Landlord Process


1Accurate valuation

At the start of the letting process you need to make sure that you know what is the achievable rental value of your property. This is determined by the location of your property, the number of bedrooms, any local services and amenities, the property’s cosmetic appearance and overall condition.

The Real Property Experts will advise you on the most favourable and realistic rental value factoring in the market's current status.

Once you have your valuations, you can use our yield calculator to find out the annual rental yield you receive from your investment property.

2Consider Property Management

Managing a rental property yourself comes with its own set of challenges. It is possible to oversee the process provided that you live locally, have responsible tenants and the property is in excellent condition. In addition there are substantial legal obligations you as a landlord have to comply with, creating sizable amounts of administrative work. 

Dealing with unforeseen eventualities like boilers breaking down to a tenant losing their job, management work can create a significant amount of hassle and stress.

Here at The Real Property Experts we have a proven track record of managing rental properties for our clients with great success. Let us help you and ensure you are protected in every way and take care of the day to day work involved in letting your property.

3Preparing your property for tenancy

As the landlord, you need to make a decision on whether you will let your property be furnished or unfurnished. While a well furnished property will attract higher rents, in the long run you will have to absorb the cost of replacing the furnishings due to natural wear and tear. 
The Real Property Experts recommend that the landlord provides white goods, such as washing machine, cooker and fridge/freezer  as a minimum if letting the property unfurnished.

Landlords need to prepare to place any surplus furniture into storage if the tenants don't want them in the property.

4Marketing your property

Our agents employ a range of marketing tools to ensure your property gets all the attention it deserves.The Real Property Experts can display your property on websites such as Rightmove, Zoopla, and On the Market through our connections. 

We use our window to attract walk-in prospects in addition to the numerous highly visible and strategically placed “To Let” boards in the area. 

By choosing The Real Property Experts to manage your property,  we can ensure that your listing will receive maximum publicity using a combination of these methods, reinforced by daily contact with pre-vetted prospective tenants from our database.

5Receiving an offer

Following an offer from prospective tenants, we provide you with an information pack containing all their details. Our agents at The Real Property Experts will check their current situation, employment status, who intends to move in and for how long.  The decision is up to you as the landlord whether you wish to proceed and accept their offer or not. If you refuse the offer, viewings will resume until a suitable tenant is found.

6Offer agreed

Once you as the landlord have accepted an offer, The Real Property Experts will go ahead and ask for a holding deposit from the applicants and ask them to visit the office with their Right to Rent ID which will be checked and copied. We will also start the referencing process to check the tenant’s identity, place of work, earnings, and credit history. Meanwhile, we will postpone any viewing until all checks have been completed.

7References checked

 

The Real Property Experts use an independent referencing company to report suitability and creditworthiness, including payment history on any previous lending and any adverse credit. Prospective tenants’ identity is also verified, as is their right to live and work in the UK. We will contact their previous landlords to provide us with a reference on their last contract. We compile information from various sources such as Experian and Equifax into a report that indicates whether they have passed or failed. Our experts will advise you based on the report as to the suitability of a tenant.

 

8Move In Monies taken and agreement signed

Following the detailed checks, The Real Property Experts will arrange for the tenancy agreement to be drawn up and signed by all parties. Tenants are asked to pay the agreed security deposit and rent. Once we receive the funds, our agents will hand over the keys and the move-in process will begin. 

Following government guidelines, all deposits are protected in Government approved deposit scheme.

9Move In Date

Before the tenant moves into the property, it is advised that an inventory/ Schedule of Condition process is carried out. This is to note the cosmetic condition and content of the letting. Good quality photographs for future reference should support this descriptive information.

Depending on whether an inventory was taken, the clerk will meet the tenant at the property to conduct the check-in process. Meter reading will be taken, and the keys will be photographed and then handed to the tenant. If you have chosen to have the property managed by The Real Property Experts, we will also retain a set of keys at our office.

Within a week, we will send the tenants the inventory documents to agree and sign with any amendments.

Valuation

The Real Property Experts are pleased to give you an authoritative appraisal of the value of your property and the appropriate asking price for sale using all our experience and understanding of London’s micro markets, history and buyers expectations. Should you require a formal valuation for legal or taxation purposes we can refer you to a RICS registered surveyor.

Area Guides

Please click on the links to guide you through London prime residential areas.

Experience

The Real Property Experts have been serving Marylebone and surrounding areas for over ten years and our staff have almost 50 years combined experience in sales and letting in Central London.

Results

The Real Property Experts always work hard to maintain our excellent levels of customer service - check out our positive reviews from vendors , landlords , buyers and tenants.

Featured Properties

Fees

Refundable Holding deposit

Capped at 1 weeks rent

Security Deposit

Capped at 5 weeks rent for annual rental under £50,000, or 6 weeks rent for annual rental over £50,000

Rent

The agreed monthly rent

Changes to tenancy

Capped at £50 inc VAT

Early termination charge

Not exceeding the landlord’s financial losses

Late payment of rent

Interest of 3% above BoE base rate for each day the rent is late, once it is 14 days overdue

Replacement keys

Reasonable costs or give the tenant the option to purchase themselves

Utilities, council tax, communication services, TV Licence etc

Tenants own responsibility unless otherwise stated in contract

Client Money Protection Scheme Membership details

The law requires your membership details

Property Redress Scheme Membership details

The law requires your membership details