First Time Renting Out A Property? You Should Read This
Listing a rental property for the first time? There are things you should know that could make it easier for you.
Listing a rental property requires several steps are undertaken to help you in choosing the best tenant. And if you’re doing this for the first time, you want to put things in place.
Here are some steps that can help you get the most out of your property:
Before renting out your property, you should carry out a reference check to validate the background and relevant claims of your prospective tenant.
A comprehensive reference check would normally include Identity, affordability, employer and credit checks. You will also need to confirm the applicants have the right to rent property in the UK by carrying out a “Right to Rent” check.
You should also consider the prospective tenant’s character to establish if you will be able to build a harmonious relationship with them. It’s exhausting having to argue over minor issues so it’s important to have a cordial relationship. This is why we recommend getting a reference from previous landlords where applicable.
You should keep up with residential tenancy regulations because they are frequently updated (you must constantly stay on top of it). You must recognise that tenants, like you, have rights that must be respected. For example, the laws around protecting deposits and security deposit cap need to be complied with.
Start by making sure your property is suitable to live in with a valid Gas Safety Certificate (where applicable), Energy Performance Certificate (EPC), Electrical Installation Condition Report (EICR), consent to let the property (from the legal owner, or your insurance company), evidence that the property complies with building codes (for insurance purposes), smoke alarms on each floor and a carbon monoxide alarm in any room used as living accommodation where solid fuel is used.
You should also be aware of your legal rights too. Rent should be paid on time and in full, you typically would maintain a reasonable right of access (with notice) and you should be kept informed of any damage or alterations to your property.
Finally, letting and managing property can be quite tedious. Save time with less hassle by using a web or mobile app to easily manage your property like a professional. Using a landlord letting and property management application like Clooper can help you find tenants quickly. Potential tenants can make applications directly and you can go through every step of the guided process with ease.
If you’re ready to get started, sign up here for a free trial!
This blog post is not intended to constitute legal or financial advice.