Manage your own rental property
Nov 3rd, 2008 | By admin | Category: property adviceIf you have a property for rent, live close by and are a dab hand at DIY then a do it yourself let could be the option for you. To find tenants you have to advertise, you can do this by placing ads in newsagent’s and post office windows as well as in the local paper.
When you are writing the ad only mention key features such as the number of rooms, transport links, rental price and a couple of benefits of the property. When you receive enquiries be realistic, there’s no point using sales tactics on a potential viewer they will only waste your time if the property isn’t right for them.
I recommend you arrange all the viewings at roughly the same time often people will arrange viewings and not bother turning up. Once someone does show an interest the next step is for them to pay a cash deposit and don’t stop viewings until you have the money in your hands. You don’t want to be let down at the last moment with no other options.
You should also be very clear that once the deposit is paid it is non-refundable and also that you need the deposit and first months rent in your account before they can move in. After you have done this give them a receipt for the deposit and agree a date they can move in. Also remember to take previous landlord and employer references and follow them up before you allow them to move in.
Always prepare two copies of the tenancy agreement one for you and the other for the tenant, you can obtain these from sites such as http://www.lawdepot.co.uk or just search online for ready made tenancy agreements. The tenancy agreement should state the term of the occupancy which is normally 6 or 12 months. An inventory of the contents and condition of those contents should be drawn up. Both of these documents should be signed with both parties present and in front of an independent witness.
I hope you found the advice useful if you have any tips that think would be useful why not let us know
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