Advice for Landlords
We provide expert advice on letting a property. Allow our experience to guide you through the process of being a Landlord so you can earn a strong return on your property investment.
The Ten Steps to Successful Letting
Step 1 - Rental Valuation
When asking an agent to value your home you will have several options. It is important to consider more than just fees when making this decision. The reputation of a letting agent can attract tenants and can offer you peace of mind that your money is in safe and secure hands. A property valuation will take into account the many factors which affect the appropriate rent to charge your tenants. At Runnetts, when we value properties for rent we look into aspects which may influence the rate you are able to charge including:
The type of tenant will the property attract (families, couples, corporate)
What fixtures and furnishings will be included in the property (oven, fridge etc)
The local trends and demand for the property type in the area (and whether this is likely to change over time)
Proximity to transport links and local amenities
State of repair and décor
As experts in letting property in West Wales we have an in-depth knowledge of what tenants are looking for from rented property in the area. We base our valuations on our knowledge of the local market trends and use this information to guide how we market your property.
Step 2 - Select Your Service Level
Before you become a Landlord, consider how much involvement you want to have with your tenant and property, day-to-day maintenance, monthly rent collection and other responsibilities may affect your current lifestyle in a way you do not want.
When using Runnetts, you can choose from our three service levels to find the best fit for your needs and personal requirements. Build on the basic Let Only Service to a more comprehensive Rent Collection Service or choose the Fully Managed Service to make your property investment hassle-free.
Our top tip: In our experience, many tenants often opt for properties that our fully managed by agents to ensure their maintenance needs are looked after by professionals - so if you are aiming to attract the best tenants, consider our fully managed service.
Step 3 - Market Your Property
Without a letting agent, finding the right tenant can be expensive, time consuming and hard work. You want to get the word out about your property and encourage a tenant that is in the best position for you. At Runnetts as soon as we receive your instruction, we'll prepare your property's details, which can include professional photography, floor plans, a location map and an Energy Performance Certificate. Then we'll start marketing your property to attract the right tenant through:
Searching and Matching
We use our extensive tenant database to match properties to suitable tenants and by targeted direct mail campaigns.
Your Property will be marketed on our website runnetts.com, where potential tenants can sign up to our online account service which alerts them when rental properties that match their criteria become available. We also use zoopla.co.uk and other online portals to market properties.
The website is also available in a mobile format for customers with an internet enabled phones so they can search for properties when they're out and about.
Our West Wales Property Centre and Local Knowledge
In addition Runnetts’ local market knowledge, database of potential tenants, in-office visibility, and open house viewings, will ensure that your property will soon be seen by thousands.
Arranging gas and electrical and other safety certificates
Your property must meet the UK's legal safety standards, therefore an impartial service must be employed to provide you with essential certified gas inspections. Runnetts will be able to provide this and also can offer additional certified inspections of your property's electrics.
Our top tip: Keep up with the latest legislation. At Runnetts we ensure our landlords and their investments are up to date with the newest regulations and protected at all times. It's all part of the service.
Step 4 - Viewings
We recommend you keep your property as a blank canvas for prospective tenants by keeping the space clean and clutter-free. As standard, Runnetts will accompany the prospective tenants on all viewings on your behalf. However, if you choose to host the viewing yourself remember to highlight all the good points that aren't immediately obvious, such as friendly neighbours and in-built storage.
Our top tip: Appeal to the masses. If you are decorating your property keep it simple, don't let your personal taste put off potential tenants.
Step 5 - Negotiating and Agreeing an Offer
Your letting agent can handle negotiations between you and the prospective tenant. At Runnetts, we strive to get you the best price, however there may be other factors worthy of consideration in this decision, such as the references of the tenant and whether they have a reliable income.
Our top tip: Be clear with your agent about the type of tenant you will be happy with, for example are pets an issue?
Agreeing an Offer
Once negotiations have reached a positive conclusion and you are happy to accept an offer, we will work on carrying out all the checks on the prospective tenant and securing the deposit.
Step 6 - Reference and Credit Checks
It is important to run thorough checks on prospective tenants to ensure that your investment will be secure. At Runnetts, we use strict referencing procedures which can give our landlords a comprehensive understanding of their personal and financial circumstances, including a check on their employment history, credit worthiness and previous addresses.
Our top tip: Runnetts maintains low rent arrears. We believe strict referencing betters your chances of avoiding problems with payments further down the line.
Step 7 - Signing the Tenancy Agreement
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.
Step 8 - The Inventory
An inventory is 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. Runnetts uses specialist software to provide a comprehensive list designed to minimise the risk of any dispute over the deposit at the end of the tenancy.
Step 9 - Securing the 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 10 - Tenants Move-In
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, usually a couple of times a year. Of course, if anything breaks down or needs repairing then you may be required to visit the property more often. If you want to minimise your workload Romans offers the fully managed service option to lighten the load.
Our top tip: Small gestures will go a long way in building good relationships with your tenants, leave out instructions to appliances. (This may also mean tenants will be less likely to break the appliance!)
Once the tenancy period has nearly come to an end, your tenant will need to decide whether to extend their stay or move out (remembering to give two months' notice in writing).
As a Runnetts landlord, if anything else arises before, during or after the tenancy we will be on hand to offer you full, supportive lettings advice. Whatever your enquiry, contact us - we will be more than happy to help.