the lettings process (for landlords)
for some, letting a property is an appealing investment. for others, it can provide a solution to occupying a property as a temporary living solution, or as a long term home. either way, a number of considerations need to be made when preparing to let a property.
- what level of service do you require?
the level of service does differ from landlord to landlord. some landlords prefer a really hands on approach, in this case, we would recommend our let only service where our job would stop once we have secured a tenant for you and handed over keys. on the other hand, there are a number of landlords who prefer to avoid any tenant contact or are located abroad, in this instance, we would recommend our fully managed service – our job never stops. we would ensure that we collect the rent on the landlords behalf on a monthly basis, organise quarterly inspections throughout the tenancy and manage any tenant issues or queries directly. with our reasonably priced management fee, this has become an increasingly popular service being chosen by our clients.
- choosing the right agent
when an investment has been purchased, and you are ready to put it on the rental market, the first, and one of the most vital decisions to make is which agent you plan to use. why choose mi homes? reading online reviews on the agency, as well as the type and locations of property they offer, will be a good indication to see if you are a good fit for each other.
- agree business terms and conditions
once mi homes have been chosen as the preferred agent, our business terms and conditions will be emailed to be signed electronically. if mi homes haven’t been chosen, we would wish you all the best and keep our doors open should you ever need any advice at any stage of the process, or of course, change your mind and instruct us to assist.
- marketing
(if we are chosen) we will then organise an advisory meeting at the property to discuss the best marketing strategy and the correct marketing price. within the meeting, we would converse on the type of tenant you would like us to secure for you, mention some tips on how to ensure your property stands out from other properties, and give you an indication on how long we feel it will take to let the property at maximum value coupled with the right tenant(s).
professional photography and branded floorplans will then be carried out as soon as possible.
we take great pride in the way in which we market our clients properties, as we believe it is a key factor in generating the highest level of interest and standing out in such a competitive market – after all, first impressions are very difficult to change.
- go live
once photography and floorplans have been completed, we will then ‘go live’ and list the property on all major uk portals to ensure maximum exposure for you and email it over for you to review and confirm you are happy with how we have marketed your property.
- conduct viewings
we would then begin organising accompanied viewings with prospective tenants in the hope of securing a formal offer as soon as possible.
- landlord and tenant meeting
once we have secured a formal offer from a prospective tenant, we will email you with the full offer details so that you have them for your reference and then follow it up with a phone call shortly after. 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.
- referencing
subject to a successful landlord and tenant meeting, we would then begin referencing the applicant. We are one of very few agencies who 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 ensure 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 income combined are a minimum of 2.5 times of the yearly rental value
- confirmation of any savings
- landlord reference check to ensure that on 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 would then ensure the tenancy agreement is drafted and issued to all parties to sign electronically.
- documentation needed 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)
- EICR) electrical safety certificate (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 to over 40% in the last 18 months (15.05.2018), 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 landlord (or agent) and tenant to sign as acceptance to confirm they are in agreement with the report issued.
- key hand over
once all of the above has been completed, we will then arrange a convenient time to hand keys over to the tenant(s), congratulate them on their new home and confirm with our landlord that keys have been handed over and thank them for their trust and business.
testimonials
landlord testimonials
with a small portfolio of properties in north london, i often seek out the help of lettings agencies to ensure i get the right tenants in quick time with the right rent. nick of mi homes, had succeeded with helping me do that with great success on one of my properties a couple of years ago. when i had another development in the making, he rang me throughout the process until it was completed, offering his support and interest in viewing the finished flat. he is a very personable and consummate professional in the lettings space and proved the value of mi homes when they provided me with two excellent prospective tenants for the flat - within a few days of marketing it. the company's attention to details, and integral approach to business has impressed me and i therefore have no hesitation in recommending them to prospective landlords
maria e, landlord - n12
landlord testimonials
mi homes were responsible for renting 90% of our residential apartment block in southgate. i was extremely impressed with their seamless lettings process and quality of applicant calibre they secured for us. we now use mi homes for all other rentals we have going forward and i’d have no reservations in recommending them. great work!
andrew p, landlord – n14
landlord testimonials
it was great working with nick at mi homes. i'm a first time landlord and mi homes made the process stress free. the property was let before it was even up on the market with a tenant ready to move in before the refurb works were even complete. a fantastic tenant achieving the requested rental value. the communication was great and professional throughout the process. i look forward to working with mi homes in the future.
chris t, landlord – n21
landlord testimonials
i highly recommend mi homes, in particular nicholas. as a first time landlord, i have found them a pleasure to deal with when letting out my newly refurbished 3 bedroom house in wood green. having become frustrated with another local agent that was tasked in finding me a suitable tenant, mi homes was recommended to me and have genuinely exceeded my expectations. within a short period of marketing time, they immediately offered 2 different but quality tenants to me, for whom the pros and cons of letting to were explained to me in detail, a very thorough vetting process was carried out. mi homes also offered advice on what potential tenants would be looking for in a rental property and any questions i had were immediately answered. all the formal paperwork for letting out the property was also dealt with very professionally and efficiently. having now given the property to mi homes to fully manage for close to a year, the whole process has been smooth and stress free for me. rents have been received at the agreed time and mi homes have dealt with any issues arising on a timely basis. a true 5 star company.
andreas d, landlord – n22
*None of our documents are printed or posted to help save the environment, anything which requires a signature is emailed out to be signed electronically.
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