Many estate agents in Brentwood also have a dedicated lettings team who can deal with rentals and property management. If you are thinking about becoming a landlord for the first time, then seeking advice and guidance before rushing into things is an important first step. With many different things to consider, including permits, rules, and regulations, you’ll certainly be faced with some initial challenges when starting.
Should You Try Self-Management Or Hire An Agency?
One of the first things to consider is whether you want to manage the rental property yourself or hire a management company to do it for you. This is entirely dependent on your intended level of involvement and how much time you can devote to this aspect of your business; for some people, it may be more beneficial to pay someone else to handle property lettings, allowing you to focus on other aspects of your business.
A good agency will handle the daily running and can arrange and manage any inspections and paperwork that crop up. They can also help you to find tenants and to run the relevant checks on them before they are given access to the property.
A good lettings agency will have excellent communication and keep you updated throughout every aspect of your journey of becoming a first-time landlord.
How To Get Your Property Ready For Your First Tenant
Your property will need to be inspected and carefully maintained before you can allow a tenant to begin paying rent. You should look at all aspects of your property’s design and decor and check that all furnishings are hardwearing and easy to maintain. This should help to prevent the need for easily avoidable maintenance callouts that will cost you money.
Ensure that any electrical items such as washing machines, fridge-freezers, and ovens that are left on the property come complete with all manuals and information. They should also be marked as ‘gifted’ on the tenancy agreement if you are fine with them becoming the tenants’ property or as ‘property of the landlord’ if they must remain on the premises in the event of your tenant moving out.
Can Your Property Provide You With The Income Level You Want Or Need
You should spend some time researching how much income you can make from your property rental and how this compares to your facts and figures. Will it generate the desired income over a certain period?
Finding The Perfect Tenants
Finding the ‘perfect’ tenants may not be an easy task, but your rental agency can assist with vetting prospective tenants and ensuring that they align with your requirements. Think about how flexible you intend to be regarding pets. Will you have a strict no-pets policy, or would you consider accepting pets when provided with a higher deposit and more regular inspections?
Long-Term Or Short Terms Lettings?
Lastly, do you intend to let your property on a long-term or short-term basis? Some landlords look to rent out their property for short periods of time whilst for others this is a full-time business. Think about what works best for you and be clear and upfront with tenants regarding any proposed terms.