5 tips for first time landlords

As we continue to experience low interest rates in the UK, increasing numbers of individuals are investing in property as a sensible way to provide an additional income in later life.

If you’re thinking about renting out a property for the first time, Pace Lettings Manager Marcus James offers these 5 useful tips as you get started:

1: Make sure your property is in excellent condition

Potential tenants looking for houses to rent in Southend expect certain standards. A well-maintained and clean home will not only increase the likelihood of finding a tenant quickly, but it will also allow you to charge a higher rental price. Make sure all rooms are freshly painted in neutral colours. Have the electrics and plumbing checked by a professional tradesman; fix any leaks and make sure light bulbs work. Install smoke detectors, fire extinguishers and install a carbon monoxide detector if the house does not already have one. Tidy the garden or any outside space you have, including sheds or garages.

2: Notify your accountant

Call your accountant or financial advisor to let them know you are planning to rent out a property. They will be able to offer you helpful tax advice and could save you time and money at a later date.

3: Organise insurance

Before any tenants move in to your property, you must have specific insurance for a rental home. Research the options and consider additional liability cover if necessary.

4: Determine who is going to manage the property

Many letting agents also manage rental properties on behalf of landlords. Companies either charge a percentage of the monthly rent for their services or a fixed fee, but they are then responsible for everything from collecting rent to managing repairs. Many will also help find tenants for an additional cost.

5: Decide on the rent

There are multiple websites and online tools that could help you determine a rough rental value for your property. However, nothing will beat the advice offered by a professional lettings agent who will know the local market around the Southend area. Choose an agent who is a member of a professional trade association such ARLA (The Association of Residential Lettings Agents) which will ensure they abide by specific rules of conduct and should give you practical and accurate advice.

Becoming a landlord can be both challenging and exciting. If you are considering becoming a private landlord in Southend-on-Sea or the surrounding areas, visit www.paceplc.co.uk, email landlords@paceplc.co.uk or call 01702 445 600for a free, no obligation chat.

 

Posted by Marcus James; Lettings Manager at Pace Plc, family-owned independent Estate Agents in Southend-on Sea.


Marcus James is Lettings Manager at Pace Plc, an independent Southend on Sea Letting Agent. He deals with every aspect of the property letting process, providing expert and candid advice together with tailor-made marketing plans for each property he lists for rental.

Marcus prides himself on ensuring our landlord clients get the best return in the right timeframe for their investments by conducting rental appraisals, letting viewings and oversees the running of the lettings department.



Pace Property Lettings & Management Ltd
   
South Essex Landlords and Property Investor Network
   
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Pace Sales

 

"I am a landlady with many properties and have dealt with Pace for about 10 years. Marcus is very friendly, honest, efficient and helpful and has made my letting experience extremely easy always finding me suitable tenants. I have nothing but praise for Marcus who has been with Pace many years.

Mary R

After renovating a block of 21 flats to place into our rental portfolio we instructed PACE and gave them two weeks to let all the units on a sole agency basis. They marketed the flats for a week and conducted a strict open house event on the following Sunday for 4 hours. Within this slot 15 flats were let with the remainder let the following week.

The Director of Runwood Homes

As a landlord with multiple HMO properties, I have employed the services of PACE for a number of years now as they ensure I have my required specification of tenant placed in all my rooms. I only let rooms to employed applicants and very much favour their opening hours as this attracts and accommodates the right people.

Johnathon Simons HMO Landlord

Sara is my dedicated property manager and has been for some time. I have always found Sara to be a very professional member of staff. Sara always keeps me informed and provides regular visit reports, which is important for any landlord. Sara deals with any problem that befalls her, contacting me if she needs to. Sara will discuss any problem and invariably come to a solution.

Raymond Durrant – multi property landlord

The staff are always friendly and helpful, my special thanks to Sara, we have built a very special rapport and I feel very comfortable phoning if I need anything. I feel very happy that I have one person to deal with all of my issues.

Evelin Jenkins - Tenant

We cannot stress how much we appreciate having a dedicated property manager for our properties. We live 350 miles away and also spend a great deal of the winter out of the country. To be able to phone our manager who understands our properties and how we operate is for us complete peace of mind.

Peter and Maureen Mason – Multi property landlords

I was extremely thankful I chose PACE to conduct the sale of my property and extremely grateful to Sue Mellor who worked very hard to ensure a smooth transaction. She was most knowledgeable and professional throughout, always reachable and approachable. She was able to answer all the questions I posed.

Yvonne White

I've recently purchased a property with the help of Pace. I found the staff extremely helpful and friendly. My first contact was Katie, she showed me around the property and liaised with the vendor. After, I dealt mostly with Sue Mellor. She was very knowledgeable and helpful. She kept me informed throughout the process and was the first to congratulate me on completion.

Roni Miller

I just thought I'd drop you a line about Adele Moore who is managing my flat. Adele is doing a great job and is a credit to Pace. She has done, and continues to do, exactly what she says she will do and as a customer that is exactly what I want. Adele doesn't take things at face value and investigates things when she needs to, again a thing that clients will prize.

Tony Mihill - Landlord

Thank you to the team at PACE for firstly providing excellent property management services over many years and secondly for helping me to sell my property recently.

All your hard work has been very much appreciated. Special mentions to Sara, Amy, Sue and Billy for their friendly and professional service!

Charlotte, (Property Management & Seller)