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Landlord Guide To Marketing A BTL Property From Start To Finish

04 Sep 2009

This flow chart shows the typical steps new landlords take to find tenants, and displays the routes/options available, highlighting the pros and & cons of each route. Bear in mind, some of the steps are legal requirements!

If anyone disagrees with this chart, or believes it can be improved, please let me know, and I’ll happily update the content accordingly.

1

Legal

Ensure property is legal:
Legal Image

Cheap* / Gain experience*

Independent

Contact appropriate service providers and get quotes

Expensive / Lazy option

Letting agent

Instruct letting agent to arrange everything

2

Presentation

Ensure property is presentable:
  • Clean walls, carpets & surfaces
  • Uncluttered rooms
  • Clean/tidy front & back garden
Presentation Image

Cheap* / Time Consuming / Gain experience*

Independent

Do all the work yourself

Cheap* / Quick* / Gain experience*

Friends & family

Get friends and family to help

Expensive / Lazy option / Quick* / Professional*

Professionals

Employ labourers / cleaners

3

Knowledge

Know relevant details so you can pass details onto agent and/or tenant
  • Council tax band & cost
  • Garbage day collection
  • Current water, gas & electricity supplier
Knowledge Image
4

Marketing

Time to find tenants:
  • Local newspapers
  • Property websites
  • Shop windows
Marketing Image

Cheap* / Gain experience*

Independent
Market your property yourself- use local news papers and websites dedicated to help landlords find tenants

Expensive / Lazy option / Quick* / Professional*

Letting agent
Instruct local letting agent(s) to find tenants. Agents provide many levels of service, so choose the package which best suits.

At this point, depending on which service you choose, you may NEVER have any interaction with your future tenants
5

Viewings

All applicants should be given an opportunity to view the property at arranged times
Viewings Image

Cheap* / Gain experience*

Independent
Demonstrate a clear tour of the property yourself, highlighting all the features. Discuss all relevant details:
  • How much rent is
  • When property is available
  • Tenancy T&C's
  • Requirement of Gaurantor

Expensive / Lazy option / Professional* / Experienced*

Letting agent

Instruct local letting agent(s) to take viewings. During the viewings, the agent should inform prospective tenant of all relevant details.

6

Research prospectives

You've received interest, but before accepting offers, investigate details of prospectives
Research prospectives Image

Your responsbility
Contact your prospectives and ask questions that will give you an insight on their financial situation. For example:
  • Current/past employment status
  • Rental history
  • Reference details from previous Landlords

Agents' responsbility
Your agent should have gathered details from prospevtives regarding their financial situation. Contacta gent and gather the information. For example:
  • Current/past employment status
  • Rental history
  • Reference details from previous Landlords
7

References

Chase up all those references from your tenants to confirm legitimacy and suitability
References Image

Your responsbility

Phone any references from employers and previous/current landlords

Agents' responsbility

Your agent should have made contact with the references. Discuss the feedback your agent received. You may want to chase references for yourself to ensure there's no foul play

8

Credit Check

Check if your prospective has a sound credit rating, to maximize your own security
Credit Check Image

Your responsbility
Use a credit check service

Agents' responsbility

Your agent should perform credit checks on the prospective tenants, it's common practice for them

9

Pick Tenant

Regardless of whether it's you or an agent doing all the leg work, it's still ultimately YOUR property and therefore YOUR responsbility to pick the most suitable tenant.

You can decline any prospective your agent finds.
Pick Tenant Image
10

Discuss details

You or agent should contact the lucky prospective to discuss:
  • Move in date
  • Guarantor arrangement
  • 1st month's rent and security deposit
Discuss details Image
11

Documents

The following documents should be prepared:
Documents Image

Cheap*

Your responsbility

You can easily gain access to all the required contracts for free or for a small fee. However, make sure they are legal.

Expensive / Lazy option / Professional* / Easy route

Agents' responsbility

Agents can arrange all the appropriate documentations

12

Gaurantor

Your tenant is required (for safety reasons) to arrange a Gaurantor. It is your responsbility to ensure they are appropriate e.g. is financially secure
Gaurantor Image

Cheap*

Your responsbility
Meet and greet the Guarantor so they can fill in the Guarantor Form and sign it. Make sure they're aware of their responsibilities.

Expensive / Lazy option

Agents' responsbility

Your agent should meet the Guarantor and give you feedback on the Guarntor's circumstances.

If you think Gaurantor is suitable, agent will ensure they fill in the appropriate forms.

13

Keys

Ensure you have 3 sets of keys to the property. Keep two for yourself and one for your tenant.
Keys Image
14

Tenant moves in

This is the day you have been waiting for- occupied property.
Tenant moves in Image

Cheap*

Your responsbility
Meet tenant at the property with prepared documents. Don't dispense keys until the inventory is complete, contracts are signed and first month's rent and security deposit have been paid. Only then dispense keys and allow for their belongings to be moved in.

Show the tenant the important specifics:
  • Fire alarm(s)
  • How the boiler operates
  • Electrics / operation of white goods

Expensive / Lazy option

Agents' responsbility

Tenant will typically collect keys from agent. Before passing keys over, agent should ensure everything is in place- deposit paid, 1st month's rent paid, inventory complete and contracts signed.

15

Deposit

It is the landlord's responsbility to ensure deposits are secured into a scheme. Your agent may receive the deposit & secure deposit on your behalf, but you need to ensure it has been done.
Deposit Image
16

Insurance

Inform building insurance company of new tenants and update their records. Failing to do so could make your policy void!
Insurance Image
17

Registration

As soon as tenant moves in, they should inform the following that they're the new residents of the property:
  • Council tax Office
  • Gas & Electricity company
  • Water company
  • Telephone company
Registration Image

Cheap*

Your responsbility

Check for yourself by calling the council and utility companies that everything has been transferred over correctly.

Expensive / Lazy option / Unrealiable

Agents' responsbility

Get your agent to check and confirm that everything has been transferred. You want to double check yourself.

18

Optionals

Options you may want to consider:
  • Landlord rental Insurance
  • Sign up to a Landlord Association
Optionals Image

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