Often Landlords will instruct the agent who values their property the highest. It is important not to be tempted by the highest valuation alone as in many cases the valuation can be exaggerated and this will result in weeks of lost rental income.
We will always try to provide a Landlord with evidence of similar properties recently let or presently available to rent. This, together with our own view on the present rental value of your property, means that our advice will be realistic and reflect the market conditions at any time. It is important to strike a balance between the best price and one that will encourage initial viewings and, above all, ensure that your property is tenanted within the shortest possible time.
Our top priority is to listen to your individual needs, as every Landlord has different requirements and expectations regarding their type of tenant. Our aim is to secure tenants that you will be happy with and who will be suited to your property. This should result in long term tenants providing a regular rental income for you and less rent voids.
Introduction (let only) service.
This would suit an experienced landlord who is happy to manage the property themselves and deal with tenancy related issues throughout the term of the tenancy including maintenance and collecting rent. This service includes:-
Market appraisal – to advice you of the likely rental level of your property.
Marketing particulars – to include photographs and a virtual tour of your property.
Finding your tenant – We advertise on one of the main property portals and our own website providing your property with excellent exposure to the marketplace. In addition to this we offer flexible viewing times, often out of normal business hours, which means we will not miss viewing opportunities from potential tenants who need to view after work. When we have found someone that we feel would be suited to your property we will provide you with full details before proceeding with a tenancy application.
Referencing – When we have approval from you to proceed with a tenancy application we will begin the referencing process. When complete we will send the results of the referencing to you for approval and you will be given the opportunity to meet your potential tenant.
Legal documentation – We will agree the terms of the tenancy with you and the tenant and prepare the tenancy agreement for signature.
Payment from tenants – we will collect from the tenant the first months rent in advance (less any holding deposit already paid) and the damages deposit.
Damages deposit – we will register the damages deposit with TDS Custodial and serve the tenants with the prescribed information.
Payment to you – We will prepare a statement of account and forward the first months rent (less any agreed deductions) to you.
Fully managed service.
This would suit a less experienced landlord who would prefer to have no involvement with any tenant related issues or have any contact with the tenants such as rent collection and maintenance. This service includes everything in our introduction (let only) service plus the following:-
Periodic inspections – We will carry out regular property inspections to ensure that the property is being looked after by your tenants and to identify any maintenance required that has not been reported by the tenants. We will report to you with any issues.
Property maintenance and repairs – We will arrange and oversee any maintenance work required throughout the tenancy. Estimates will be obtained from one of our regular contractors and provided to you for approval.
Tenancy renewal – We will contact the tenants before the tenancy is due to expire and report back to you for instructions. And agree new terms with the tenants. We will then issue the tenancy renewal paperwork to the tenants.
Payment to you – We will collect rent from the tenants as detailed in the tenancy and account to you monthly or quarterly by bank transfer, less our agreed fees and any other deductions.
About ARLA Propertymark
ARLA Propertymark protects and guides consumers, helping tenants and landlords to find and manage their treasured homes. They work to raise professional standards among letting agents from single branch independents to large national groups, promoting education and qualifications within the sector. Any letting agents that are ARLA Propertymark Protected meet higher standards than the law demands and this offers greater protection to consumers.
ARLA evolved into ARLA Propertymark in February 2017, working with sister organisations NAEA Propertymark, ARLA Inventories and Propertymark Qualifications to improve the choices available to consumers. By holding their members accountable and by empowering consumers with knowledge and advice, they protect consumers and their money.
They aim to reassure all of those renting and letting out property that agents who display the Propertymark Protected logo offer better protection for their clients: Client Money Protection, Professional Indemnity insurance, membership of an independent redress scheme. Members are also subject to Propertymark Conduct and Membership Rules and disciplinary procedures with sanctions for those who fall below the expected standards. Anyone using an agent displaying the Propertymark Protected logo will be confident that their agent is guiding them on their property journey.
What makes ARLA Propertymark Protected Members Different?
- Backed by Propertymark Client Money Protection scheme. Details of our Client Money Handling Procedures are covered in the Propertymark Conduct and Membership Rules that can be found at: www.propertymark.co.uk/working-in-the-industry/member-requirements (A hard copy is available on request)
- Experienced and trained professionals required to undertake regular training
- Up to date with complex legislative changes and best practice
- Adhere to nationally recognised Code of Practice
- Submit independently audited accounts to Propertymark annually
- Membership of an independent redress scheme
- Professional indemnity insurance
Gas Safety
The Gas Safety (Installations & Use) regulations 1994. This requires a landlord to ensure that all gas appliances and installations are checked annually by a Gas Safe registered engineer. The tenant must be supplied with a copy of the certificate before the commencement of the tenancy and within 28 days of the certificate being renewed.
Electrical Safety
The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020. This places a continuous duty on landlords in England to maintain their property to the electrical safety standards and to have evidence of this. This means your property must meet the 18th Edition of the Wiring Regulations and you must have a report that shows this from a qualified person. If you are renting out a property in England, any tenancy you create or renew will require a valid electrical inspection condition report (EICR) provided by a qualified person. As a Landlord you are also responsible to ensure that any appliances that you provide for a tenants use are safe. With this in mind we would recommend that you carry out portable appliance testing (PAT) on an annual basis.
Smoke & Carbon Monoxide Alarms
The Smoke and Carbon Monoxide Alarm (Amendment) Regulations 2022 require all landlords of private and social housing to fit a smoke alarm on every floor of their property where there is a room used wholly or partly as living accommodation. In addition to this carbon monoxide alarms must be fitted in rooms with a fixed combustion appliance (excluding gas cookers). We recommend that you also install a heat alarm to kitchens. Any smoke alarms fitted would normally be in the entrance hall and the landings to cover the escape route. All alarms should be interlinked and if there is a cellar in your property we would further recommend that an interlinked smoke alarm is fitted there as it is likely that this may be below the escape route.
Energy Performance Certificates (EPC’s)
The requirement to have a report on the energy efficiency of a property came into force under the provisions of Part 5 of the Housing Act 2004 (section 163 (5) (e)) and implements the Energy Performance of Buildings European Directive 2002. The certificate will last for 10 years, or until a subsequent certificate is produced and a valid certificate is required for rental properties that are marketed from 1st October 2008. In addition to this there is a requirement for any properties rented out in the private rented sector to have a minimum energy performance rating of E on an Energy Performance Certificate (EPC), unless there is an applicable exemption. Furthermore there are Government proposals to introduce further restrictions that will require all existing tenancies to have a minimum EPC rating C by 2025 to be extended to all tenancies by 2028.
Fire Safety
We recommend that you carry out a risk assessment prior to the start of the tenancy to identify all fire related hazards and how these might pose a danger to the Property and its occupants. In addition to the smoke/carbon monoxide/heat alarm requirements and suggestions already mentioned, we would recommend that a fire blanket is fitted to the kitchen, that escape route exit doors have an internal thumb turn fitted where possible to provide a keyless exit in the case of an emergency and that any doors leading onto the escape route should be close fitting solid timber or panelled doors of substantial construction. Lightweight doors and doors with very thin panels should be avoided. An independent fire risk assessment of your property can be arranged upon request. If your property is a HMO, there are likely to be additional fire safety measures that may apply.
Legionella Risk Assessment of Rented Properties
You are required to carry out a risk assessment prior to the start of a tenancy to ensure that exposure to legionella is controlled. An independent Legionella risk assessment of your property can be arranged upon request.
The Furniture & Furnishings (Fire) (Safety) (Amended) Regulations 1993
The above regulations were amended in 1993 and have set new levels of fire resistance for domestic upholstered furniture and furnishings. It is now an offence to ‘supply’ in the course of business any furniture, which does not comply with the regulations. This includes supplying furniture as part of a rented residential property. Any upholstered furniture provided in the property must comply with these regulations. If you cannot be sure that the furniture supplied complies then it should be removed from the property prior to the commencement of the property.
European Standards for safety of Internal Window Blinds
The Standards apply to blinds which have cords or chains fitted with a hazardous loop that could create a danger in premises where there are children aged between 0 and 4 years who are likely to have access or be present. You should check that all cords and chains on blinds at the property are replaced or fitted with a cleat or snap connector or a P-clip.
Tenant's Deposits
A Tenant’s damages deposit is protected under government legislation. We are members of TDS Custodial and we can register and send the deposit to them to hold throughout the tenancy. We will also serve the prescribed information on your behalf to the tenant.
Taxation
you should inform Inland Revenue at your earliest opportunity of any undeclared income you receive as a result of letting your property. If you live abroad for 6 months per year or more, we will only accept instructions if we receive an approval number/exemption letter for you from HMRC that will allow us to pay your rental income without deducting tax. If this applies please advise us as soon as possible so that we can provide you with details of how to apply to HMRC for an approval number/exemption letter.
Property Licensing
Some local authorities have introduced, or are planning to introduce, mandatory licensing schemes in an effort to regulate Landlords and provide better quality rental accommodation and protect tenants. We will be able to advise you if such a scheme has been introduced in your area.
Data Protection
As a Landlord you are required to register with the Information Commissioners Office (ICO) if you handle any personal information regarding your Tenant. If you are unsure of your obligations, please refer to the ICO website.
If you are a first time Landlord this may all seem quite daunting. Do not despair, this is something we deal with on a day to day basis and it is our job to make renting your property as straightforward as possible.
If you require a rental appraisal or just some no obligation advice please complete our contact form, email enquiries@waderesidential.com or phone us on 01277 523358.
