There is plenty of demand in the rental market, which is great news for all current and soon-to-be landlords. But how do you make sure that your property stands out head and shoulders from the rest in a crowded market?
The aim is to rent out your property swiftly, whether you’re a seasoned buy-to-let investor, accidental landlord or are new to the rental game. And we’ve got a bunch of top tips to make sure that you’re doing all the right things to get renters in your buy-to-let.
So, read on and discover everything you need to know for renting out your property. We’ve got tips from finding the right letting agent to preparing your home and sourcing the right insurance so that you can let with confidence.
Do your research
The more you know about your local market, the better. Research is key, as it will give you a stronger indication of where your buy-to-let stands in the property chain. Start by looking at similar homes for rent in the neighbourhood and their rental asking price.
This will provide you with a solid perspective of how much your property might achieve in monthly rent. Ask for too much or too little, and renters will shy away. That’s why it’s crucial to get the asking price right, and doing the necessary research will paint a better picture of its rental value.
Decide how you’re going to market your buy-to-let
Traditionally, landlords use a letting agent to find renters. The agent provides a market analysis, suggests an asking price and goes about finding renters for your investment. Agents typically take between 8% and 15% to let your property and can also provide management while it’s tenanted.
Before instructing a letting agent, ask them how they plan to market your property and what they will do to attract renters. There’s no harm in asking questions so that you can feel confident you are going with the right letting agent.
Of course, you can choose to advertise the property yourself, using social media, online agents, local ads and other sources such as Movebubble. For example, here at Movebubble, you can create a video listing which renters can watch before immediately securing the property with the “instant booking” feature.
Get your property rental-ready
You should be getting your property rental ready while you’re on the lookout for new renters. Ensure that it’s in good condition and decide whether you want to rent it out as furnished or unfurnished. Landlords also need to check that the property is safe for new renters before they move in.
Safety checks include:
- Checking that smoke alarms and carbon monoxide detectors are installed and working
- Gas safety check
- Electrical safety test of all electrical installations
- Legionnaires’ test
- That all furnishings pass The Furniture and Furnishings (Fire) (Safety) Regulations 1988
As a landlord, you also need to provide a valid energy performance certificate (EPC) and a copy of the government’s “How to Rent” guide before the new renters move in.
Provide the relevant renter checks
All landlords want good renters in their property, which is why you should carry out referencing and credit checks. If you’re with a letting agent, they will likely arrange the particulars, while here at Movebubble we verify renters before they make an instant booking on a property.
If you’re doing it yourself, you can employ the use of a tenant referencing company. Landlords are also responsible for Right to Rent checks, which determines whether or not a renter is eligible to rent a home in the UK.
Think about deposits
The typical security deposit is five week’s worth of rent, but there is also an option for a zero deposit. You can choose which one you prefer, with both of them offering the same protection to landlords and renters.
The zero deposit scheme, however, only requires renters to pay one week’s worth of rent as opposed to five. If you go down the traditional five-week route, you will need to register the deposit in an official deposit scheme and notify the renter you have done so within 28 days.
Get the relevant insurance
Finally, you will want to safeguard yourself with insurance in your buy-to-let. Landlords insurance is the most popular option and covers you for fixtures and fittings in the property as well as the exterior of the building.
Other insurance cover available includes rent guarantee insurance, which insures you if the renter is unable to pay rent, and home emergency cover. This can offer peace of mind if there is an urgent emergency that needs attention in your rental property.
Ensuring a smooth move
There are a fair few things that you need to do before letting out your property. But if you take everything in your stride and check each one off the list, renting your buy-to-let will be a rewarding experience that sees you earning passive income while providing a great home for someone.