Three Invaluable Tips For Letting Agents

There like to talk about the top three things property managers and letting agents should always do before a new tenant moves into the property to maximize their future return

The company your perspective tenant on any viewings:

When you find somebody who wants to view one your properties and make a viewing, make sure you go there with them-or somebody else you can trust.

Too many landlords or letting agents these days just hand over the keys and let the prospective tenant and let them go and look around for themselves.

There is a massive advantage in accompanying the prospective tenant when they view the property, because if you’re around with them it means you can answer any questions they may have and ultimately get the tenant signed up much more quickly. You can negotiate the rent, for example or perhaps work out the moving in date or anything else that may be a little bit of a stumbling block for the prospective tenant if you weren’t there to answer any questions. Follow this tip and you will have your rent in your bank account a lot sooner.

The contractual paperwork:

Make sure you have a comprehensive tenancy agreement and arrange for the tenant to sign it promptly. This legal agreement protects both you and your tenant. An assured short hold tenancy is suitable for most rentals but there are a lot of landlords still not doing this and then they wonder why the rent is paid on time, or that their tenants move out without giving the required notice period. So I recommend getting the AST signed and returned with one month’s deposit before the tenant moves into the new property.

You should also make a note of all the meter readings for gas, electricity and water.

Inventory checklist:

One more thing you should do is a letting agent or property manager before handing over the keys is to prepare an accurate inventory of the contents of the property.

There are two main elements to this there are the contents and the condition of the property. So I highly recommend running through the contents of the checklist with the tenant before handing over the keys. It also pays to walk around the property with the tenant make a note of the condition of things like the color of the walls, damage to doorways or woodwork. They should make a note of all of these things because it will absolutely help you get the best out of your property rental when you’re tenants move out.

 

Stuart Donnington has been in the property game for over ten years, is a letting agent in Plymouth, Devon and regularly writes for property publications and speaks from experience. If you have any questions please feel free to leave them in the comments section below.

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