If you have property to let in Surrey, there are a number of important factors to consider before putting it on the market. At Southern Properties & Management, we’re passionate about helping landlords as well as tenants, which is why we’ve put together a list of 5 top tips that will ensure you know your responsibilities as a landlord and how to keep your tenants happy.
It’s vital to do your research. Why not take a look at similar properties in the local area and find out how much their landlords are letting them out for?
Think about who you’re trying to target and set your rent accordingly - don’t price yourself out of the market, but don’t undercharge so much that potential tenants bypass your property completely. Tenants can sometimes be put off by prices that are too low because they think something must be wrong with it! As letting agents in Surrey, we can advise you on this and help you choose a competitive price.
With great power comes great responsibility. It’s definitely worth checking that you’re actually allowed to let out your property, as some agreements prevent homes from being rented out.
To find out, speak to your mortgage lender. Failing to tell them about your plans to let out your property could mean that you’re breaking the terms of your contract, so it’s always best to check!
You might need to obtain a consent for lease before you can start the letting process.
You’ll need to know that being a landlord is no 9-5 job, so be ready for calls from your tenants at 4am if there is a gas leak. You’ll also be responsible for any maintenance and repairs on your property when required.
You definetly need to let your current buildings and contents insurer know that you are intending to let your property, as you’re policy may need to be amended. You'll also need to set up landlord insurance. This covers any financial losses connected to your rental property. Landlord insurance isn’t compulsory, but it is advisable to protect your property and investment as a whole.
Firstly, you’ll need to decide if you want to let your house as furnished or unfurnished. You definitely don’t want to be leaving sentimental or valuable belongings in the house, but a sofa and coffee table won’t hurt if you want to keep it furnished. Make sure you clear out anything that is old or doesn’t work, and ensure all appliances are fit for purpose. You might even want to freshen the decor and give your property a little makeover to make it well-presented.
Don’t underestimate the effort needed to let your property well. Most landlords choose to hand over the task of finding a suitable tenant to a qualified letting agent. They’ll deal with viewings and negotiations with potential tenants, so you don’t need to worry!
Letting agents have tons of experience in advertising your property to potential tenants in the local area, have extensive knowledge of the local area, the demand for certain types of properties in the area, the current rental prices that landlords are charging and the kind of people who’ll be interested in your property!
If you’re looking for assistance with finding a tenant for your property to let in Surrey, or if you have any other questions about renting in Surrey, we can help! Contact our friendly team today and let us help.