Landlord Guide

Eleven steps to letting your property with Property Options

Step 1 – Considering the costs involved

Whether you’re renting out your home or you have a portfolio of rental properties, it’s worth thinking about the costs involved in letting a property, as well as the income you’re going to earn. You may well have mortgage payments that need to be covered, as well as costs for ensuring the property meets all safety standards for equipment, furniture and appliances. It’s also worth having a contingency budget for ad hoc repairs.

Step 2 – Arranging a valuation

We’ll visit your property and advise you on any work that needs to be carried out to make it suitable for rental and what price it should be marketed for. We have in-depth knowledge of the local rental market and the rental prices being achieved. We can also talk to you about what type of rental you want, such as short let or long let; the type of tenants: families, couples, students, or housing association tenants; whether the property will be furnished or unfurnished; and whether you want us to manage the property for you as well.

Step 3 – Letting the right people know

Before letting your property there are various parties you will need to inform. These include your mortgage lender, (you may be required to swap to a buy-to-let mortgage); your insurance company, (if you don't advise them on a change of tenancy you may not be covered if there’s a burglary or fire); and your freeholder if you own a leasehold property. A number of London boroughs, including Croydon, now require all landlords to apply for a Private Rented Property Licence before renting out a property.

Step 4 – Preparing your property for rental

When it comes to renting there are certain health and safety standards that need to be met. We can go through each of these with you. They include gas and electricity certificates, and smoke alarms and carbon monoxide detectors for properties with gas, as well as checks for furniture, appliances and equipment. If any minor repairs need to be carried out, such as leaky taps, loose tiles, or a creaky floorboard, now’s the time to do them. A thorough clean from top to bottom including carpets is always highly recommended too. We’ll also carry out an inventory. This ensures the condition of the property, and any furniture or white goods is recorded at the start of the rental period.

Step 5 – Marketing your property

Once we have all the information we need and we’ve taken photographs and drawn up floor plans we’ll market your property through this website, as well as, the UK’s number one property website for properties to rent.

Step 6 - Finding you the right tenant

High quality flats and houses to rent are always in high demand in south east London. At any one time we have a list of tenants looking for properties to rent including professional couples and families. We’re also landlords. So when it comes to finding you the right tenant, we would only recommend someone we would be happy to rent one of our own properties to.

Step 7 – Arranging viewings

As soon as we have any enquiries about your property, we’ll organise viewings. You don't have to be at any of the viewings unless you want to be. We’re happy to handle everything for you. Any comments or feedback from perspective tenants, we’ll communicate with you. And we’ll negotiate with the tenant on your behalf to secure you the best rental price possible.

Step 8 – Accepting offers

As soon as a tenant’s offer has been accepted, we’ll ask them to complete a tenancy agreement form. We will then carry out various checks to ensure they’re a suitable tenant, including a credit and financial check. We will also contact any references given and put guarantors in place, if required.

Step 9 - Organising tenancy agreements

Once all the checks have been carried out we will draw up a legally binding tenancy agreement and carry out an inventory. The paperwork will include the rent payable, the deposit amount, the day the tenancy starts and how long the tenancy lasts. If we’re managing your property as well, we’ll set out how often property checks will be done and what maintenance will be carried out. Both you and the tenant will sign the agreement and you’ll get to keep a copy for your files.

Step 10 – Collecting the deposit and first month’s rent

We’ll collect the deposit (normally six week’s rent) on your behalf and register it under the Deposit Protection Scheme, a government-led initiative. We’ll arrange for the first month to be paid to you (minus our fees) and we’ll set up a direct debit so your rent is paid on the same day of the month for the duration of the tenancy.

Step 11 – Handing over the keys

Once all the paperwork is complete, including the tenancy agreement, the inventory and the direct debit, we’ll give your new tenant the keys to your property so they can move in.

You’ve let your property. Congratulations.