A guide to letting your property with Nikki Homes:
STEP 1 – What help do I need?
The lettings market moves quickly therefore you may not have the time, in an already busy schedule, to commit and ensure your investment is paying for itself and constantly tenanted. You will need to decide what level of service you require. Nikki Homes offer two levels of service to Landlords: Tenant Find or Fully Managed.
STEP 2 – What rent should I charge?
At Nikki Homes we can advise on the rent you should charge and the potential yield you could earn from your property. There may be a number of fees to consider and all agents will charge differently. The most important question to ask yourself is this: "which agent will be the most helpful to me as a landlord"? Call us on 01789 532211 to book a valuation of your rental property and arrange a meeting with one of our experienced consultants.
STEP 3 – Make your property safe
There are over 405 regulations to keep your tenants safe. It’s important for you to be a responsible landlord, so make sure you are fully compliant at this early stage. Contact our team today on 01789 532211 for advice on how to stay fully compliant.
STEP 4 – Find a tenant
It’s time to get your property seen by potential tenants. The internet is the most important place to advertise your property for let. Prepare your property to look its best for viewings. Once you’ve found a tenant, you’ll want some reassurance that your property and rental income are safe. Knowing that your tenant has been fully referenced and credit checked gives you huge peace of mind. At Nikki Homes it’s important that we find you the right tenant who not only has the financial capability to afford your property, but also the right attitude to be a tenant. We are also very mindful in particular with the Right to Rent scheme, which helps to make sure that people renting property in the UK have a legal right to be here. This was rolled out across England in February 2016. However, we have been doing this as part of our referencing process for many years.
STEP 5 – Get insured
For additional security, make sure you are fully covered. Regular domestic policies often do not cover rental properties. It is also possible to insure against non-payment of rent. Ask Nikki Homes about property insurance and rent protection insurance and we will point you in the right direction.
STEP 6 – Inventory
Once a suitable tenant has been found and full references have come back to a satisfactory standard, we will make sure an inventory of the contents of the property and its condition are carried out. We utilise specialist companies who carry this process out to ensure all aspects are fully covered.
STEP 7 – AST contracts
Once we have found you a tenant and carried out all the relevant in-depth check (as well as arranging the Inventory in Step 6), we also draw up the tenancy agreement between you and the tenant. This will be sent to you to read through and revert back with any queries. If you are happy with the contents of the contract you and the tenant will be required to sign it.
STEP 8 – Collect the deposit and start receiving rent
You are legally required to put your tenant’s deposit in a government protected scheme. We register deposits with a scheme such as My Deposits and DPS (Deposit Protection Scheme) to the benefit of both tenants and landlords. You’ll need to decide whether you want to do this yourself, or for us as your agent to take care of it.
STEP 9 – Property inspections
At Nikki Homes it's vital and the core of our services that we maintain your investment with the highest standards. You would want to know your property is being looked after. We arrange visits to the property quarterly to check all is well and the property is being well maintained.
Please note: This level of care is part of our fully managed service.
STEP 10 – Maintaining the property
Throughout the tenancy, it’s inevitable that your property will receive some wear and tear. It’s your responsibility to maintain the property to the standard it was first let at. As and when an issue arises we will inspect the issue immediately and come to you with a solution to resolve as soon as possible. It’s important we tackle all maintenance issues promptly to avoid large pit falls financially. We have a fantastic team of engineers we work with to ensure any maintenance issues are dealt with professionally within reasonable costs.
We understand the more money you spend, the less the investment preforms; which is why we have sourced contractors who offer a fantastic service with in-depth knowledge of their trade at very reasonable rates.
Please note: This level of care is part of our fully managed service
STEP 11 – End of the tenancy / extending the tenancy
End of tenancy
The tenancy comes to an end and it’s time for your tenant to move out. Depending on the service you have chosen with Nikki Homes, we will revisit the inventory, attend and view the entire property to ensure there are no damages and the property has been cleaned professionally. Should there be a dispute we will endeavour to settle and return the deposit. However, this is a good time to consider what to do next with your property. Is it time to sell or will you let again?
If you would like to re-let the property then we would proceed to find you a tenant and ensure the gap in between tenants is at a minimum.
Extending the tenancy
At Nikki Homes we will get in touch approximately two months prior to your tenancy ending to enquire if you wish to extend. We will also advise at this stage to potential rent increase, if any. If you agree, as does your tenant, we will proceed to extend your tenancy and issue you a new contract once your current tenancy expires.
All our clients are re-assured of our commitment to professionalism, attention to detail and reliability of service. In other words, we are passionate about our business.
So if your preference is for an introduction and vetting only service or if you’re only interested in lettings and full property management service, we have you covered. If you are an overseas landlord, it makes sense to unburden yourself with day-to-day management issues, especially with the ever changing regulations affecting overseas landlords. We are here to look after your interest. Talk to us.
Our clients expect nothing short of professional competence.
Some of our properties on the market
- HouseLet Agreed
- Bedrooms: 4
- Location: Leamington
- Rent: £2,000 pcm
- View Details