Are you thinking of becoming a property Landlord?

- Wed 10 Aug 2022

So you have a property that you are thinking about letting out, however the first question you have is what’s the first step and how do you go about choosing which agent to organise the letting? You may also be asking yourself; should I get an agent to help at all?

We at Bradleys will advise all landlords that this is a speculative venture however, if you instruct us we will ensure we take the required steps to minimise any risk for you. With increased legislation in all property transactions and particularly lettings, it would seem a wise choice to employ a professional company to ensure you remain compliant within the law and requirements of being a landlord.

We have created a step by step guide below to letting for the first time, which we hope will help you co-ordinate the letting of your property and avoid any mishaps that many first time Landlords may encounter.

Firstly, before jumping in you should do some research into the marketplace so that you can form an idea of the activity and also the competition your property may face when you launch it. You may also want to track a few properties to see whether they let quickly or not. The next step to protect your investment will be to ensure you instruct a professional company with a good reputation. Thankfully there has been an increase in regulation but unfortunately there are still companies that don’t follow the letter of the law and so you need to know what to look for. A good start will be ensuring you use an ARLA (Association of residential Letting Agents) registered agent like us at Bradleys.

After doing your research, now is the time to get the experts around to find out how they see your property being received and the rental income they would expect to achieve a well as looking at advice on letting unfurnished/furnished. In addition to finding out the expected monthly rent, we will discuss our three service options we provide to Landlords. As a first time Landlord, it would be advisable to instruct us on our gold service basis in order to avoid any mishaps and maximise the value you receive.

There are a couple of other parties you will need to check with before you start marketing your investment, these would be your mortgage lender (if applicable) and also any management company (if applicable). There are also specific insurance products for Landlords and it is important that your property is suitably covered for future letting.

At this point you have done the research and checked with any third parties so you can go ahead and get the property marketed. The next step is to arrange a suitable time for us to run through getting the property marketed with you. And then following the marketing we will be in contact with details of a perspective tenant/ tenants to discuss the potential application before running our pre-referencing.

Finally, once the applicants have passed the reference checks, our Move-in-Team will be in contact to discuss suitable dates for the tenants to start their tenancy at the property. Now the tenants are in occupancy and so we will start forwarding the rent payments on a monthly basis along with a detailed statement of Account when we have clearance for our bank.

We hope that the above allows you to gather a further understanding of the first steps to becoming a Landlord and how much we are there every step of the way. If you would like more information on how we can help you on your property landlord journey, please get in touch with your local Bradleys Agent today or book a free valuation by clicking here.