible time. Our expert appraisers, who are always directors of the company, carry out hundreds of valuations every year giving us intimate and unparalleled knowledge of property values in your area. This is why we consistently achieve the asking price across all our clients' properties.
Call us on 020 8303 5078 or complete the rental valuation request form.
Making a good first impression counts. The presentation of your property can be the difference between attracting tenants and turning them away.
When preparing a rental property for a viewing it will, in some regards, be similar to presenting a property for sale. More information on this is available here. The property should be professionally cleaned, get rid of all clutter so the property can be seen to its fullest. If you have any outstanding DIY jobs then get these done as well as give the property a fresh coat of paint where possible so that it looks its best.
We will send our in-house photographers who will take photos and create comprehensive property descriptions, which highlight the features which will attract potential tenants.
The next stage is advising you of up-to-date legislation which can be anything from your EPC (Energy Performance Certificate), gas and electric regulations and any furniture, fixtures and fittings which you are considering including. We will help and guide you with any questions you may have with carbon monoxide, smoke detectors, legionella and the housing health and safety rules. We will also help you with your obligations under sections 11-16 of the Landlord and Tenants Act 1985.
Before you let your property for the first time you must obtain a comprehensive inventory. This will set out the condition and contents of the property. Crompton Estates will arrange a professional inventory on your behalf.
If the property is mortgaged, you will need to inform your lender. The lender may increase the interest rate payable if the loan is not buy-to-let. If the rental property is a leasehold property, you should seek the permission of the freeholder before letting. You should also inform HMRC of your new income stream.
Many landlords ask our advice regarding insurance, liability and your tenants’ obligation and whether you require landlords’, building and or contents insurance. Feel free to contact us – we are happy to advise and help you regarding any of these, or click here for a checklist of landlord responsibilities.
The key to a happy and successful tenancy is to find a great tenant in the first place. To find a great tenant, we will market your property on all the major property portals using full colour property details as well as targeted alerts to give you high profile exposure.
Although your property will be marketed locally and nationally, our award-winning service has been very much attributed to seeking out and finding the very best tenant suitable for you and your property, and often this tenant is already registered in our extensive tenant database.
We will help you to maximise the appeal of your property. Very often, this is decluttering, keeping the property neutral, spacious and airy and even a blank canvass for prospective tenants. At Crompton Estates, we think that ’knowledge is power’ and therefore while conducting a viewing we will supply any prospective tenants with a wealth of local knowledge including access to transport, local shops schools and leisure facilities and also the likely outgoings to include utility bills and council tax.
We will also conduct and manage viewings, and we will always let you know when a prospective tenant is viewing. We’ll speak to any existing tenants and give them sufficient notice; and if you are living in the property while the viewing is taking place, it may help the prospective tenant feel more relaxed if you are absent. Alternatively, in some cases we may advise you to be there for viewings to meet prospective tenants in person.
When negotiating an offer with the right tenant, we will strive to get you both the best tenant and the best possible rent. It’s our policy to recommend the best tenant for you and our award-winning service has been recognised for taking into consideration other factors when recommending a prospective tenant to you.
We ask more questions than the average letting agent and frequently prospective tenants comment that the information we require and questions that we ask are far beyond other agents in our high street. We recommend at this stage that you meet your tenant as nobody knows the property like you and many thousands of landlords have been given peace of mind after actually meeting their tenant face-to-face.
As soon as an offer is received we will contact you to communicate full details of an offer along with any special conditions to help you decide whether or not to accept.
Once you accept an offer we will do the following:
- Collect references from the tenants.
- Arrange signing of the tenancy agreement.
- Collect the moving-in payment covering the first month’s rent and deposit.
We can also get your property ready for move-in:
- Arrange professional cleaning of your property
- Organise gas safety inspection and portable appliance test
Whether you are working with us on a let only or full management basis, we will ensure you comply with legislation to protect all deposits. Before the tenancy starts, we will normally collect the deposit and the first rent payment on your behalf. As soon as this money clears, and the signed tenancy agreement has been received from both the landlord and the tenant, the tenants can move in.
The inventory check should be carried put before new tenants move, after which they will be handed the keys. A couple will need at least two sets of keys, and students or professionals who are sharing will need a set each. Meter readings should be noted during the inventory and check-in. Utility and council tax bills should be transferred into the name of the tenant.
Instruction manuals for the various appliances should be made easily available to the tenant, and if there are any appliances which are less intuitive to operate, you may need to demonstrate these to your tenant. Any safety equipment, such as fire blankets, extinguishers and smoke detectors, should also be pointed out.
A list of contact details for various scenarios should be made available. For managed properties, we will provide the tenant with contact details of their property manager.
It is your tenant’s responsibility to ensure that their rent is paid every month of the tenancy. If you manage the property yourself, you will need to agree how you receive the rent and at what frequency. If you use our full management service, we will arrange this for you and also chase any late payments.
Crompton Estates has a good knowledge of local market conditions and can advise on negotiating rent increases. If you decide to manage your rental property yourself, you will need to keep up-to-date with the local market and ensure that you are increasing rent in line with the terms of the contract and relevant legislation.
Property Management can be the key to getting the best returns on your property, and includes looking after both the general day-to-day management and more complex issues such as emergency repairs, collection of rent, transfer of utilities and much more. Many tenants insist on renting managed properties and are often prepared to pay a premium for this.
As a landlord, it is your responsibility to ensure the let property is safe and secure for your tenants, and when any issues arise, they will need to be managed and dealt with promptly. Your tenant should bring any issues that arise to our attention. We will use one of our approved contactors to provide a quote for the work, which you will then need to agree to before the work is carried out.
Once your property is let you will have effectively given possession to the tenant. However, you will still need to protect your asset and ensure there are no issues. You may therefore wish to arrange property inspections at intervals throughout the tenancy. We will do twice-yearly inspections as part of our management service. It is important to remember that unless it is an emergency, if you want to access the property you must provide your tenant with at least 24 hours’ written notice.
If the tenancy is a fixed-term agreement we will contact both you and the tenants, usually two to three months prior to the end of tenancy, to see how you would like to proceed.
If you and the tenants are both happy to renew the tenancy, this will typically involve adjusting the rent (up or down, depending on the current market and anything pre-agreed in the original tenancy). It’s also an opportunity to add or tailor other terms which both you and the tenant agree on.
If either you or the tenants do not wish to renew the tenancy, we will serve notice and start working on a new marketing plan for your property.
If we manage the property, we’ll handle the tenant’s exit, including organising the outgoing inventory, return of the keys, and arrange the release of the deposit minus any agreed deductions. Then the process of finding the right new tenant begins again.
If the tenant moves out, the property should be inspected and its condition should be cross-checked against the original inventory check-out report.
This can also be a good opportunity to carry out any maintenance which might be needed. If any damage has been caused by the tenant, the landlord may be justified in claiming against the tenant’s deposit to pay for the work. If this is disputed by the tenant, independent arbitration may be required. This is a free service that will be available through the tenancy deposit protection scheme.