Lettings Process
Rental valuation
When asking an agent to value your property you will have several options. It is important to take in to consideration more than just fees when making this decision. The reputation of an estate agent can attract tenants and can offer you peace of mind that your money is in safe and secure hands. A property valuation will take into account the many factors which affect the appropriate rent to charge your tenants. When we value properties for rent we look into aspects which may influence the rate you are able to charge. What type of tenant will the property attract, what fixtures and furnishings will be included in agreement, the local market trends for the area, proximity to transport links and local amenities and overall condition of the property all influence the pricing. We have an in-depth knowledge of what tenants are looking for from rented property in the area. We base our valuations on our knowledge of the local market trends and use this information to guide how we market your property.
Choose the right service level
When you become a landlord you need to consider how much involvement you want to have with your rental property. The property maintenance, monthly rent collection and other responsibilities may affect your own personal time in a way you do not want. With Karwood you can choose from our three service levels to find the best fit for your needs and personal requirements. You can choose either the basic Let Only Service to a more comprehensive Rent Collection Service or choose the Fully Managed Service to make your property investment completely hassle-free. Obtaining the right tenants can also be based on which service level you opt for. Our corporate tenants often prefer fully managed properties for example, in the knowledge that their needs will be fully looked after by professionals.
Market the property
By marketing your property with Karwood you can eliminate further expenses and all the time needed to advertise your property, not to mention the hard work you would have to put in. The more your property is advertised the more tenants will see your property, giving you the chance to select the perfect tenant. At Karwood as soon as we receive your instruction, we'll prepare the details for your property, which can include professional photography, floor plans, a location map and an Energy Performance Certificate. Then we'll start marketing your property to attract the right tenant for you. Your property must meet the UK's legal safety standards, so it is essential to gain a certified gas inspection certificate. Karwood will be able to provide this and also can offer additional certified inspections of your property's electrics.
Referencing and credit checks
After your viewings and agreeing a price we will then carry out referencing checks and credit checks on your future tenant. We recommend thorough checks on all tenants to ensure that your investment will be secure. We use strict referencing procedures carried out by independent experts which can give our landlords a comprehensive understanding of their personal and financial circumstances, including a check on their employment history, credit worthiness and previous addresses. By completing these checks will only satisfy the landlord further and therefore potentially eliminating any problems further down the line.
The paperwork
The tenancy agreement will clearly define responsibilities of both parties. It is important that both tenants and landlords take the time to read this carefully before signing. We also carry out an inventory which details and itemises the contents and condition of the property at the time of the tenant moving in. Both parties sign this document. We use an independent inventory service to provide a comprehensive list designed to minimise the risk of any dispute over the deposit at the end of the tenancy.
The Deposit
Once the deposit has been paid in full, the tenant has secured the property. This deposit is held against any possible damage to the property which can be checked against the inventory at the end of the tenancy. The Housing Act 2004 protects all parties in this regard as the deposit is now required to be held within a government-approved scheme on an Assured Shorthold Tenancy. This scheme offers quicker and easier ways of resolving disputes, without the need for court action.
