1. Confirm that you are aware of your obligations
Before you start renting out your property, you will need to make sure that you are aware of your obligations as a landlord. What this involves is ensuring that your property complies with regulatory standards, the three certificates you require are getting a gas safety certificate which lasts a year, and electrical safety certificate which lasts for 5 years and an energy performance certificate, which is known as an EPC which lasts for 10 years.
2. Pick a letting agent
You have the option of renting out your house to tenants either through a letting agent or directly to the tenants themselves. If you decide to work with a letting agent, there are a few things to check if they are a part of a professional organisation we are associated with The Property Ombudsman, they are also required to have client money protection so it is worth checking to see what scheme they are with, we are with Client Money Protect (CMP). It is always worth looking at their reviews as well, you can read some of ours here – link to review section.
3. Determine the rent
You need to do some research on the current state of the rental market in your area, so that you can determine a rent that is competitive. This is something that we can help you with as we know the market really well, we have a couple of bits here on our site which can help.
- We have section on our site which gives you more information on the Medway Towns area – Learn more
- If you want to work out what your rental yield is we have a handy calculator for you – Learn more
- Want to get a rough idea what the rental estimate will be? Click the button on the bottom left of the screen to get a rental estimate
It is highly likely that you may also need to think about other costs involved in renting out a property, such as insurance and general upkeep. If you can put some of the rent into a upkeep fund that would be amazing.
4. Prepare your property
One of the major things you should do before you begin marketing your property, is to you ensure that it has been thoroughly cleaned and that any necessary repairs have been made. Remember first impressions do really matter and it also allows us to market your property to its full potential.
If you are renting it out as furnished, you should also think about getting the furniture in prior to marketing. Remember to keep the fire safety tags on the furniture.
5. Advertise your property
You may advertise your house through a letting agent like ourselves we then advertise the property on our website and on property specific sites like Zoopla. When it comes to showing your property in it’s best light we recommend using an agent like ourselves who will be able to take high quality images, virtual tours, floorplans, videos along with an engaging write up. But if you are going to attempt to do this by yourself be sure to take images of a good quality as well as an accurate description of the property you are renting out.
6. Conduct background checks on prospective tenants
Before agreeing to rent to someone, you need to check their references these consist of credit checks, obtaining proof of their income and a previous landlords reference. This might assist you determine whether or not the tenant is able to rent your property. You can take a holding deposit at this stage but remember to only take one. We have a very good referencing company who do really in-depth checks and audits delivery of compliance documents.
7. Tenancy agreement
After you have found a tenant, the next step is to create a tenancy agreement. This will provide a summary of the terms of the tenancy, including the rent, the deposit, and any restrictions on how the renter can use the property. This is something that we can create for you but if you are sourcing one yourself make sure you get a up to date version and from an approved site. Also don’t forget to give the tenants the 7 documents you are required to at the start of the tenancy.
8. Lodging the deposit
One of the many legal requirements that you are obligated to do is to safeguard the security deposit from your tenants by lodging this in a scheme that has been approved by the government.
You will be able to refund the deposit to the tenant at the end of the tenancy, provided that they have complied with the requirements outlined in the rental agreement.
9. Take an inventory
It is extremely important to take an inventory of the property and all of its belongings before the tenant moves in. This should be done before the renter moves in. You will be able to identify any damage that was caused by the tenant and ensure that the security deposit was utilised in the appropriate manner if you do this.
You will also want the tenant to sign a copy of the inventory and give them a copy for their records.
10. Manage the Tenancy
During the course of the tenancy, you will be responsible for managing any issues relating to maintenance or repairs and ensuring that the tenant complies with the conditions of the tenancy agreement. It is important to respond to tenants in a timely manner and to get any repairs done
In addition to this, you should carry out routine inspections of the property. This is important as it continues to build the relationship with the tenant and helps you to see any potential work before it gets worse.
The process of renting out a property in Medway and beyond can be difficult, therefore it is essential that you are aware of your obligations as a landlord. This is an ever changing environment and will continue to be in the future. We would recommend that you use an agent like yourselves which takes the pressure off you and safeguards your investment.
With all the tips and advice above we hope that it can ensure that your tenancy will go off without a hitch.
To speak to us about your rental property – contact us
See the latest rental market insights with our up to date property market trends – learn more.