Top Tips For Renting Out Your PropertyWritten By PropertyLoop February 16, 2021
Want to make sure that your property is the one that catches the eye of would-be tenants first?
After all, the longer your buy to let sits on letting agents lists, the less rent you’re collecting. It’s important then to make your property look as attractive as possible – especially if it’s located in an area where there are already a number of buy to lets.
So, how do you make your property stand heads and shoulders above every other one out there in your locale? Well, read on…
How Much Should I Charge for Rent?
Market your property at too high a rent compared to similar properties in the same area and it will sit empty. Put it on the market at too low a price and potential tenants will wonder what the catch is ie is there something wrong with it?
To gauge what the right price should be, pose as a potential tenant yourself by going along to look at other properties in the neighbourhood which are of a similar size. You’ll also get an idea of the décor and how your property looks compared to those.
How Can I Promote My Rental Property?
Where, and how, are you going to market your buy to let? Are you going to give the responsibility to a high street letting agent who might already have a list of would-be tenants up his or her sleeve? Or, perhaps you’re going to be more hands-on and show off your property via an online letting agency like ourselves here at Property Loop?
The positive about the high street letting agent is that they’ll probably be able to off you a management service too. That means they will attend to repairs and ensure the correct gas, EPC certificates etc are in place. The downside is they’ll want an initial fee to market it and another for ongoing property maintenance (should you choose to go down that route). The ongoing fee will work out at 10 to 15% of your annual rental income.
You can also advertise these days via social media channels such as Facebook and other websites, eg Gumtree and on local town websites. Other methods are to put up a card in a local newsagent or to use word of mouth ie ask colleagues and friends if they know of anyone looking to rent in the area.
Make Sure Your Property Is Safe
Get gas and electricity checks done, together with an Energy Performance Certificate at ‘E’ or above, prior to advertising your property. Get a Legionnaires’ test and put up smoke alarms and carbon monoxide detectors where needed. Check too that any furniture and textiles you provide will pass fire safety regulations.
Reference Potential Renters
Make sure you carry out all credit and reference checks for people you’re considering renting your property to. Doing so at the start of a tenancy should save any hassle further down the line. You can pay a tenant referencing company to do it for you.
Decide on Deposits
These days you have the choice to use a zero-deposit scheme or go down the traditional route. The former means the tenant only has to pay the equivalent of one week’s rent while with the latter it’s five weeks. Familiarise yourself with both schemes to see which one you’re happiest with.
Many buy to let mortgage companies insist you take out insurance for your building, fixtures and fittings. But it’s a good idea anyhow! You can also take out further insurance to protect yourself investment against void periods and/or emergency cover.
PropertyLoop is the world’s first commission free lettings platform. Our platform allows landlords to advertise their rental, reference tenants, curate an agreement, register the deposit and collect rent completely for free! There are no hidden charges, upfront fees or any catches.
Built by experienced property investors and landlords, PropertyLoop connects renters with the owners directly. Your property is featured on all major search and comparison portals as well as advertised by PropertyLoop everywhere else on the Internet. You don’t have to worry about finding the good renters, that’s the job for the platform. Receive offers straight to your mailbox and select the renters that are right for your property. Need access to busy London property market? No problem at all! PropertyLoop is the London market specialist with years of experience and unique knowledge. Whatever your needs are, you can always speak to friendly support staff. Renting property is made as simple as one, two, three.