There are a number of things to consider before deciding to rent out your property, especially when living in a different city to where your property is situated. We shed some light on how to set yourself up for success with a trusted letting agent, and avoid the common difficulties faced by landlords.
Step 1: Are you allowed to rent your property?
First things first, always check that you have a legal right to rent out your property. Reach out to your mortgage lender and double check the terms of your contract.
If you are a leaseholder, it is vital to check your lease to ensure it is allowed. If not, you will need to get in touch with your freeholder to get permission to do so.
Step 2: Calculate the costs involved
Getting a clear view of the costs you are likely to incur will enable you to make this a financially viable activity. Include the following in your calculations:
- Health and safety, such as smoke alarms
- Insurance
- Mortgage
- Maintenance
- Marketing
- Property management
Step 3: Find a property letting agent
While you can self-manage your own property, hiring a reputable property letting agent will immediately remove the initial and future stress of managing your property and tenants from afar.
Property letting agents such as London Shared guarantee your rent, furnish your home and find professional tenants to look after it. No fees, no maintenance, and no dramas.
Step 4: Preparing your property
Furnished or unfurnished? The more attractive your property is, the more appealing it will be to potential tenants. When we take on a new property, our design team carefully select all of the hard and soft furnishings to make your house feel like a home.
Step 5: Bringing in in tenants
Marketing your property is an important step as it is the best route to selecting and retaining tenants. To successfully do this, consider the following:
- Do you know your tenant target market?
- What is it that these tenants are most likely to be looking for in the property?
- What marketing platforms do you have available?
When working with London shared, we take care of this step for you. We have a network of corporate and professional tenants that we market too, along with listing your property on our website with professional photos and 3D guided tour that is arranged for you.
Interested? Get in touch.