A Guide to Lettings
The benefits for Landlords of expert help through an experienced letting department
The decision on who will manage your home is often made with very little consideration to your long term best interests. Thompson & Partners have therefore put together the following information to help provide the knowledge which should ultimately lead to a happy outcome that provides a regular source of income, whilst maintaining your property.
If you are considering the possibility of letting a property in the near future you will need to select your Managing Agent with great care, an agent who is experienced and well able to guide you professionally through the maze of problems that a landlord can encounter. Don't just accept the agent that offers you the most rent, as the rent is dictated by the tenant and what he is prepared to pay or what the local authority is prepared to pay on his behalf NOT by the agent or you! If the rent is too high, expect little interest but providing the figures and presentation of the property are correct there should be a steady flow of viewings and one or more offers to rent within a short space of time.
You may be surprised to know that you needn't be qualified to set up business as an estate or letting agent. Check the credentials of the agent before you instruct them. They should be able to provide advice and guidance to a prospective landlord in all aspects of letting including the current market rent obtainable, legislative requirements, possession, marketing, day to day management, maintenance and repair of perhaps your most valuable asset. They must also be members of a tenancy deposit scheme now required by law.
From the outset using a particular agents can be the difference between letting your property or not and equally important having a good tenant or not. Beware the agent that operates by mobile phone, he has no office and may be cheap but who do you contact if the phone is switched off?. Thompson & Partners offices are centrally located in prominent town centre locations offering a comprehensive service for tenant and landlord alike which will not disappear over night.
In the many years that Thompson & Partners have been established we have built up an enviable reputation for customer service and through our well trained staff we can demonstrate the disciplines of patience, understanding and vision which are vital to ensure the successful transition of you property from being 'available to let' and 'occupied'. This together with our membership of the National Association of Estate Agents, National Approved Letting Scheme, and UK Association of Letting Agents, whose members are bound by strict rules of conduct for the protection of clients and public, provides peace of mind for Landlords in this very stressful undertaking.
Thompson & Partners Letting Information
We are an established Estate and Letting Agency covering the Rawtenstall and Hyndburn districts through our town centre offices stretching from Rossendale to the edge of the Ribble Valley, where we offer a comprehensive and friendly service to all our clients. Our aim is to provide trouble free management so that you can feel confident that your property is being looked after in a professional manner and not have the stress of often associated with personal involvement. Our service includes:
- Free Valuation and advice.
Our service begins when we are asked to carry out an appraisal on a property for rental purposes. This is achieved by both internal and external inspections. Other factors which influence a valuation are discussed with the owner including condition, location and amenities.
- Acquiring and Assessing Prospective Tenants.
On receiving your instructions to manage a property, marketing will be started immediately, it will be advertised in our offices, in the local paper and if appropriate on the internet. Once a prospective tenant is found we will obtain all the necessary references and carry out a credit search on each applicant before considering any application. We will also obtain a security deposit which will normally be equal to one months rent , together with rent in advance.
- Inventory Service.
We do not normally rent furnished property as far more rules and regulations then apply and the risk to the Landlord is that much greater, however, before occupancy an inventory of the property's condition and basic contents will need to be provided along with relevant meter readings. This will help to assess any changes which there may be at the end of the tenancy in respect of any damage. (Please bear in mind some wear and tear is inevitable, even the best tenant will not look after the property as well as the owner).
- Preparing Tenancy Agreements.
Before occupancy is agreed a lease will need to be drawn up by ourselves using an assured shorthold tenancy. This will be signed by the tenant and by/on behalf of the landlord. At the same time all utilities and council tax will be informed of a change of occupancy in order to safeguard the landlord from any future cost.
- Rent collection and monthly/4 weekly Accounting.
All rentals are collected by Thompson & Partners on your behalf, accounted for on a regular basis then paid as your instructions. A detailed statement with all income and outgoings is provided on a monthly/4 weekly basis. Any accounts relating to the property for repairs, insurance etc. can be paid out of rents collected, providing the account is in credit. Though certain items may have to be dealt with immediately - water leak to name but one - most would be discussed before taking action.
- Periodic Property Inspections.
The property is checked prior to occupation and again during the tenancy to make sure the property is being looked after prior to final check at the end of the tenancy.
- Maintenance and Property Repair Service.
We have a range of skilled tradesman complimented by an odd job man capable of taking care of most repairs or general maintenance at favourable cost.
- Advice on Tenancy Matters.
As the legislation is changing, sometimes on a weekly basis, it would be extremely difficult for the average landlord to keep up with all the new regulations and this is a major advantage of using an experienced a letting agency. We will arrange at the end of the tenancy to inspect the property taking note of the inventory and new meter readings will be taken. Any damage will be assessed and the landlord informed. Appropriate deductions will be made from the tenant's deposit at the agents discretion - bearing in mind the requirements of the tenants deposit scheme. We would then discuss your wishes regarding re-letting the property.
The foregoing is only a general guide to services available, each case would be discussed with the Landlord and agreement reached on what level of assistance would be appropriate in each case.