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The Property Shop recognises the need for professionalism and good quality service in this market and have therefore developed a unique letting and management service that not only fulfils all needs of a Landlord but also does it at a cost that fits in with the tight budget that most Landlords have to work within.
The Property Shop aims to not only find you a tenant quickly, but to be able to carefully select the right tenant for your property.
We recognise that right from the start it's helpful for you to know about how we operate. For an explanation of each stage in the Letting process please see below.
The Property Shop aims to not only find you a tenant quickly, but to be able to carefully select the right tenant for your property.
We recognise that right from the start it's helpful for you to know about how we operate. For an explanation of each stage in the Letting process please see below.
Establishing Your Property's Value
Whilst a general picture of your local marketplace can be gleaned through local newspaper advertisements and website property-portals, to establish an accurate rental value for your property specifically you will need the services of an estate agent. We will visit your property and meet with you at a time to suit you. We will discuss your specific needs relevant to your own situation, market forces and current demand, previous rental transactions in your street and rental activity levels with other property similar to your own. From this we will be able to advise you on the rental market value range applicable to your property and anything we think you can do to enhance this value. We will then suggest an appropriate rental asking price.
Our comprehensive marketing strategy will be explained together with the service level you can expect from The Property Shop. Any questions or concerns you have will also be addressed.
Selecting an Estate Agent
Having established the rental value of your property and decided to go onto the market, you will need to choose an Agent to act for you. When considering which company to use, watch out for those suggesting inflated values (which can leave you languishing on the market and lose you weeks of rental income) or knockdown commission (you get what you pay for). At The Property Shop the initial rental valuation of your property is free. You only pay commission when we successfully let your property and you'll always have access to a specialist letting team.
Preparing Your Property
Tenants are usually prepared to pay more to get more, while a property in first-class order can usually be let more easily. The following features can appeal to potential tenants:
Whilst a general picture of your local marketplace can be gleaned through local newspaper advertisements and website property-portals, to establish an accurate rental value for your property specifically you will need the services of an estate agent. We will visit your property and meet with you at a time to suit you. We will discuss your specific needs relevant to your own situation, market forces and current demand, previous rental transactions in your street and rental activity levels with other property similar to your own. From this we will be able to advise you on the rental market value range applicable to your property and anything we think you can do to enhance this value. We will then suggest an appropriate rental asking price.
Our comprehensive marketing strategy will be explained together with the service level you can expect from The Property Shop. Any questions or concerns you have will also be addressed.
Selecting an Estate Agent
Having established the rental value of your property and decided to go onto the market, you will need to choose an Agent to act for you. When considering which company to use, watch out for those suggesting inflated values (which can leave you languishing on the market and lose you weeks of rental income) or knockdown commission (you get what you pay for). At The Property Shop the initial rental valuation of your property is free. You only pay commission when we successfully let your property and you'll always have access to a specialist letting team.
Preparing Your Property
Tenants are usually prepared to pay more to get more, while a property in first-class order can usually be let more easily. The following features can appeal to potential tenants:
- Fresh decorations - light colours, such as white or off-white, are always acceptable.
- High quality carpets of the same colour throughout. These should be light and neutral - biscuit/beige colours are popular, as are wooden floors.
- Attractive, good-quality, well-lined curtains or blinds.
- Well-maintained exterior and tidy, well-planted gardens.
Furnished or Unfurnished
There's often no difference between the rental achieved for a property whether it is furnished or unfurnished.
'Unfurnished' is normally defined as being fully carpeted (or with wooden floors in the reception areas), fully curtained and with white goods provided in the kitchen.
'Furnished' is usually defined as being a property ready for someone to move into. The furniture needs to be good quality and the property should be uncluttered. We're more than happy to advise you on what should be left and what should be removed.
Fixtures & Fittings
All fixtures and appliances should be serviced before the start of the tenancy and in good working order. If you have instruction booklets, make them available or write out clear instructions for use. Your property should always offer:
There's often no difference between the rental achieved for a property whether it is furnished or unfurnished.
'Unfurnished' is normally defined as being fully carpeted (or with wooden floors in the reception areas), fully curtained and with white goods provided in the kitchen.
'Furnished' is usually defined as being a property ready for someone to move into. The furniture needs to be good quality and the property should be uncluttered. We're more than happy to advise you on what should be left and what should be removed.
Fixtures & Fittings
All fixtures and appliances should be serviced before the start of the tenancy and in good working order. If you have instruction booklets, make them available or write out clear instructions for use. Your property should always offer:
- A modern and well-equipped kitchen.
- A modern bathroom with an effective shower, modern fittings and good lighting.
- Tiled floors are preferable to carpets.
- Good wardrobe space in the bedrooms.
- An efficient central heating system and plenty of hot water.
Tenants
We value prospective tenants and their requirements and have a unique system whereby we register their details on our database taking down prospective tenants requirements along with budget details, time scale and areas they would prefer. As soon as a property becomes available that matches their criteria we will be in touch to tell them about their possible new home - your property. It is this positive and unique attitude that has made us so successful in the local areas.
Once a tenant has found a property that they wish to move into they complete the relevant application forms for the referencing to be completed.
References
We take references on the prospective tenant. These cover employment, computerised credit checks, bank reference, previous Landlord or character references. These are usually completed within a matter of days. Once the referencing is complete and satisfactory a move in date will be set and all parties informed of the next steps. When a prospective tenant has been confirmed, a holding deposit is taken in order to establish a level of commitment.
Consents
If you have a freehold property with no mortgage on it, there should be no barriers to letting it out to tenants. If you have a leasehold property however, you must check your lease in connection with sub-letting and obtain the necessary consent if required. If you have a mortgage on your property, consent may also be needed from your lender.
Insurance
You'll need to make sure both the property and its contents are fully insured. You must inform your insurance company that the property is to be let, check that the conditions of the policy are complied with and that there are no restrictions on letting.
Inventory
We can provide a full inventory prepared by a qualified APIP member. This is checked and signed by the Tenant; the keys are handed over at the commencement of the Tenancy.
Energy Performance Certificates
From the 1st October 2008 all rental properties in England and Wales will require an Energy Performance Certificate.
We are pleased to say that we are able to provide all local landlords with a quick efficient service for their EPC from just £50+VAT. We are able to produce your EPC even if you are using a different agent.
A Helping Hand!
We can also offer assistance with independent financial advice as well as landlords building and contents insurance (with public and employer liability insurance), landlord gas safety certificates (carried out by CORGI registered engineers), electrical inspection reports (by a qualified NICEIC engineer) and emergency assistance insurance, which will give both you and your tenant the peace of mind of 24 hour a day assistance should there be a problem with your property.
The Gas Safety (Installation and Use) Regulations 1994
On 31st October 1994 the Gas Safety (Installation and Use) Regulations 1994 came into force. Under Regulations 35(2) it is duty of any person (i.e. Landlord) who owns a gas appliance to maintain the appliance and the pipework and to keep both in a safe condition so as to prevent risk or injury to any person. The Regulations cover all appliances and all types of Gas i.e. mains propane or calor gas for heating, lighting, cooking or other purposes for which gas can be used. The owner (i.e. Landlord) of any gas appliance must ensure that a qualified gas engineer checks each appliance for safety at least every 12 months, e.g. an employee of British Gas or a GAS SAFE registered person. A record must be kept of all safety inspections and the results open to Tenants inspection by law. The Landlord must have a Gas Safety Inspection carried out before a Tenant(s) occupies the property and signs the tenancy agreement. A copy of the certificate must be given to the tenant before the tenancy commences. If the Landlord is unable to, The Property Shop will provide the certificate at the Landlord/s expense.
Every year about 30 people die from carbon monoxide poisoning caused by gas appliances and flues that have not been installed or maintained properly.
The Electrical (Safety) Regulations 1994 And Plugs & Sockets (Safety) Regulations 1994
It is a criminal offence to supply unsafe electrical equipment with rented accommodation. The maximum fine is £5000. The above Regulations apply to portable electrical equipment such as: Electric heaters, lamps, televisions, radios, vacuum cleaners, irons, toasters, microwaves and other kitchen equipment. Built - in electrical goods such as cookers and certain storage heaters are not covered by the Regulations, however, Landlords should be aware that any person injured by the Landlord's property could sue for damages. Electrical items must be examined by a qualified electrician prior to Tenant's taking occupation and if required we can instruct an approved contractor to carry out this check on your behalf. The portable appliance test must be undertaken for each new set of Tenants.
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