Landlord Guide For Marketing A BTL Property From Start To Finish
This article was written on 24 Jun 2009
Here’s a typical step-by-step explanation of the steps a landlord needs to take in order to get started. Depending on what stage you’re at, you may find your starting point in the middle of the guide.
1. Make sure the property is legal and in working order
- Electrical Safety
- A valid Gas Safety Certificate is in place
- A valid Energy Performance Certificate (EPC) is in place
- Valid Home Insurance policy
- Check that all doors and windows lock properly
- Check that everything you provide with the property is in safe and working order
Aside from the non-obligational procedures that any Landlord with a bit of common sense would perform, it’s important for the landlord to meet all legal obligations. These are all necessary obligations; failing to comply with these could result in prosecution. Here’s a more detailed list of Landlord Obligations / Regulations – The Law
2. Make the property presentable
In this current market, with an oversupply of BTL properties, renters’ are spoilt for choice, so it’s crucial to make your property as appealing as possible, just to help shake off the competition. Special attention is targeted towards the both front and rear garden, and the kitchen and bathroom(s).
3. Know your property
I know this point seems stupid, but it’s amazing how many small, yet important details can slip a landlord’s mind regarding their own property. It’s especially easy when you’re juggling a portfolio of properties. Know the following details:
- What council tax band the property is in
- How much the council tax is
- What day the garbage men do their round
- Which companies are currently supplying the property with gas & electricity, water and the telephone line
A more detailed guide on the issue: Know The Specifics Of Your BTL Property
4. Advertise for free
Take advantage of every website which offers free advertising for vacant BTL properties. Here’s A List Of Free Websites Where Landlords Can Advertise Their BTL
5. Don’t be stubborn- utilise scum
Get one or two local letting agents looking for tenants in case online marketing fails or takes too long. It’s better to pay an agent if it means they’ll produce results quicker. My golden rule is that an empty property is like “landlord cancer”
6. Take viewings
During the viewing be sure to discuss all relevant information:
- Show tenants the Energy Performance Certificate (EPC)
- Discuss how much rent is, and the options of how rent can be paid (What’s The Best Way To Collect Rent? )
- Discuss who is responsible for bills e.g. council tax and utility
- Make it clear when the property is available
- Discuss how long the tenancy is for
- Make it clear that a guarantor is required
- The deposit required
7. Research the prospective Tenants
Once the offers start flowing in, get all the relevant information from each prospective tenant before committing to the deal:
- Current/past employment status
- Rental history
- Reference details from previous Landlords
8. Tenant References
Follow up each reference- call their place of work and their past Landlords.
9. Credit Check
Get a 3rd party to perform credit checks on the rascals.
10. Pick the winner
Use your own intuition based on the references and the face-to-face encounter to determine which tenant is most suitable for the property.
I generally use the following pyramid diagram as a tool for assistance, The Best And Worst Tenants
11. Make Arrangements
Call the lucky applicant and confirm the arrangement. Agree on a moving in date, and arrange a time to meet at the property.
Remind the tenant that the deposit and first month’s rent is required to be paid by move in day. Arrange how the payment will be made. Also, discuss the arrangements for a Tenant Guarantor. Ideally, the Guarantor will sign the agreement before move in day.
12. Prepare the documents
I always use the following documents with every tenancy:
- 2 x Assured Shorthold Tenancy Agreement
- 3 x Tenant Guarantor Form
- 2 x Property Inventory Form
- A copy of the Gas Safety Certificate
13. Meet the Guarantor
Meet and greet the Guarantor so they can fill in the Guarantor Form and sign it. Make sure they’re aware of their responsibilities.
14. Keys
Ensure you have 3 sets of keys to the property. Keep two for yourself and one for your tenant.
15. Make a confirmation call
A few nights before move in day, call the tenant and confirm everything is still as planned.
16. Move in day
Meet the tenant at the property with prepared documents. Don’t hand over keys until the inventory is completed together, the contracts are signed and first month’s rent and security deposit have been paid. Only then hand over keys and allow for their belongings to be moved in.
17. Perform a comprehensive tour
Show the tenant the important specifics:
- Where the fire alarms are located
- Discuss the areas which were revised (point 3)
- Explain how the hot water and heating work
- Explain how any electrical items that come with the property work E.g. white goods
18. Contact details
Exchange contact details so it’s clear which is the best way to get in touch with one another.
19. Content Insurance
Remind the tenant that the building insurance only covers the building and not content. It’s their responsibility to get their content insured.
20. Tenancy Security Deposit
The deposit should be secured in a Tenancy Deposit Protection Scheme with in 14 days of receiving the deposit. Get that shit arranged ASAP!
21. Landlord Insurance
I don’t ALWAYS get Landlord Insurance, but if I do, i’d do it at this point.
22. Building Insurance
Inform building insurance company of new tenants and update their records. Failing to do so could make your policy void!
23. Registering the new arrivals
Instruct the tenant to inform the following that they’re the new residents of the property:
- Council tax Office
- Gas & Electricity company (they’ll also need meter readings at hand)
- Water company (they’ll also need meter readings at hand)
24. Confirm registrations
Check for yourself by calling the council and utility companies that everything has been transferred over correctly.
Got anything to add? Let me know.
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Talk / 7 Comments
Firstly, great site, i have learned a lot from researching here in the past 2 weeks
Regarding Point 16; do you accept cheques on move in day or only cash?
I have a prospective tenant who is meant to be moving in on Sat 4th July
He has twice missed agreed meetings to sign the agreement [i used yours rather than my solicitors] and hand over deposit and sign the standing order mandate
If i accept the cheque, they move in, cheque bounces, am i stuffed?
Thanks
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I wouldn't recommend accepting cheques on move in day, because as you mentioned, they could bounce. If that happens, once tenants move into the property, you'd basically be stuffed. They'll be able to stay there for 2 months without paying rent before you can take legal action!
Kind regards
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Jools
BTW what the F*** is Charlee on?
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I think he's basically saying you should get tenants that already live locally. Right? RIGHT, JOOLS?!?!
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I had a 'full & frank discussion' with the propective DSS tenant today reminding him that i needed AST signed, deposit + advance rent before he even thinks of reversing his hertz rent-a-van onto my drive - turns out that meelado didn't, and never did, have the cash for the deposit - he hadn't even booked the van ffs - what a twat
Still, you live & learn
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