All you need to know about the landlord lettings process

Are you thinking about becoming a property investor and landlord? Then, you might be looking for some guidance on what the process involves and any tips you need to know. In this blog, we’re letting you know all about the landlord lettings process. 

Is now a good time to become a landlord? 

If you are thinking about becoming a landlord, then now is a great time. Rental yields are high and rising in many areas of the UK, which means you can make your money back faster with your investment. 

There are regulations that you must follow as a UK landlord, but with us on hand, you won’t need to worry too much about them. We take care of everything you need so that you can enjoy the benefits of being a property investor.

What is the process of letting a property for a landlord? 

Becoming a landlord has many perks, and it’s a great way to increase your income and grow your investment portfolio. Here’s the process for a landlord. 

Search for the perfect property 

Searching for the perfect property can be tricky, especially if you are quite specific about what you want. Sometimes, it’s easier to find and purchase properties with a view of doing them up and improving them before you rent them out. 

When looking for a rental property, there are many things you need to consider, such as the following. 

• Property location 
• Size - number of rooms 
• Rental yield - potential rental income
• Tenant demand 
• Mortgage costs 
• Consider these elements against comparable properties
• Property management company

These are just a few of the aspects to consider. There are also many rules and regulations that landlords need to think about, such as insurance, EPCs and safety checks. Read more about why now is the time to invest in Manchester.

Purchase the property

Once you have visited the property, likely more than once, you might be happy to put in an offer to purchase the property. You will need to ensure that this is for a price that you can afford. 

Find a quality property management company 

A property management company can support you with many aspects of your investment. 

At Parello, we provide the following property management services in Manchester. 

• Property marketing 
• Property inspections
• Specialist refurb team 
• Supporting you with finding the right tenants and organising tenancies (fixed term agreement, assured shorthold tenancy and more)
• Collecting rent payments and ensuring that you are being paid on time by tenants 
• Regular property inspections
• Property investment support 

Before you select a property management company, you should ensure that they can provide all of the services you require to a high standard. You should feel comfortable to ask any questions you have about the process. We offer fully managed services and are covered by a client money protection scheme. 

Market the property 

For your buy-to-let property to succeed, you must market it properly. At Parello, we will take care of this for you. We will provide you with professional photography and more to help market your property in the best light possible. 

We will work closely with you to ensure that your property is marketed to meet your time frame and other requirements. 

We can also help you to identify the best tenancy length for your situation. Most tenancies are for between six and twelve months, and they can be extended beyond this time if you are happy to offer the tenant more time. However, there will be instances when your tenant wishes to leave. This is completely normal. We will liaise with your tenant regarding their tenancy agreement. 

Valuing the property 

You should have a good idea of how much your property is worth, but it can be challenging to know how much you should charge tenants in rental costs. Fear not, as our team is on hand to help you make a decision. We will consider many aspects before developing a guide price for your property, such as location, the current rental market and more. 

After you purchase the property, you may also have completed some work, so you’ll need to factor this in when you decide on a rental amount. 

Signing the agreement 

Next, you’ll sign the agreement with your chosen property management company. This will outline all of the important information surrounding your agreement. 

Before you can begin the renting process, you need to ensure that you have applied for an Energy Performance Certificate (EPC), Electrical Installation Condition Report (EICR) and gas safety certificate.

Once these steps have been completed, your property will be placed on the market.

Conducting viewings 

As the property is advertised, you can expect to start having potential tenants requesting viewings. Our specialist team will take care of all viewings, ensuring prospective tenants can ask any questions they may have.

Following all viewings, we will give prospective tenants some time to think about their next steps. Within 48 hours, we will contact them and ask for their feedback. 

Accepting the offers 

We will ensure that tenants have all of the information they need to make a decision, including when the property is available and the cost of monthly rental payments. 

We will contact you regarding any tenants who wish to move into the property. We are here to support you if you need any guidance from us. 

Once you have accepted the offer of a tenant, we will begin the process of reference checks. This helps us ensure the potential tenant can afford to pay the monthly rent. 

Organising the tenancy agreement

Once the tenant has passed the checks, we will begin creating the tenancy agreement. This will require a signature from you, but we are able to sign on your behalf. The tenant will also be required to sign the document and keep a copy of it at all times. 

At this point, we will also request a tenancy deposit. This can be used to rectify any damage to the property while the tenant is living there. Tenancy agreements are a legal requirement which should be organised by letting agents. 

Inventory, keys and check-in

Before the tenant moves in, we will ensure that a professional and comprehensive inventory has been created, listing all of your belongings that remain in the property. We will also organise for the tenant to pick up the keys to the property. 

Your tenants will be responsible for organising their TV licence, council tax and other bills. 

Property management

We will continue to look after all elements of your property during the tenancy agreement. Our professional team will be on hand at all times to help you with the letting process.

When the time comes, we can organise tenancy renewals and provide end-of-tenancy services when your tenant chooses to move out. We are your dedicated property manager. Read more about the typical costs of property management fees.

You can count on us to help you with all aspects of your lettings journey as a landlord. Do you need support with your property investments in Manchester? Contact the team at Parello for more information on how we can help you find the ideal property and perfect tenant.