A Short Guide To Letting By TFC Properties

 

At TFC Properties our main priority is ensuring that our landlords receive the maximum return from their properties. We do this by letting properties quickly and to high quality tenants, which has led us to become the leading letting agency in our area.

 

Advertising

We know the power of advertising, which is why we extensively market our properties locally.

 

Online

The internet has become the most popular method for tenants to find properties, It enables them to view internal photographs, find out about the local area and book their viewings online at any time of the day.

In addition to our own website (www.tfc-properties.co.uk), which is kept fully up to date with all of our latest listings, we also advertise on the leading property website www.Rightmove.co.uk who regularly advertise on national newspapers, radio and television.

 

Newspapers

We regularly advertise in the property sections of the local newspapers. Landlords will be advised on any additional cost prior to placing adverts.

 

Other

We are featured in the Yellow Pages and on www.Yell.com. We also use other promotional methods, such as, ‘To Let’ boards and window cards to highlight our properties.

  

Recommendation

We never underestimate the power of personal recommendation, which is why we provide a good level of care for our tenants. We attend to repairs promptly.

We offer two FREE valuation services:

Visit Valuation – Our experienced letting consultants have an expert knowledge of the local market and can advise landlords with regards to the rental value of a property and current demand. They will also be able to recommend any minor alterations that are necessary in order to maximise the income from a property and ensure the property complies with current safety regulations.

Telephone Valuation – We can normally estimate the rental value of a property without seeing the property as we have a large portfolio of comparative let properties. We encourage any landlords considering purchasing a rental property to use this free service, as we can also advise if we are aware of any adverse problems in the area, such as, flooding or troublesome neighbours.

 

Why let your property?

Many years ago, before Buy to Let mortgages where introduced and the advent of the Shorthold tenancy, property investment was mainly a privilege of the landed gentry. Today it is widespread and accessible to everyone.

Market research suggests that residential properties can be one of the safest and best performing investments, providing an excellent source of income and the opportunity for making significant capital gains over time.

In today’s market landlords include those who are letting their property while waiting for it to sell and those with one to five properties to supplement their pension, through to experienced investors with large portfolios of properties built up over years.

To ensure that we cater for all types of landlords we provide three service options:

 

Tenant Find Only

For the experienced landlord who manages their portfolio of properties on a daily basis.

 

Rent Collect

For landlords who like to manage the maintenance and inspections of their properties themselves, but prefer a professional agent to collect the rent and look after the legal matters.

 

Full Management Service

This is our most popular service where we look after every aspect of the let, including arranging any repairs or inspections and landlords do not need to have any direct contact with the tenants.

We also offer a bespoke service for developers and multi-property landlords at a discounted rate.

 

Landlords Guide to Letting

Rent

All rentals valuations are inclusive of ground rent, maintenance and buildings insurance. The tenant pays for the council tax, water rates, sewerage rates, gas, electric, television license and telephone. Landlords need to be aware that rents cannot be guaranteed unless they have purchased a Rent Protection & Legal Expenses Warranty.

 

Viewings

We always accompany tenants to view properties. For their convenience we also offer evening and weekend viewings.

 

Restrictions

Depending on the type and condition of a property we can advise our landlords on what restrictions to make. These can include:

• Smoking
• Pets
• Housing benefit

As a general rule we do not normally allow pets in blocks of flats or newly decorated properties, and we do not encourage allowing tenants to smoke inside properties.

 

Tenant Selection

Tenants are carefully selected and evaluated with regards to their being able to pay the rent and look after the property. We do not accept tenants until the landlord has given their consent; they are welcome to meet the tenants before doing so, if preferred.

 

The Tenancy Agreement

The Assured Shorthold Tenancy was introduced in February 1987 and gives landlords the mandatory right to regain possession of their property without needing to give a reason. This law, combined with the Buy to Let mortgage, has led to the widespread investment in property that we have today.

The initial agreement is set for a fixed period (normally six or twelve months). After the fixed period the landlord can regain possession of the property or with the agreement of the tenant, renew for a fixed term or continue on a month to month basis, known as a periodic tenancy. Our tenancy agreement is very comprehensive and complies with all the latest housing regulations.

 

Repairs

Under the Landlord & Tenant Act 1985

The landlord is legally responsible for:

• Outside walls
• Inside walls and ceilings (except minor cracks that can be easily filled when decorating)
• Floors (they must be structurally sound and safe)
• Electrical wiring, sockets and switches
• Baths, sinks and toilets
• Heating
• Water supply
• Roofs and gutters
• Drains (unless by fault of tenant)
• Water tanks
• Stairs, balconies and lifts

The Tenant is legally responsible for:

• Promptly reporting any necessary repairs and providing access
• Decorating the inside of the property (unless otherwise stated in the contract)
• Replacing bulbs
• Sink and bath plugs
• Floor coverings i.e. linoleum, carpet
• Garden maintenance

 

Rent Increases

At TFC Properties, we annually review rental prices to ensure that our landlords always receive the maximum return on their investment. As a guideline we use the retail price index when calculating increases.

 

Deposits

For all of our properties we hold a tenancy deposit, this is normally equivalent to one months. These are a safeguard against damage to the property which is not considered to be fair wear and tear. Therefore, a detailed inventory and schedule of condition, which are not compulsory, can be important for mitigation purposes should the tenant dispute a proposed deduction.

 

Inventories

We prepare a detailed inventory and schedule of condition of all of our properties together with meter readings. This inventory is used at the end of the tenancy to determine any deductions for damage to the property which is not normal wear and tear.

 

Utilities

As part of our service we inform the local council and provide meter readings to the utility companies. Landlords are not responsible for non payment of utility bills.

 

Tradesman

We use trusted local contractors to carry out any repairs and our handymen are often semi-retired tradesmen. We aim to keep repair costs as low as possible. We have found that tenants are more likely to stay longer in a property if repairs are dealt with quickly and efficiently.

 

The Garden

The tenant is responsible for the maintenance of a garden. However, if the property has a large or landscaped garden it may be advisable to employ a gardener and incorporate the cost within the rental price. Gardening equipment, such as, a lawn mower or spades should be provided for the tenants if required and it is advisable to ensure gardens are as low maintenance as possible.

 

Inspections

We conduct regular inspections of all fully managed properties. These inspections serve numerous purposes, they allow us to:

1. Visit the tenant in the property and ensure that it is being looked after
2. Visually check the structure of the property and note any repair work required
3. Build a rapport with the tenants and be confident of the advice we provide our landlords when the tenancy is due for renewal

 

Ending the Tenancy

At the end of the initial fixed term landlords can either:

• Regain possession
• Renew for a further fixed period
• Continue on a month to month basis

 

Furnished or Unfurnished

There is very little demand in our area for fully furnished properties, so unless circumstances dictate otherwise, we advise our landlords to let their properties unfurnished. Unfurnished properties should supply a cooker, other white goods, such as, fridges and washing machines can be left but the landlord is responsible for their maintenance.

 

Presentation

It is advisable to offer your property in optimum condition. This will help to achieve a higher rent and attract a better quality tenant who will be more likely to look after your property. Neutral decoration and carpets will make the property more appealing to a wider range of tenants. All rental properties should be cleaned before the tenants move in and tenants are responsible for ensuring the property is left in the same condition when they vacate.

We use a network of trusted local contractors who include:

• Decorators
• Cleaners
• Gardeners
• Plumbers
• Electricians
• Handymen

Preparing The Property To Let

• Remove all personal belongings and any items which are old or broken
• Fix any minor problems, such as, sticking doors, loose fence panels, broken handles and cracked windowpanes
• Ensure white goods, such as, fridges and cookers, are in safe and working order
• Supply curtain rails but avoid curtains, as tenants prefer to provide their own curtains to match their furniture
• An unfurnished property should supply a cooker as a minimum. Other appliances are beneficial but not essential. Please note, it is the landlords responsibility to maintain any other electrical appliance supplied with the rental property
• Supply fitments such as towel rail, toilet roll holder and coat hooks in the bathroom
• Showers have become a modern day necessity. If your property does not have a separate shower, consider installing an over the bath shower
• Fit hardwearing wooden or vinyl floors to high traffic and wet areas such as halls, kitchens and bathrooms
• Ensure any grout used in a kitchen or bathroom is clean and replace if necessary
• Gardens should be left neat, tidy and rubbish free, with any lawns cut
• Gardening tools should be left to enable tenants to maintain the gardens
• Leave the operating instruction manuals for any appliances in the property

• Encourage prospective tenants to choose your property by leaving:

  - The heating on low in the winter to take away any chill

  - Pretty soap in the bathroom

  - A small coloured hand towel in a white bathroom

  - A bottle of wine with two glasses in the kitchen

We have ready-made presentation packs available for purchase if required. These items would have to be left in the property.