This week we’re kicking off a trilogy of episodes about the nitty gritty of lettings. In future weeks we’ll be talking about how to manage a property and how to handle nightmare tenants – but first, the basics: how do you let a property in the first place?
You could use an agent, of course, but if you want to do it yourself we run through a 10-step process to boost your chances of success:
- Get your property “market ready”
- Do your market research
- Price competitively
- Use brilliant photos
- Reply quickly to enquiries and show the property effectively
- Review progress and take action every week
- Negotiate the deal and structure a win-win
- Always reference check!
- Tick all the legal boxes (“right to rent” checks, gas safety, smoke and carbon monoxide alarms, EPC, “how to rent” leaflet, protect the deposit and issue prescribed information)
- Get a professional inventory and check-in report
Resource of the week
Thank you to David Kidd, who recommended Britain’s Trillion Pound Island – a BBC documentary about the Cayman Islands.
We had some issues with the angle the programme took, but it’s an interesting insight into a secretive world all the same.
News this week
This story in the Telegraph shows how dramatically mortgage rates have fallen over the last five years, even while the base rate has remained unchanged.
It’s specifically talking about owner-occupier mortgages, but should still give some comfort that an increase in the base rate doesn’t necessarily mean the same level of increase in the mortgage market – competition among lenders is a big factor too.
Want to attend a Summit?
We recorded this episode just after hosting two Summits in a row – which was exhausting, but fantastic to meet (and learn from) so many motivated investors.
The first three Summits of the year have already sold out and we’ll only be doing a couple more, so click here for dates and more information if you’re interested in joining us.
Join the conversation
Do you have any tips you’ve gleaned from letting your own properties?
We’d love to know, so join the discussion in The Property Hub!
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