The Letting Process
The letting process can usually be broken down into 10 steps that are as follows:
1. Preparing to let your property
Letting your property can be a great income opportunity. Preparing to let isn’t a sudden decision but one that requires careful consideration.
2. Valuing your property
The next step is to reach out to our team. Here, we can value your property and determine an estimate of local rent in the area. This can help you to work out how much you could earn annually.
3. Appointing an agent
At Chesworths, our agents can help with every step of the letting process. Whilst some landlords work with an agent to market their property, others choose to work with a letting company for the entire renting process. This means that we take over rent collection and maintenance issues for you, making life easier.
4. Preparing for viewings
Whether you’re selling or letting your property, viewings are important. During viewings, your property should be clean, and any repairs should be completed. Lots of people hire professional cleaners or decorators to make the property look the best it can be.
5. The length of the tenancy
Most landlords offer Assured Shorthold Tenancies (AST). An AST refers to a fixed-term rental where the duration of the tenancy is predetermined before the tenant moves in. Usually, tenancies last anywhere between 6 months to 3 years though this will be agreed upon between the landlord and tenant.
6. Finding tenants
Different properties attract different kinds of people, so it is important to understand your market in order to find the right tenant for your property.
7. Agreeing to the tenancy
Once you have found your ideal tenant, you will accept their tenant application. This refers to important paperwork that must be completed and legally signed before the tenancy can begin.
8. Securing the deposit
Whether you’re working alone or with a letting agent, you must comply with all renting legislation. At Chesworths, we ensure all deposits are protected.
9. Managing your letting
Once your tenant has moved in, it is your responsibility to ensure the property is safe and liveable at all times. If your tenant has an issue, this must be dealt with immediately.
10. The end of the tenancy
When it comes to the end of the tenancy, you must liaise with your tenant to determine what will happen when it comes to them moving out.
