However long a tenant decides to rent a property from you, there are a number of considerations that need to be taken, in preparation to let a property.
At Mi Homes, we have developed a proven process to ensure your property is marketed effectively, let swiftly, and managed professionally.
We follow these steps below which allow us to offer you the best possible service and make sure the process is as smooth as possible for both you and the tenant(s).
What level of service do you require?
We know every landlord is different, that’s why we offer flexible, tailored services.
At Mi Homes, we know that no two lets are the same, and we target our bespoke services accordingly.
Let only service: Some landlords prefer a really hands-on approach, where our job would stop once we have secured a tenant for you and handed over the keys.
However, with over 180 pieces of legislation, we’d recommend outsourcing your management to a professional, able and experienced property management company.
Fully managed service: This has become our most common service opted for by a wide number of landlords.
We would ensure that the entire lettings and management process becomes our responsibility, and it’s one that we don’t take lightly.
Some of what we offer includes (but not limited to):
- Collection of rent on the landlord’s behalf
- First point of contact
- Organise quarterly inspections throughout the tenancy
- Manage any tenant issues or queries directly
- Ensure the tenancy remains compliant with legislation throughout its term
With our valuable tenancy management service, this has become an increasingly popular option being chosen by our clients, who we can proudly say, stay loyal to us year upon year.
Agree business terms and conditions
Once Mi Homes has been chosen as a landlord’s preferred agent, our terms of business are circulated by email to be signed electronically.
If Mi Homes haven’t been chosen, we would wish them all the best and always keep our doors open should they ever need any advice at any stage of the process, or of course, change their mind and instruct us to assist.
Preparing your property to let
Prior to terms being signed, we will arrange an advisory meeting at the property to discuss the best marketing strategy, the correct pricing, and why we should be trusted.
We will discuss the type of tenant that the landlord is looking for, advise on how best to display the property for viewings, and give an indication of how long we think the process to secure a reputable tenant will take.
Marketing the property
At Mi Homes, we take immense pride in the way we market our clients’ properties, as we believe it is a key factor in generating a high level of interest and being able to stand out in what is a very competitive market.
As standard, we offer professional photography and branded floor plans. All images are sent over in advance for your approval.
As with all our properties, we market across all major portals such as Rightmove, Zoopla, Prime Location and On the Market, not forgetting our own website as well as social media channels. This ensures maximum exposure for our clients in all the right places together with the reputable tenant database we have built to leverage from.
Conduct viewings
Our expert Lettings team utilise our extensive applicant database and their developed market knowledge to secure interest fast.
We conduct all viewings, vet every applicant, and negotiate the best possible offer, always aiming for quality over speed.
Agreement and referencing
Once we’ve received a formal offer, we share full details by email and follow up by phone.
Subject to an offer acceptance, we would then organise a convenient time for the landlord to meet (if requested by either party) the prospective tenant(s) at our office.
Subject to a successful landlord and tenant meeting, we would then begin referencing the applicant.
We are one of the very few agencies that double reference applicants, both in-house as well as via a third-party referencing company.
We do this to ensure we have done everything we possibly can to guarantee that the tenants we hand keys over to are the right tenants for our clients.
Our referencing procedure includes the following:
- Confirmation of a good credit report
- Occupation
- Time in existing role
- Annual salary (we would also ask for proof of the last 3 months' payslips, and cross-check them with the last 3 months' bank statements for clarity)
- Ensure that the applicants' combined income is a minimum of 2.5 times the yearly rental value
- Confirmation of any savings
- Confirmation on any undisclosed addresses, CCJs, IVAs or adverse credit
- Landlord reference check to ensure that in their previous tenancy, their rent was paid on time every time, the property was looked after throughout the duration of their stay, as well as their existing landlord recommending them as a tenant to any future landlord
Contracts
Once referencing is complete and deemed acceptable, we would send the reports as well as our findings to the landlord for their final instructions to proceed.
We then ensure the tenancy agreement is drafted and issued to all parties to sign electronically.
Documentation required prior to the beginning of a tenancy
In accordance with new legislation allowing landlords to issue a section 21 for possession, we would ensure that we email over the following documentation prior to the start date of the tenancy:
- Gas safety certificate (if applicable)
- Electrical safety certificate (EICR) (if applicable)
- How to rent leaflet (the most recent one published)
- Energy performance certificate
We also ensure that the tenant(s) sign a disclosure to confirm they have received the above documentation prior to the tenancy for the purposes of clarity.
Inventory
With tenancy deposit disputes soaring over the years, we feel it is always best practice for both landlord and tenant to have an inventory report on file to refer to at the end of the tenancy.
The inventory is carried out by a third-party company (one of our approved contractors) to ensure it is not a biased report. This helps a tenant protect their deposit (we take a minimum of 6 weeks' deposit unless agreed otherwise - this may be subject to change in legislation).
The inventory is a detailed report including photos which refers to the condition of the property prior to the start of the tenancy, including any utility metre readings.
This report will also be issued to both the landlord (or agent) and the tenant to sign as acceptance to confirm they are in agreement with the report issued.
Completion and handover of keys
Once all of the above has been completed, we will then arrange a convenient time to hand keys over to the tenant(s) and congratulate them on their new home. We then confirm with our landlord that keys have been handed over and thank them for their trust and business.
If you’re interested in letting out your property and require more detailed information or advice, get in touch with one of our team.
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