How To Guide: Letting Your First Property

How To Guide: Letting Your First Property 

If you have already purchased the perfect investment property and are now ready to let it out, then our simple guide to becoming a landlord is here to help. 

Take a look at the six steps below to learn more about the essential stages of letting a property from the initial valuation, through to collecting the deposit from your first tenant. 

1. Free Market Appraisal 

The first step to letting your property is learning how much it could earn in rent. Accurate valuations are key to achieving a good price for your investment within a reasonable time frame, so choosing your agent well is important. 

2. Marketing the Property 

Once you have agreed on a rental price for your property, your agent can begin marketing it. There is a range of ways for a lettings agent to showcase your property, from uploading the listing onto portals like Rightmove to sharing details across social media and emailing the listing out to their database of registered clients. 

Marketing can be the make or break of a successful lettings process. Ensuring your property reaches the right audience is key to finding the perfect tenant in a timely manner, so make sure to pay attention to how effective your local agent’s current marketing is. 

3. Right to Rent Checks 

Right to Rent is one of the essential legal aspects of letting your property. These checks are designed to ensure that your prospective tenant is over the age of 18 and is legally allowed to rent your property. 

4. Property Inventory  

An inventory is an exhaustive list of all the items present in the property you intend to let. This will be important for the end of the tenancy, so you have a room-by-room record of what your tenants are expected to return to you and will prevent any potential disagreements which could arise at the end of the tenancy. 

5. Legal Documents 

Your legal documents include a tenancy agreement and any other associated documents that are required to let your property.  

6. Deposit Collection 

At the beginning of the tenancy, a deposit is collected, typically equivalent to five weeks' rent, as well as the first month’s rent payment. This then has to be registered with a deposit protection scheme to ensure your tenants will receive their deposit back at the end of their tenancy should they meet the terms of the original agreement, do not damage the property and pay their rent and bills. 

At Harrington Brown, we offer two packages for our landlords to choose from, which are: Tenant Find and Fully Managed. Whether you are simply looking for an experienced agent to find the perfect tenant for your property, or you would like ongoing support throughout the tenancy, then our team are here to help.