Guide to Letting Property

We created the Lettings Made Simple guide to help landlords feel more confident when it comes to renting their property.

Being a landlord carries many legal obligations and responsibilities, and we want you to feel informed, confident, and comfortable with the letting process.

We’ve been involved in the local property market since 2003. From our office in Rhuddlan, we’ve helped hundreds of landlords rent their properties successfully. It’s a privilege to be able to do so and one that we do not take for granted – ever.

Seven Things to Consider When Choosing a Letting Agent

Here are seven things to consider before you instruct a letting agent to market and possibly manage your property.

1) Firstly, do they hold a licence under Rent Smart Wales? You can check this on the RSW register along with how long they have held the licence for.

2) Do they have a track record in renting properties like yours? Ask for evidence of properties similar to yours that they have let and achieved a good monthly rent on.

3) Do they have client testimonials? A good agent will always have landlords and tenants who will vouch for them or who have positively reviewed them, check out our reviews on google, we have over 150 5 star ratings.

4) Do you like them? You’ll be working closely with the agent you choose, so it’s important that you like and trust them. If in doubt, go with your instinct.

5) Fees and costs. Remember the old saying, ‘If you pay peanuts you get monkeys’? Well, it’s never truer than in the world of letting agencies. Those agents who offer very low fees are often desperate for business. These rock-bottom commission fees are often at the cost of you receiving the service and care you deserve.

6) Where do they advertise their properties? Most tenants begin their search on the internet. So, ask the agents which portals they advertise on. It’s also worth asking an agency how its marketing strategy differs from its competitors to attract the best tenants. Ask, ‘What makes your agency stand out from the crowd?’

7) Are the agents experienced experts in the legal compliance of managing / letting a property? Therefore avoiding any potential ramifications for noncompliance / negligence that you, as the landlord, may have to face.

The Stepping Stones to a Successful Letting

1) Get Valuations We suggest calling in three different agencies to help you determine a realistic rental value

2) Choosing an Agent Look out for experience, integrity, and proven success.

3) Marketing Matters How and where your property is marketed contributes greatly to your rental success. We use many different platforms to attract viewers to your property. The more interest there is means you can receive higher rents and benefit from a bigger selection of tenants to choose from.

4) Presentation, Presentation, Presentation If you want to attract quality tenants at the best price, it’s imperative that your property is clean, well maintained, and nicely presented.

5) Offers Once quality tenants have been found and the rental price agreed, we will carry out all the necessary work including: Collecting references, arranging tenancy agreements, collecting the initial deposit and rent, and arranging for a thorough check in and inventory.

6) Completion Once all the above has been carried out and is in full order, you can release the keys to your new tenant.

7) Property Management We offer different tiers of service. From let only, where we will find you a quality tenant and carry out the introductory work, right through to full property management. This means you can sit back and relax knowing that we’re taking care of everything. Having your property fully managed means we take care of arranging pretty much everything, including collecting rents, arranging safety checks, and ensuring maintenance and repairs are undertaken promptly and professionally.

Being a landlord is a responsible role and carries hundreds of legal obligations. Below is a brief summary of just some of the maze of laws and regulations.*

1) Contents to let Do you have permission from your mortgage lender to let the property? Does your building's insurer know the property is let out and are you adequately covered? If the property is leasehold, have you gained the necessary leasehold consents?

2) Compulsory landlord registration in Wales Since 23 November 2015, all landlords with privately rented property let out on a domestic tenancy in Wales are legally required to register with Rent Smart Wales in order to comply with the law.

3) Occupation Contracts Tenancy agreements have been replaced with occupation contracts to provide ease and greater security.

4) Smoke and Carbon Monoxide Alarm Properties built after 1992 must have mains wired smoke alarms on each floor. It’s a legal requirement that landlords provide at least one battery operated smoke alarm per floor and where there is a solid fuel appliance, carbon monoxide alarms must also be installed in the property. Don’t forget to make sure they are installed in the appropriate places within the home.

5) Gas Safety Every gas appliance must be checked by a certified Gas Safe engineer before a tenant moves in and annually thereafter.

6) Electrical Safety The electrical wiring in the rented property must be checked by a qualified and certified NICEIC electrician annually to verify its safety.

7) Energy Performance Certificate As a landlord, your property must have one of these certificates assessing its energy performance.

8) All rental income from property in the UK is taxable If you are unsure of your liabilities, we recommend you contact a specialist tax accountant.

9) Tenancy Deposit Scheme Tenant’s deposit should be registered with a recognised deposit protection scheme.

Other rules and regulations to consider include: Deposit Handling Requirements - Fire Safety Measures, The Tenant Fee Ban - Furniture and Furnishings Fire Regulations.

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