Setting your budget
- Check local papers first to get a good idea of what your type of property can expect in the open market. A rough example would be that upper floors, rear access or above business premises are usually at the cheaper end of the market; while new build developments will usually obtain a higher rent - as they can provide parking, secure entry etc.
- Flats in areas with an Underground Station are normally let quite quickly and can often raise more income than areas without.
Viewings
- It is best to view properties in daylight hours, for the obvious reasons, but also prospective tenants are more likely to make a decision on the one viewing, if it is in daylight hours.
- Always be on time for viewings. If your viewings conflicts with one another, it can lead to an awkward atmosphere and can be distracting.
- Plan and group your viewings as best you can and try to avoid two separate parties viewing at the same time. Some feel that it installs an air of urgency and can help you to get a quick decision - but that is a gamble, it may be better to let your property sell itself.
Contracts/Agreements
- Your residential letting Agreement should almost certainly be an 'Assured Shorthold Tenancy'. This is the most common tenancy agreement used in and around London - indeed in the UK. The clauses are mainly common sense and good neighbourly-ness. Note that for short-lets or holiday lets, a slightly different Agreement is normally used - with an emphasis on the 'Special Conditions' and 'Contract Expiry/Forfeiture' sections.
References
- In general, the reason for referencing prospective tenants is to confirm that they have an income and can afford the rent; secondly as a general character indicator and, of course, to prove they are who they say they are. Depending on the circumstances, it may not be necessary to obtain a specialist search on your prospective tenants - as these can be expensive and time-consuming. If they are able to provide substantive detail as to their employment and identification, this may be sufficient. Remember, a good prospective tenant, with good references, who is actively looking for a property, may continue viewing properties while awaiting a decision on your place - so speed is of the essence.