Finding Good Tenants

No matter how many properties there are, or are not, available in your local area, the biggest question is always ‘How do I find good Tenant’

This question is also asked in reverse by many prospective tenants who have had problems with bad Landlords.

So if your thinking of investing in a rental property here are some considerations that may be useful.

  • Area – Is there a demand for property in the area, check and see if there are many others available, it is worth doing this over a few weeks, checking how quickly the properties are renting or if they’re sitting for a while.
    • If you are thinking of a suburban area, things like parking, public transport, schools, local shops and neighbour proximity should be taken into account. Usually areas outwith the cities walking distance are more attractive to families whereas flats in the city are more attractive for younger people looking for access to work, university, bars, etc.
  • Kerb Appeal – Are the surrounding properties being looked after, clean and tidy, free from litter. It may be worth buying in a block with a factor, this ensures the property and the grounds are being looked after, it may cost a bit more but this can be taken into consideration when setting the rent. We offer a Factoring/Block Management Service please visit our website for further details http://www.faircityletting.co.uk
  • Security – More and more tenants are taking into consideration security when looking at a property, does the block have a secure entry system? is there sufficient lighting and how safe is the internal stairwell? Are handrails in place or missing? It is always worth returning to the property in the evening and checking to see the security door is not being left open.
  • Internal Fittings – The better the inside the property is the easier it is to rent. Modern fittings in the Kitchen and Bathrooms are very important and can make the difference between a property being let quickly or sitting for a while. Fresh decor, clean carpets, gas heating, double glazing and above all a clean property can make all the difference. We have also found that providing a tenant with a property in good order can mean they are more likely to look after it, regular inspections should be done to make sure the property is being kept in a good condition. We can do these for you visit http://www.faircityletting.co.uk
  • Furnishings – There is less demand for furnished properties, should you be considering letting furnished the furniture must meet the fire safety standards and have fire labels on any soft furnishings. This should be modern and matching, mismatched furniture and old sofas do not appeal to most tenants. Even when letting unfurnished most tenants now expect white goods, cooker, washing machine and fridge freezer, a dishwasher and microwave will also appeal but the more items provided in the property the more the landlord is responsible for repairing/replacing.
  • Outdoor Space – Although Tenants quite often think they would like a garden it is not always the case when it come to maintaining them. The garden should be made as maintenance free as possible. If there is grass, a lawnmower should be left for their use, often it better to include the cost of a gardener into the rent to make sure it is kept in reasonable order.

If you would like further advise on a property you are considering buying or any of our other services which include Tenant Find, Property Maintenance & Refurbishments, Factoring, Inventory/Condition Reports, Check-in/Check-out Inventories, Regular Inspections please contact us 01738449295

 

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The Best Time to Let Your Property

The current state of affairs in Scotland has made this a prime time to let your property.  Some have inherited properties, or have moved into a smaller property as the kids grew up and left home.  Or perhaps you purchased a property with the intention of letting.  Due to the limited number of new builds that are permitted, rental properties just aren’t hitting the market fast enough.  This has driven the Scottish rental rates to an all time high.

The result, according to a Scottish Association of Landlords survey, is that rental rates are gaining incrementally once again.   The reason for this, the study says, is that there just aren’t enough private letting options on the market.   If demand is high, and supply is short, there couldn’t be a better time to enter the market as a landlord.

What to consider before letting:

There are several basic decisions that you need to make before you let your property.  First and foremost, you have to determine if your property is ready to rent.   Are all of the fixtures, carpets, paint and appliances up to date and ready to rent?  You should make sure that everything is ready to use, so you can maximize the value of your property.  Something as low cost as painting can drastically improve the appearance of your property and maximising the rent.

Furnished or unfurnished, that is the question.  Many times these “extra” properties are already furnished and can be rented as such.  However, just as you study the fixtures and appliances, you need to make sure your furniture will be an asset to the property.  It may be better to let unfurnished as opposed to having the value of your property dragged down. All furniture must meet current fire regulation.

Other requirements include, Landlord Registration, Energy Performane Certificate, gas and electric checks and smoke detectors.

My property is ready, now what?

This is where it can be daunting, and the reason the spare properties become spare.   This is where you should get a letting agent like Fair City Letting Agents in Perth, Scotland.   They can help quide you through some of the toughest parts of letting your property.   There are many things you have to consider.

You will need to determine the appropriate rate, taking into account the total value of your property over the course of the next year with rents rising at rates as high as 3%.   You out what find out what deposits you can collect to cover potential damages, not just from pets, but in general.  The legal requirements for paperwork and how you need to document property are very precise, and must be followed to insure maximum protection and legal compliance (such as third part involvement on deposits)

The best part of using a letting agent is you don’t need to collect the rent.   If the rent isn’t turned in on time, they will take care of collections so you don’t have to concern yourself with it.  Let Fair City Letting take the worry out of getting your new income stream in action.

Bernie
http://www.faircityletting.co.uk