I want to rent my property. How and where do i start ?

If your property is located in the UK there are 2 options:-

1) Use a letting agent, basically they just find you somebody and will charge 8-15% thereafter. They are a useful initial check on expected achievable rents, before you buy.

2) DIY, using websites such as `fish4homes' or `landlord-zone', I found that this could work well as long as you use the standard shorthold tenancy agreement. It is probably worth it to pay the Solicitors fee and get it witnessed.

I do my own management and sometimes I do get a call at 10 past stupid-o-clock that......"the roofs leaking!".However as long as you have reliable plumbers that you can call on.......and definitely NOT!! the Yellow Pages or Thomson advertisers (all charge astronomic prices and merely remove the emergency situation)....then you should be able to cope OK without using letting agents.

Another thing....I usually give the saving on the letting agents fees partly back to the tenant by charging them less than market `rack rent'. But, I guess that depends on whether you have a longer term view of letting out?

If you have not yet purchased your B2L flat, then start by making sure it has good amenity....like a nearby, late opening, mini supermarket and multiple bus routes, or alternatively, main train/tube station nearby. I tend to favour flats over shops as they usually possess these qualities.

You are clearly not buying your dream home, but for investment purpose, therefore a flat above a shop with (say) 65 years remaining on the lease will allow you to buy cheaper (sometimes much cheaper) as long as you check out through your conveyancing solicitor regarding the level of services charges, headlease (if any); headleases are going to make raising any future mortgage on the flat more difficult. Its also important to find out at this stage the cost of a future extension/renewal of the lease to (say) 125 years before committing to purchase.

My rule of thumb is .....would I consider living in the flat myself?....if the answer is no, then probably your tenant won't either and you lose out on achieving those longer term tenancies that should reduce your management costs.

Who are you? I'm both living and letting out in greater London. If you are looking for a letting agent in this area then I would be happy quote you for this service, although I'd like to point out that, hitherto, its not been my `day job' /general business, I've just looked to managing my own B2L over the last 10 years. Its been my personal pension scheme and also an adventure.......which I really quite enjoy doing......hope this helps, good luck!
Regards Brightspell
www.moreinfo247.com/8821255/free

The best place to start is a property management company. They have the experience and time to do background checks on tenants they find for you and get the deposit and rent for you too. They also take care of repairs if their valid, if it's damage done by a tenant then they charge the tenant and also collect late fees for you. Tenants like the idea of not knowing or dealing with the owner and it has a better effect. Eviction will occur at their expense since they found the tenant if they become a problem. Usually their fees are 10% so if you find a company and they answer yes to these questions than you'll do well but your tenants will depend on the neighborhood and house. Good luck to you.

Just be as dodgy as possible and you will survive I have done it and built up a portfolio of 3flats in Canary Wharf and rent out to young Investment bankers, also 2 Terrace houses within inner London to rent to uni students and immigrants and high prices.

I am a tycoon try my strategy

I would go to a profesional letting agency the law is a mine field with rules and regulations I mean if you are brave you could approach the social Security but you could have the right to vet people

Please be careful. I have three different friends who have done this in recent years and all wish they hadn't. One had a tenant who trashed the place, one had a tenant who didn't pay rent and it took her months to get him out, and the third found the place absolutely filthy after the tenant left.

You may be better doing it through an agency.

Good luck

There are two way of doing this
(1) put a advert in the local paper
2 Use a relieable rental agency or estate agent
make sure that the people who are going to rent your premises give you a reference
John Hamer

How do I go about renting out my flat.

Depends on where your property is? there are different ways of going about it, you can contact me separately for free advice

advertising it is always a good start!
Decorate in neutral colours to attract the most interest
go down to your local lettings agencies

call into the estate agents letting department and go on from there if their fees are OK search around before you decide

Talk to your accountant to find you details what steps you should take. Or advertise in a newspaper, but also it would be good you trust someone, just in case you get a killer in your own home without knowing his backround.

talk to a solicitor and your accountant to organise everything before going to see a rental agency.

the agency will advertise for you, and arrange the viewings then they will organise the payments of your rent.

you will have an administration charge every month for the agency.

you could always do it privately and just stick an add in the local paper or shop windows, but always make sure you and your solicitor have made a binding lease!

good luck

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