Ask an Expert: How to Rent Out Your Property
Continuing a series on being a model landlord, here are the answers to common questions on managing your property
If you’ve read the first part of our series about how to be a good landlord, you’ll know how to meet your legal obligations towards your tenants. You’ll also have learned about getting your property ready to let. Your next step is to decide whether you want to handle the rental yourself or use an agent. A panel of experts give their advice.
Professional advice from: Dominik Wielgus of Black Oak Builders | Phillip Pobgee of P&P Maintenance Services | Property advisor Jemimah Barnett
Professional advice from: Dominik Wielgus of Black Oak Builders | Phillip Pobgee of P&P Maintenance Services | Property advisor Jemimah Barnett
How can I find a reliable letting agent?
As with most other property-related decisions, recommendations from friends and family are likely to yield a better result than a quick internet search. After all, there’s no shortage of letting agents, but not all of them are experienced in handling the kinds of problems that could arise in your property. They may not know much about building construction, maintenance or managing tradesmen either.
As with most other property-related decisions, recommendations from friends and family are likely to yield a better result than a quick internet search. After all, there’s no shortage of letting agents, but not all of them are experienced in handling the kinds of problems that could arise in your property. They may not know much about building construction, maintenance or managing tradesmen either.
To avoid this kind of situation, read lots of reviews and ask lots of questions. For example, is the agent a member of a registered trade body such as the UK Association of Letting Agents (UKALA)? This proves they are professionally approved and adhere to a code of practice. Always ask if they offer an out-of-hours call-out service and check that they protect deposits using a government-authorised tenancy deposit protection scheme. If they don’t, they are breaking the law. Don’t forget to find out how regularly maintenance and safety checks are carried out. Ideally, checks should be done at least every six months.
“Be very clear about the scope of what they will do for you, and anything that’s a chargeable extra,” advises Barnett. “If you want to use the service but feel like it’s a bit too much to pay, just be honest and let them know that: many will negotiate on their rates to win your business.”
“Be very clear about the scope of what they will do for you, and anything that’s a chargeable extra,” advises Barnett. “If you want to use the service but feel like it’s a bit too much to pay, just be honest and let them know that: many will negotiate on their rates to win your business.”
Can I go it alone?
Many landlords find it cost efficient to manage a property themselves, mainly because they want to maximise profit. Whether it’s right for you depends on how much time you have and how able you are to deal with unexpected problems.
The Residential Landlords Association (RLA) offers plenty of help for DIY landlords. Basic tips include carrying out reference checks on the tenant and asking for six weeks’ deposit, which will cover a month’s rent arrears and any cleaning that’s needed at the end of the tenancy. Legally you must keep a deposit in a Government-approved approved deposit scheme, which protects the tenant. Crucially, don’t hand over the keys to the property until a tenancy agreement has been signed and the first month’s rent and deposit has been received.
There’s a lot to learn when you’re a DIY landlord, but the benefit is that you’ll be able to keep a close eye on your property and build a relationship with your tenant. If you don’t possess decent DIY skills, always have a reliable tradesperson on speed dial. Read on to find out how to find one.
Many landlords find it cost efficient to manage a property themselves, mainly because they want to maximise profit. Whether it’s right for you depends on how much time you have and how able you are to deal with unexpected problems.
The Residential Landlords Association (RLA) offers plenty of help for DIY landlords. Basic tips include carrying out reference checks on the tenant and asking for six weeks’ deposit, which will cover a month’s rent arrears and any cleaning that’s needed at the end of the tenancy. Legally you must keep a deposit in a Government-approved approved deposit scheme, which protects the tenant. Crucially, don’t hand over the keys to the property until a tenancy agreement has been signed and the first month’s rent and deposit has been received.
There’s a lot to learn when you’re a DIY landlord, but the benefit is that you’ll be able to keep a close eye on your property and build a relationship with your tenant. If you don’t possess decent DIY skills, always have a reliable tradesperson on speed dial. Read on to find out how to find one.
How should I handle problems?
You need to deal with problems in a rental property in the same way you’d handle them in your own home: quickly and effectively. If you had a water leak in your own home, you wouldn’t ignore it: it would get worse and cause more damage. The same goes for a rental property. “Swift immediate action by a professional will minimise the leak, halt collateral damage and help maintain good relationships with your tenant,” says Pobgee.
You need to deal with problems in a rental property in the same way you’d handle them in your own home: quickly and effectively. If you had a water leak in your own home, you wouldn’t ignore it: it would get worse and cause more damage. The same goes for a rental property. “Swift immediate action by a professional will minimise the leak, halt collateral damage and help maintain good relationships with your tenant,” says Pobgee.
Where can I find a good tradesperson?
A reliable tradesperson is an asset to a landlord, helping not only maintain the property but also the landlord’s relationship with the tenant. Plus, they add extra ‘eyes and ears’ to the management and maintenance process.
“Ask for references,” advises Dominik Wielgus of Black Oak Builders. “A good company will have plenty to offer. Try to see work in progress and, if possible, meet with the property owner. Also ask for photos of completed work.”
Always check if the company in question is a legitimate registered business; you can do that online for free. “Request a written quote with a start and finish date, as well as a payment plan and even a very simple work programme, so you roughly know how much you will pay and what will be done when,” continues Wielgus.
A reliable tradesperson is an asset to a landlord, helping not only maintain the property but also the landlord’s relationship with the tenant. Plus, they add extra ‘eyes and ears’ to the management and maintenance process.
“Ask for references,” advises Dominik Wielgus of Black Oak Builders. “A good company will have plenty to offer. Try to see work in progress and, if possible, meet with the property owner. Also ask for photos of completed work.”
Always check if the company in question is a legitimate registered business; you can do that online for free. “Request a written quote with a start and finish date, as well as a payment plan and even a very simple work programme, so you roughly know how much you will pay and what will be done when,” continues Wielgus.
Also check that a tradesperson has liability insurance and verify membership of trade/regulatory bodies such as Gas Safe Register, NICEIC, NAPIT and FENSA. “Once you’ve done your due diligence, speak with the tradesperson directly and see how you get along. What’s their attitude towards work? Are they transparent? Are they resourceful? You need someone who you can trust – someone who you’ll ask for advice when choosing flooring, tiles, bathroom fittings or kitchen units. You want to be sure that they know their stuff and you can rely on them,” Wielgus concludes.
How can I save money on maintenance?
It’s wise to think of value rather than cost when it comes to property maintenance. The cheapest quoted jobs will often lead to substandard work, which can damage relationships with your tenants and call for more replacement work later.
Get more than one quote and don’t base your decision on price alone; as the old saying goes, you get what you pay for. “A skilled builder will cost more per day, but will work quicker and will use less material,” Wielgus explains. “This directly transfers to savings on material purchases and income from renting out the property quicker, not to mention fewer problems down the line, which not only cost money, but are a nuisance for both landlord and renter.”
It’s wise to think of value rather than cost when it comes to property maintenance. The cheapest quoted jobs will often lead to substandard work, which can damage relationships with your tenants and call for more replacement work later.
Get more than one quote and don’t base your decision on price alone; as the old saying goes, you get what you pay for. “A skilled builder will cost more per day, but will work quicker and will use less material,” Wielgus explains. “This directly transfers to savings on material purchases and income from renting out the property quicker, not to mention fewer problems down the line, which not only cost money, but are a nuisance for both landlord and renter.”
The quality of the materials used is also important, so beware of the false economy of buying cheaper products. Wielgus uses the example of a tiling job: “From a landlord’s perspective, if you spend £10 on grout instead of £30 it seems like an easy saving, but then the good grout lasts four to five years and cheap grout needs redoing after 18 months. That initial £20 saving will actually cost several times more if you account for labour cost of future repairs,” he says.
Can I access the property to do maintenance?
As a landlord, you have the right to enter the property to undertake works or do an inspection, but you must give 24 hours’ written notice. “In my experience, many amateur landlords think that they can go in when they like and often fail to understand this can be classed as harassment,” says Pobgee.
Research your responsibilities to avoid legal trouble: the RLA is a good place to start.
What are your experiences of dealing with a letting agent? Tell us in the Comments section.
As a landlord, you have the right to enter the property to undertake works or do an inspection, but you must give 24 hours’ written notice. “In my experience, many amateur landlords think that they can go in when they like and often fail to understand this can be classed as harassment,” says Pobgee.
Research your responsibilities to avoid legal trouble: the RLA is a good place to start.
What are your experiences of dealing with a letting agent? Tell us in the Comments section.
Sponsored
Reload the page to not see this specific ad anymore
Problems with difficult tenants or with the property itself can be stressful to resolve. A letting agent will deal with them for you, and their experience means they’ll be able to resolve issues quickly and effectively.
“The main benefit of using a proper letting agent is to outsource this hassle to someone who can do a better job of it than you can,” says property advisor Jemimah Barnett. “They can respond to calls at all hours, chase overdue payments, access wholesale/trade rates for property repairs, and do things that are either annoying or difficult for you to do.”
To make the most of a letting agent’s experience, you’ll need to have agreed with them how to handle different situations. You can set all of this out in the contract. “For an agent to act in your best interest, they need your permission to deal with emergencies up to a predetermined financial limit,” explains Phillip Pobgee of P&P Maintenance Services. “If they need to seek your permission for all expenditure on repairs and you’re not contactable, the consequences of inaction and procrastinating can end up costing a lot more.”
Ask an Expert: How do I prepare a property for renting?