1. Research the Market and local Estate Agents
There are many estate agents in East London, especially Bow, so how do you know which one to go for? Research is the answer. Come and meet us here at Alexander David Property and see if we can provide what you are looking for. It is also recommended that you take the time to look at estate agency rating sites to see the reviews that have been written about agents. This will give you a real insight on which agent to use.
2. Request a Valuation
You should have an idea of how much you would like to rent your property out for; the prices in East London (Bow, Bethnal Green, Mile End, Hackney, Dalston, Clapton etc.) are always pleasantly surprising and are constantly rising. The best way to see what your property will achieve is to arrange for us to come down and inspect the property.
Not only do we have the experience but we also know the high levels of demand and how much people have set aside as a budget for rent. This also gives you the opportunity to meet us and pick our brains.
3. Choose which service you require
Alexander David Property provide a couple of services that we want to make clear and easy to understand.
Let Only (7% + VAT)
We will provide the following services in connection with a letting only option:
- Inspect and estimate the Initial Marketing Price for the Property;
- Advertise and market the property on the UK’s two leading property portals www.Rightmove.co.uk and www.Zoopla.co.uk in addition to our website and shop window.
- Accompany prospective tenants on viewings.
- Negotiate the relevant terms of any agreement with a prospective tenant.
- Arrange for the preparation of relevant documents, for example, an inventory and a tenancy agreement.
- Arrange for references in respect of a prospective tenant.
Full Management (10% + VAT)We will provide the following services in connection with a full management option:
- The services listed in the Let Only section above.
- Collection of rent on an agreed periodic basis and, where relevant, chasers for the payment of rent.
- Inspect the Property at least once every 3 months.
- Arrange for maintenance and repair quotes and, where approved, for maintenance and repair work to be carried out.
- Arrange for annual safety checks to be carried out.
- Provide you with details of usual outgoings, maintenance and repair costs and safety checks.
4. Sign Terms of Business
This is the part where we make everything official. The terms of business make clear what you will require from us and what we will provide you with.. At this point, we will also acquire the relevant documents that you need to legally rent out your property such as the Gas Safety Certificate.
Once we have a signed the Terms of Business, advertising and viewings can commence!
5. Finding the right tenant for your property
We advertise on the most popular estate agent portals and our website, see below:
Of course we also advertise in our window, which is conveniently located next to a busy bus stop and popular Bow Café so there is a lot of footfall.
Once we have had some interest and a viewing is booked with an applicant, we will give you (or the existing tenants) 24 hours’ notice and subsequently confirm everything the evening prior to the viewing.
If the viewing goes well and the applicant is interested in renting your property, we take a holding deposit which temporarily takes the property off the market while we wait for your approval.
Alexander David Property will then prepare the forms needed for referencing. For your property we make sure that the tenants considered would be as suitable and reliable as if they were moving into our own house! For referencing we get:
- From the Tenant(s)
When it comes to students, we also secure a guarantor on the Assured Shorthold Tenancy (AST) for extra security. When the checks are complete and the Landlord is happy with the tenants, we proceed with the next step.
6. Decorate according to tenant’s requests
This is usually a step that is not required. We recommend advertising the property as furnished/unfurnished and remaining as flexible as possible if you have not yet decided. This is because furniture can be arranged at a reasonable price the day before a tenant moves in, if required. We also have a team of very reliable contractors on hand to carry out any last minute work.
7. Sign the AST
The transition from being a Landlord with an empty property to a Landlord with an occupied property should be as easy as 1-2-3. The last step brings us to signing the AST. The AST formalises the arrangement in a legally binding document. The AST is there to protect you and the tenant; to make clear what is expected from both parties during the tenancy.
After the AST has been signed and the tenants have moved in, it’s time to sit back and relax (if you chose the Full Management service, of course!)
Alexander David Property Ltd is a member and regulated by the The Property Ombudsman and The National Approved Letting Scheme.