During a long trading history spanning over 30 years we have been trusted with letting some of the area’s most prestigious homes. Our first class marketing and exceptional attention to detail ensures that we consistently achieve the very best results for our clients, whether they are looking to let a small studio or a large country estate. If you are thinking of letting your property and want to know exactly how it works from start to finish, then take a look at our step by step guide below which will help begin your journey to a successful tenancy agreement.
Step by Step Guide
Step 1: The Valuation
Perhaps the single most important element when looking to let a property is an accurate valuation. Whether you’re looking to move immediately or sometime in the future the first step is to find out the market value of your asset.
To arrange a free market appraisal of your property, call Radlett on 01923 852434 or Elstree on 0203 764 2222 or alternatively click here and complete our valuation form.
Step 2: Choosing the right agent
It all starts with choosing the right estate agent. If you’re reading this, then it already looks like you’re halfway there!
At Village Estates the client is always put first and we aim to make the lettings process as simple and stress free for you as possible. We’re sure you take fantastic care of your property and you should take the same level of care when you choose an estate agent to market it. We recommend considering the below factors when choosing your agent:
- Are they experienced?
- Do they know the local area?
- Do they have a proven track record?
- Are they able to market your property in a way that suits you?
- Will they invest in your property? (At Village Estates we carry our professional photographs, floor plans etc. all at our own expense).
Step 3: The Marketing Plan
Once you have chosen your agent you should tell them about any special requirements you have for the marketing of the property and ask them to come up with a plan that suits your needs.
At Village we recognise a strong marketing plan is essential to gaining your property the exposure it deserves and ultimately achieving a fantastic result. At Village we prepare your property for exposure by taking professional photographs, drawing up a floor plan, designing brochures, and scripting a property write up. We ensure your property is shown on all the key property portals most notably Rightmove and Zoopla. We also publish properties on our own website, in our own magazines and often in the local press.
Perhaps the conventional marketing methods are not for you and you require a more discreet marketing approach. Rest assured we are prepared for every type of marketing strategy and our discreet marketing service is a very powerful option for those of a more private disposition.
Step 4: Viewings
When it comes to viewings the first stage is to get your property ready because first impressions really do count. We will advise you on how to present your property to show it off in all its glory. Of course keep the place clean and tidy but the extra tips and suggestions we have to offer can maximise the chance of a successful viewing. We accompany every viewing unless you specify otherwise and being open 7 days a week means we never miss the opportunity to conduct a viewing unlike other agents.
Step 5: Agreeing an offer from the Tenant
Once we receive an offer we qualify the Tenants ability to proceed and then make contact with yourself to notify you of both the offer and buyers position. Once consulting with yourself we use our skills in negotiation to ensure you receive the best possible price however you will want to consider other factors such as the references of the tenant and whether they have a reliable income when making your decision.
Step 6: Referencing the Tenant
It is important to run thorough checks on prospective tenants to ensure that your investment will be secure. Village Estates use strict referencing procedures carried out by independent experts which can give our landlords a comprehensive understanding of their personal and financial circumstances, including a check on their employment history, credit worthiness, previous landlord (if appropriate) and previous addresses.
Step 7: Tenancy Agreement & Payment
This document outlines the agreed responsibilities of both parties. It is important that both tenants and landlords take the time to read this carefully before signing. The tenant cannot move into their new home until they have paid the security deposit, at least one month’s rent in advance and all administration fees.
Note that: An inventory and schedule of condition is conducted providing a detailed list agreed and signed by both parties itemising the contents and condition of the property at the time of the tenant moving in
Step 8: The Security Deposit
Once the deposit has been paid in full, the tenant has secured the property. This deposit is held against possible damage to the property which can be checked against the inventory at the end of the tenancy. The Housing Act 2004 protects all parties in this regard as the deposit is now required to be held within a government-approved scheme on an Assured Shorthold Tenancy. This scheme offers quicker and easier ways of resolving disputes, without the need for court action.
Step 9: Tenancy Commences
Once the tenancy agreement has been signed and cleared funds are in our client account, keys can be handed over and the tenancy begins. In order to keep checks on the property and that it is being well looked after, you will need to agree a number of visit dates with your tenant.
If you want to minimise your workload Village Estates offers the fully managed service option to lighten the load. We will carry out all inspections and checks and provide you with reports on the property and its tenant.
Step 10: The Next Step
Once you are nearing the end of the tenancy period both landlord and tenant will need to decide whether to extend the agreement or not. If staying put, then liaise with your agent directly and complete all the necessary paperwork to renew the tenancy agreement.
If you decide to end the tenancy, then do remember to give the correct notice. If the tenant decides to move on they too must give the correct notice, then your agent or yourself must arrange a checkout depending on who manages the property. The property must be left in appropriate condition and the keys handed back.
If there are no deductions or disputes and all the necessary forms are filled out correctly by you and by the tenant, the deposit should be returned ten days after the deposit release agreements have been received.