So, you’ve picked up your keys, made your decision on whether to furnish or not and have given your property a lick of paint.
What now? With what seems like 101 things on the ‘to do’ list, it can seem daunting. Here’s how to get started…
Select an agent. Our advice? Research, research, research! We recommend checking out reviews and asking for recommendations from others in the business. Here at SWR, we’re always happy to chat to those beginning their buy-to-let journey and discuss how we can help with a non-obligatory chat. Remember – the agent you opt for will represent your property, so choose well!
Get a valuation. Now, you probably have an idea in mind of how much you think your property should let for, but we have experts on hand to give you an accurate figure. We will always aim to facilitate a monthly rental you’re happy with.
How much help do you require? Here at SWR, we have four main options; the find your tenant service, letting only, legal management and the fully managed service. You can read more on each service option HERE, but in short, each of our options provides a different level of involvement. With our ‘find a tenant’ option, you will be completely hands-on, whereas at the other end of the scale, with our fully managed option, we will be in charge of the day-to-day management of your property.
Get your property up to scratch! When letting out a property, it’s important to create a homely environment, creating a setting your tenants will want to enjoy for years to come. It doesn’t have to be furnished up to the nines – just a well-finished, thoroughly cleaned area.
Admin! Yes, we know this step may not fill you with excitement, but we’re here to help! We will assist you with acquiring all of the necessary certificates, undertaking an inventory, as well as advising you on meeting the relevant legal requirements. It can seem like a mammoth task, but our friendly advisors can guide you through.
Get your property out there! You’ve come this far – don’t be let down when it comes to marketing. A bright, clear, high-quality photo is vital! When prospective tenants are scrolling through properties, we need to catch their eyes for them to take a second glance. The more exposure, the better chance of quickly securing your tenants. We can help you with getting your advertisement shown to the world.
Finding your all-important tenants! One of the most important steps in the journey towards a successful buy-to-let, finding the right tenants can be difficult. We can reference, immigration and credit check your prospective tenants, to ensure there are no potential issues. Once our independent reference agency gives us the all-clear, tenancy agreements can be signed and deposits put into the deposit scheme (TDS).
Move-in day! A momentous occasion for those with their first buy-to-let. The bulk of the admin work will have already been completed, left is to notify utility companies of the new tenants, and provide the tenants with all of the important information, such as fire safety, recycling days and device instructions where applicable.
While your tenants remain occupying your property, it’s not necessarily time to put your feet up. Depending on the service level you opt for, you may still be responsible for paying bills, carrying out maintenance, inspections, and answering your tenants’ queries in a timely manner. It’s important that you familiarise yourself with the laws surrounding being a landlord – for example, if it’s approaching the end of your tenants term, you have to give them at least 24 hours’ notice before carrying out a viewing of the property. Should you prefer a hands-free approach, we can do all of the above and more! Get in touch for a non-obligatory chat.