Top 5 Tips for Landlords
Date : 04 July 2010
1. Your property for rent should be well presented and cleaned to a professional standard. We advise that you paint and decorate in neutral colours as this is ideal to the London lettings market. If the property is not currently tenanted, you might consider Knight Frank’s Vacant Property Management service, in which we ensure utility bills are paid, the property is cared for professionally and post is regularly picked up whilst the property is empty.
2. Speak to Knight Frank about the best time of year to let your property. In some areas, the school year start dates are crucial knowledge for landlords. You’ll need to ensure that your rental property is ready and on the market in time for tenants who wish to enrol children at local schools. In other areas, we are aware that corporate tenants only move at certain times of the year. It’s important to ensure that you know about currents in your area that affect the property market. Ask your local Knight Frank office about current trends in your local area.
3. Ensure that your property for rent has a valid Energy Performance Certificate, so that you can present it to Knight Frank in order that we might advertise your property as soon as we receive your instruction. The EU directive 2002/91/EC states, with regard to rental properties, that your EPC is valid for 10 years from the date of production of the first certificate. Your local Knight Frank office can arrange an Energy Performance Certificate for you, but the process will be speedier if you are able to present us with a valid Certificate.
4. Ask your local Knight Frank office to value your property to let for an estimate of the rental value that might be achieved. Knight Frank are happy to provide comparables for recently let properties in your area to ensure that the rental price set is realistic. We know that it is tempting to ask for high rents from tenants however, setting the rental level too high will mean that it will take longer for you to find a tenant and as a result, your void period will be longer. Look at properties in your area on the Knight Frank global property search to see what rental amount other properties might achieve.
5. When a Knight Frank agent visits for a property valuation, it is worth mentioning additional features about your house or flat that are not immediately visible. The more information we have about your property to write a description, the more unique your property will sound. This should ensure that tenants will be interested in contacting us to view your property.