Here is our guide for landlords. Covering tenants moving in, landlord fees, securing the deposit and much more…
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 an agent with membership to regulatory bodies 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 Redbrick, 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)
- Current appetite for rental stock in the area at the time of valuing
- 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
Having valued rental properties in Reading for over 10 years, we are experts in letting property and 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.
What service level are you looking for?
Before you become a landlord, consider how much involvement you want to have with your tenant and property, rapidly changing legislation, day to day maintenance, monthly rent collection, and other responsibilities may affect your current lifestyle in a way you do not want.
Redbrick offer services to make your life easier and your portfolio more manageable, you can choose from one of 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, corporate tenants often opt for properties fully managed by agents to ensure their maintenance needs are looked after by professionals so if you are aiming to attract a corporate tenant, consider our fully managed service.
Marketing your Property
In the absence of an Agent, finding the right tenant can actually cost you money, turn out to be more expensive than it has to be, 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 Redbrick as soon as we receive your instructions, we’ll prepare your property’s details, which will include high resolution photographs, floor plans, a location map and an Energy Performance Certificate. Then we’ll start marketing your property to attract the right tenant with:
High profile advertising
We invest in marketing through high profile advertisements in all the leading local property newspapers and publications as well as using our extensive tenant database to target direct mail campaigns specifically about your property.
Your property will also be marketed on our website RedbrickPropertyServices.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 rightmove.co.uk and other online portals to market properties.
The website is also available in a mobile format for customers with an internet enabled smartphones so they can search for properties when they’re on the move.
Redbrick’s local market knowledge, large database of potential tenants, in-branch visibility, and open house viewings, we will ensure that your property will get as much exposure as quickly as possible – saving you time and money from the very beginning!
Most people are busy at work during normal business hours and so it may be obvious but most people browse property websites in search of their next home between the hours of 6pm – 10pm.
Most agents are closed during the period, missing potentially good quality leads from tenants. We are open until 10pm Monday-Friday – ensuring that we never miss a lead for your property and can act swiftly with arranging viewing.
We recommend you keep your property as a blank canvas for prospective tenants by keeping the space clean and clutter-free. Redbrick 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.
Your Agent can handle any negotiations between you and the prospective tenant. We will strive to get you the best price, but 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.
Reference and Credit Checks
It is vital to run thorough checks on prospective tenants to ensure that your investment will be secure. At Redbrick, we use strict referencing procedures carried out by independent experts which can give our landlords a comprehensive understanding of their personal and financial circumstances, including identity checks, immigration and visa confirmation, financial creditworthiness, obtaining references from current or previous employers / landlords (and any other relevant information to assess affordability)
We know that strict referencing betters your chances of avoiding problems with payments further down the line.
Signing the Tenancy Agreement
The legally binding contract outlines the agreed responsibilities of both parties. It is important that both tenants and landlords take the time to read this carefully before signing. At Redbrick, we use an online signing system called Signable for speed and efficiency.
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. Redbrick have carefully selected an Independent Inventory Service to provide a comprehensive list designed to minimise the risk of any dispute over the deposit at the end of the tenancy – whilst bearing in mind to keep the costs manageable for Landlords.
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.
Tenants moving 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 Redbrick offers the fully managed service option to lighten the load (see service level section for more details).
Our top tip: Small gestures will go a long way in building good relationships with your tenants, leave out instructions to appliances, and/ maybe a bottle of wine in the fridge!
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).
For a full breakdown of our fees please CLICK HERE
- Landlord Fees