Renting out your property for the first time? Read this!
Jordan, Senior Property Advisor, provides some useful tips for those who are looking to become a landlord for the very first time...
Estimated reading time: 3 minutes.
Renting out your property for the first time can be a daunting experience. There are a lot of things to consider before putting your property up for rent.
That’s why we thought you may find it helpful if we guide you through the process of renting out your property for the first time, step-by-step.
We will cover everything from preparing your property for rent to finding the right tenant.
Step 1: Prepare your property for rent
Before you start renting out your property, you need to ensure that it is in good condition. You want to make sure that your property is clean, safe, and liveable for tenants. Take a look around your property and make a list of any repairs that need to be done. It's important to take care of any repairs before you start showing your property to potential tenants. This will help you attract the right tenants and avoid any legal issues in the future.
Step 2: Set the right rent
Setting the right rent for your property is crucial. If you set the rent too high, you may struggle to find tenants, and if you set the rent too low, you may not make enough profit. Research the rental rates in your area and set a competitive rent that is in line with the current market. Consider the location, size, and condition of your property when setting the rent.
Step 3: Advertise your property
Once your property is ready to rent and you have set the right rental price, it's time to advertise your property. This is where the professional services of an expert local letting agent with sound knowledge of the local market can be worth their weight in gold. It’s no good having the perfect rental property available for a certain type of tenant if you can’t even get eyeballs on it!
Read: 5 ways to improve you rental listing
Step 4: Screen your tenants
Finding the right tenant is essential for a successful rental experience. Before accepting any tenants, you should conduct a thorough screening process. This should include a credit check, employment verification, and references from previous landlords. This will help you ensure that your tenants can afford the rent and are responsible and reliable and is something your letting agents will be able to carry out for you during the tenant find.
Step 5: Sign a lease agreement
Once you have found the right tenant, it's time to sign a lease agreement. A lease agreement is a legal document that outlines the terms and conditions of the rental agreement. It's important to have a clear and concise lease agreement that covers everything from rent payment to maintenance responsibilities. Again, your letting agent can provide you with a bespoke tenancy agreement that covers both the landlord and the tenants so you can be sure nothing important has been missed.
Read: Why landlords use a letting agent
Step 6: Maintain your property
Maintaining your property is essential for keeping your tenants happy and avoiding any legal issues. Make sure that your property is in good condition throughout the rental period. This includes regular maintenance such as cleaning, repairing any damages, and addressing any issues that arise.
Renting out your property for the first time can be a complex process. However, by following these steps, you can ensure the best chance of a successful and stress-free rental experience. Remember to prepare your property, set the right rent, advertise your property in the right manner, screen your tenants, sign a lease agreement, and maintain your property.
If you are a new or experienced landlord looking for professional property management services in Cardiff, our expert lettings team at CPS Homes is here to help. We can discuss your needs in detail and help you find the best solutions for your lifestyle. You can contact us by calling 02920 668585, emailing enquiries@cpshomes.co.uk, or visiting one of our three branches located in Cardiff. Don't hesitate to get in touch with us today!
The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.
