If you’re new to letting a property, we understand it can seem daunting. But we’ve been helping landlords – experienced and new – let their properties and you’ll find we’ll make the process smooth for you and your tenants.
Why should you let your property?
There are numerous reasons why people decide to let their properties and here are some of the advantages that you gain by doing so. Whether you have acquired a property for investment purposes, going abroad temporarily or permanently or even trapped with negative equity, then letting your property will not only generate an income but safe guard your property against squatters and damage.
Choosing an agent
Choosing the right letting agent is much more important because you will be allowing a complete stranger to live in a property that is still yours. It therefore matters very much that the tenant looks after the property and it matters very much that they pay the rent because it is still your property. A bad tenant can cost an unfortunate landlord thousands of pounds in legal fees, lost rent and dilapidation’s etc. Some Landlords assume that the more agents they instruct, the more they increase their chances of finding a good tenant. In our view, the more agents you instruct, the more you increase your chances of finding a bad tenant. There is nothing wrong with speaking to several agents before deciding which to use but only instruct one. A less reputable agent may decide not to risk having the property let by a competitor and may try to persuade you to accept any tenant in order to secure their commission they are also likely to place unsuitable tenants in let only properties than in properties they manage.
Why Let through Arbon & Miller?
- Years of experience of dealing with Lettings & management North Ilford & it’s surrounding areas
- Extensive advertising including local publications such as Ilford Recorder all major property portals including Rightmove & Zoopla
- Accompanied viewings and productive feedback
- All potential tenants are fully referenced and must meet our strict criteria in order to rent from us. (Arbon & Miller use a reference agency who specialise in this particular field)
- Rent Guarantee policy obtained – free of charge to the landlords for the first six months (Subject to terms)
- Rental payments transferred directly into landlords account
- Property inspections carried out
- Trustworthy maintenance contractors
Once you have decided to let your property
The first step is to contact Arbon & Miller to arrange a convenient date and time to visit the property. We will discuss everything with you and advise on the appropriate service to suit your individual needs. On receipt of your formal approval and instructions we will:
Agree an individual marketing strategy for your property (i.e. Furnished, Unfurnished or partly furnished, price per calendar month, available dates etc).
Arrange for an Energy Performance Certificate (EPC) in conjunction with the government legislation for rented properties, 01st October 2008 at a cost of £ 75.00, which is payable immediately, unless already supplied.
Accompany prospective tenants who wish to view the property (if possible a set of keys should be made available).
Carry out reference checks on prospective tenants (all occupants over the age of 18). This will ask for employment details, present and previous addresses for the past three years and a credit check will also be run. The reference agency will then carry out the necessary checks on our behalf. This service also includes a rent guarantee policy at no extra cost to the landlord for a six month period should you take our FULL MANAGEMENT package.
Prepare all of the necessary paperwork, including the legal lettings agreement and relevant legal notices.
Inventory and Schedule of Condition report -This provides an independent record, not just of what furniture, fittings etc are included in your letting, but also the level of wear & tear and cleanliness of your property at the time of letting, and that the prevailing safety regulations have been adhered to. We conduct an accompanied check-in with your tenant(s) on the day they move in and ask them to sign agreement to its contents. This really helps with resolving any discrepancies at the end of the tenancy.
TIP: We recommend that you ask us to compile an Inventory and Schedule of Condition, so that any disputes at the end of the tenancy can be settled quickly and easily.
Repairs and maintenance during the tenancy - Unless specifically written into the Tenancy Agreement, it is usually your responsibility to ensure that anything that was included with the tenancy - including any appliances and the heating system – are kept in good working order, and repaired if they break down. (If the tenants have fitted their own, say, washing machine, it will be their responsibility, although the plumbing behind it will be yours.)
Collect one month's rent in advance and hold a deposit equivalent to one month’s rent. This deposit will be returned to the tenant at the end of the let subject to the property being left in a clean and satisfactory condition.
Prepare the statement for the first month's rent and deposit taken then send a copy to the landlord including tenancy agreements and associated notices.
Balances will be transferred direct to the landlord’s bank account - details required:
The deposit will be registered with 'The Deposit Protection Service' - www.depositprotection.com in conjunction with the government scheme, 06th April 2007.
Lettings and sales working together With dual expertise at hand we can advise landlords on the current value of a property, suggest improvements to maximise return either by sale or improved rental – and all based on accurate information from both departments to support decision making. If you decide that you wish to sell your investment / property portfolio we can do this seamlessly, often without disrupting your rental income.
Please note we can only register deposits that we hold on account but can advise on how to register deposits that landlords choose to hold themselves.
Included in each service
Option 1: Tenant Introduction
Accompanying of Tenants on viewing appointments (where required)
Checking compliance with current Gas, Electrical & Furniture Safety Regulations prior to Tenant taking occupation.
Obtaining deposit from Tenant.
Protecting Deposit (where Agent to hold)
Supervising signing of the Tenancy Agreement
Optional Extras (further costs apply)
- Inventory Preparation
- Arranging safety checks
- Accompanied “check in” and “check out”
Fees of the gross rental due for the entire agreed term reserved under the terms of the tenancy agreement plus VAT ignoring any options to terminate by either party.
Fees are payable in advance at the commencement of the Tenancy and are payable upon the Agent finding a Tenant, directly or indirectly who is acceptable to the Landlord.
Any subsequent extension, renewal or continuation of the Tenancy thereof, will also be charged at the same rate and in the same manner.
Where the Tenant is more than one person, then providing at least one person who signed the original Tenancy Agreement extends, renews or continues the Tenancy then the same fee shall remain payable. In the event of a third party (being a person or body corporate) associated with the Tenant entering into a subsequent agreement the same fee shall also be payable. Furthermore, should at least one of the persons who signed the original tenancy agreement vacate and then enter into a new tenancy of the Property within twelve months of vacating then the tenant shall be deemed to have been introduced by the Agent and the aforementioned fee shall be.
The aforementioned fees are not refundable and are payable regardless of whether or not a new tenancy agreement is signed, and irrespective of whether the extension, renewal, continuation was negotiated or arranged by the Agent.
There will be no reimbursement of the fees due to the Landlord in the event the tenant vacates before the end of the tenancy.
Option 2: Rent Processing
As per “Tenant Introduction” plus:-
Forwarding of rents received, less agreed deductions. These are paid directly into a designated account via our bank.
Arranging for Tenants to sign standing order mandate.
Provide monthly Rent Statements.
Sending out of arrears letters (where necessary).
Fees of the gross rental due for the entire agree term reserved under the terms of the Tenancy Agreement plus VAT ignoring any options to terminate by either party. Payable in advance at the commencement of the Tenancy and are payable upon the Agent finding a Tenant, directly or indirectly who is acceptable to the Landlord.
Option 3: Full Management
As per “Rent Processing Service” plus:-
Rent guarantee and legal protection (subject to terms and conditions).
Liaising between the Tenant and Landlord.
24 hour emergency contact.
Supervising signing of inventory and conditions report by Tenant.
Property visits with written reports to Landlord.
Advising Landlord of any breaches of the tenancy agreement as we are made aware of them.
Holding the Tenant’s Deposit as stakeholders and registering the tenant’s deposit with the DPS.
Liaising between the Landlords and the Tenant with regard to the return of the Deposit or providing all the Landlord’s evidence to the ICE should there be a dispute.
Ensuring compliance with Landlord’s statutory obligations providing sufficient funds are held. Fees of the gross rental due for the entire agree term reserved under the terms of the Tenancy Agreement plus VAT ignoring any options to terminate by either party. Payable in advance at the commencement of the Tenancy and are payable upon the Agent finding a Tenant, directly or indirectly who is acceptable to the Landlord.