If you are planning to let your property in Bristol anytime soon, there are several handy tips that you have to keep in mind to make the most out of your investment.
Prepare Your Property
First, decide if you prefer to let the property unfurnished or fully furnished. It would be great if you can provide both options since it means that your agent can market this to a bigger audience. When it comes to soft furnishings or decorating, keep things neutral and fresh. A clean and well-maintained property can get the interest of good tenants.
It is also important to ensure the safety of your future tenants, so see to it that a gas safety check is done every year, and put to test every electrical equipment once a year as well. Needless to say, your rental property must also be fitted with functional smoke alarms all over the place.
The law also dictates that you have an energy performance certificate or EPC for your rental property. The estate agent can lend you a helping hand in organizing this. There is no way that you can market your property without this so have it sorted at the soonest time possible. This certificate is valid to up to 10 years.
It is also a great idea for a professional inventory to be conducted at the beginning and end of every tenancy. Again, your estate agent can handle this job for you. This can help a lot should there be any disputes that arise once your tenant moves out.
Dealing with the Tenants
It is important for you to keep an open mind regarding your potential tenants. Never set any unrealistic expectations since this will only narrow down your target market. You must also not become too emotionally attached to your property as well because it will be harder to let go of something that you love. As much as possible, it is better to distance yourself from the entire process.
Your potential tenants may also try negotiating the price. Depending on what the tenant offers, it would be worth it if you can weigh whether if the price you like is worthy to hold out for, or if you will be better off if you just accept the offer, and lessen the amount of time your property is empty without giving you any money. It will be worth it to listen to the advice of your estate agent.
Level of Service You Expect from Your Estate Agent
Finally, you have to figure out how involve your estate agent will be in the process. Do you prefer him to handle the task of looking for a tenant and doing all security checks? Or, do you prefer him to look after the ongoing collection of rent and management of the property? Of course, expect that there will be an extra cost for such an ongoing involvement of the agent, but it will save you from the hassle in the future.