The process of renting out your house can be confusing especially if you are a first-time landlord. Hancock and Partners works with both first-time and experienced landlords to help maximise their investment and provide them with a platform on which to advertise their rental property. So, what should you do in order to start renting out your house?
Picking an estate agent to rent your home
Lettings and Estate agents will usually be the first port of call for potential landlords and often for tenants too. So, picking the right agent to rent out your house is essential. The best letting agents will use all marketing tools and the latest technology available to ensure your property is seen by as many potential tenants as possible. Before they do this, they will have surveyed your property and provided accurate and realistic valuations based on local data.
Lettings agents provide expert insights
Experienced letting agents will also offer up to date legal advice for landlords, help them meet their legal obligations, ensure they are compliant with the latest GDPR and if necessary, advise on renting a listed building.
When you are choosing an estate agent, it is a good idea to think locally. Established local letting agents are more likely to know the area and have an intimate knowledge of properties in the area. Picking a local estate agent can also act as a gateway to tried and tested tradesmen, who can be used to carry out any maintenance work required by you or your tenant.
Estate agents who utilise marketing tools such as one or more of the leading online property websites (Rightmove, On the Market and Zoopla), as well as social media are more likely to find a tenant for you.
What to do after you find a tenant
The financial history of the tenant, including credit checks, should always be considered so you can make sure they are able to pay rent each month. It can also be an indicator as to whether or not they need a guarantor.
Take a security deposit
A security deposit capped at 5 weeks’ rent where the annual rent is under £50,000 and 6 weeks’ rent where the annual rent is £50,000 or higher should be taken from the tenant before they move in and within thirty days it should be protected with the Deposit Protection Scheme (DPS). It is important to complete a detailed inventory before your tenant arrives, in case you need to make a claim against their security deposit once they leave.
Produce a tenancy agreement
Finally, a tenancy agreement or AST will be carefully drawn up by your agent to be signed by both the tenant and you as the landlord.
Legislation and law for landlords
With the legislation on landlord ownership and renting constantly updating, you need to make sure that your house is habitable in accordance with current laws. This includes checking that all alarms and locks are fully functional, and that all hazards have been removed.
Provide gas safety & energy performance certificates
You will also need to provide your tenant with copies of the Gas Safety Certificate and Energy Performance Certificate (EPC) which should be compliant with the minimum level of energy efficiency for rented homes. You will also need to check your home is in accordance with the ‘Homes Act’, which sets out the minimum living standards for rental accommodation before being listed for rent.
Expert property management advice
Hancock and Partners has provided landlords with property advice since 1991, so we make sure our team is always up to date on the most recent laws surrounding renting.
Become a landlord with Hancock and Partners by your side
If you would like more information on how to rent out your house and become a landlord with Hancock and Partners, or if you would like to list your property available to let then get in touch with our team today. Call us on 01243 531111 or email email@example.com
Find out more about the expert Estate Agents in Chichester trusted by landlords since 1991.