If you don’t consider yourself a seasoned professional in the rental market, letting your first property can be a daunting task, and there are many important factors to consider before putting it on the market. So, whether you’ve decided to finally take the plunge and invest in your first rental property, or you’ve acquired it unexpectedly through a change in circumstances, here’s a helpful guide to see you through your first lettings experience!

Do your homework

First things first, get to know the property market you’re dealing with. Research similar properties in the local area and find out how much they are asking to be let for each month. This will give you an initial idea in terms of what monthly income you could expect – if your rent is set too high or too low, you may find your property a little tricky to let. It’s also important to think about your target demographic, so consider for whom your property would be suitable; for example, students, young professionals or families. Once you’ve established this, work with a lettings agent to set a competitive price and aim to keep your property occupied for as much of the year as possible, so to avoid rental void periods. Romans has three different service levels for landlords to choose from.

Hampshire Chronicle:

Prepare your property

Whether you’ve just purchased your first rental property, you’ve decided to move out and let your own home or you choose to retain an inherited property, it’s important to leave the property in good order, ready for its next occupants. Your property will be instantly more attractive to prospective tenants if it’s had a fresh lick of paint, been well maintained and is fully repaired. If there’s any jobs – like new flooring, or decorative snags that need doing, ensure they are done prior to property viewings. You also need to decide whether to let your property furnished or unfurnished. This could be a big factor, especially if you own a home in a city, where tenants might be specifically looking for one or the other.

Hampshire Chronicle:

Recognise your responsibilities

By letting your home, you’ll go from being a homeowner/occupier to a landlord. With this new status comes great responsibility, so it’s important to brush up on the basics. In the first instance, check that your mortgage allows you to let out your property, as some mortgage agreements include caveats to prevent homes from being rented. If you have any doubts, your mortgage agreement should stipulate your terms.

If you choose not to have your property managed by a lettings agency, you need to be prepared to manage and maintain the tenancy (and your relationship with your tenants) yourself. You will need to be on call and proactive for any potential issues, such as a broken boiler or a gas leak. You will be accountable for arranging and overseeing all repairs, maintenance and any refurbishment of the interior and exterior of the property. At Romans we have our own in-house maintenance company that carries out any required repairs on behalf of our landlords.

Hampshire Chronicle:

Make insurance a priority

There are tons of insurance products on the market, so first-time landlords can be forgiven for not realising the difference between typical home cover and landlord-specific cover. Your existing builds and contents insurer must be made aware of your intention to let your property, as it’s likely that your policy will need amending. While landlord-specific insurance isn’t a legal requirement, it is highly advisable as the policy will protect the building, your tenants and your investment as a whole. Romans are partnered with Bode Insurance to cover all our landlords’ insurance needs.

Hampshire Chronicle:

Tick off all legal requirements

When it comes to being a landlord, there are several regulations you must comply with. At the start of the tenancy agreement, landlords must carry out right to rent checks in line with immigration laws, protect deposits and have all the essential paperwork in place.

Gas safety checks are imperative and must be completed every year. It is also a good idea to have all your electrical appliances and wiring tested regularly, and to ensure your property has a sufficient number of smoke and carbon monoxide alarms on each floor. A letting agent will be able to arrange them on your behalf.

By law, you will also require an Energy Performance Certificate (EPC) – your estate agent won’t market your property for let unless one has been done. Current legislation means that your property must present at least a grade ‘E’.

Hampshire Chronicle:

Make sure you choose the right lettings agent

If you’re hoping to make your first experience as a landlord stress-free, it’s important to use an agent to manage your property and guide you through everything you need to know. A good lettings agency will help take away the stress of finding suitable tenants and also ensure your property is compliant following any legislation changes.

Romans’ lettings teams and property managers are experienced and trained professionals who are dedicated to managing rental properties on a daily basis. To find out what your property could let out for, get your free valuation here.