Mastering The Art of Conducting Rental Viewings

admin    Landlords    

You have the perfect rental property. You know it’s going to move quickly of the market. You price it competitively, you write up a beautiful ad description –nothing. No signed leases. What happened?

The problem may be with your viewings, not your property rental. When potential tenants come into your unit, they are looking for a home, not a rental. This is the most vital piece of information a landlord can take out of
this entire article – make it your home.

Before your potential tenant arrives, ask yourself these questions, and answer them honestly, to get your house from “for rent” to “let.”

1)     Would I want to live here in the rental property?

I know this sounds subjective; after all, it’s your house right? Stand outside
of your home for a minute and picture your house from an outsider’s perspective. Is the exterior clean? Are there cracks in the cement or driveway?
Is the lawn kept nicely or are there weeds scattered throughout? These are the
first impressions a home will give to anyone interested in letting your property. Make sure the home is presentable on the outside, to get the tenant past your front door.

2)     Is the rental home clean?

I know – you’re renting it, it doesn’t have to be perfect, right? Wrong. Tenants are looking for the perfect place to rest their feet at night and you need to help them get that mental image. If your rental flat is a family place, consider having a neat stack of children’s books (yes, even if you don’t have children) on the coffee table. Try setting the rental home up to match a magazine shoot. Style is everything to potential clients, and they need to see that the home can work for what they need. Keep the lines clean, normal size furniture, and remove all clutter (I know you love your teaspoon collection on the walls, but limit them to say 30 instead of the full 200.)

3)     Is it dated?

Check the light fixtures and appliances in the rental home. Chances are if they’re from the last decade, it may be worth your time to upgrade them – especially if you are planning to charge utilities. Simple things like a new light fixture in the bedrooms can do wonders for the overall feel of the house, and at a relatively low cost to change them, it’s something almost every new landlord
can do.

Once your rental home is set up for viewings, make sure to make the potential tenants feel invited and welcome. Smile, laugh and socialize with them, make them feel as though you’ve known them for years. Your rental home isn’t the only thing they’re signing up for, they’re also signing up for you as their landlord.

Tenancy Agreements — Know Your Rights

admin    Landlords, Real Estate, Tenants     landlord responsibilities, letting agreement, tenancy agreements, tenant rights

When first moving into a new flat or rental unit, the excitement can be over-whelming. While this is always a good sign, it is always important to know and remember your rights as a tenant, should you need to exercise them in the event of a problem during the letting period. Likewise, as a landlord it is equally important to know and understand what the rights of both you and your tenants, should there be an issue down the road.

Insurance is the first right both the tenant and the landlord share equally. On the landlord side, maintaining adequate insurance on the rental property is the utmost important way to secure your investment, in the event of an accident. This means, while the tenant is living there, should a fire, flood arson etc. happen, your physical home is covered. Always check with an insurance agent about proper coverage for your unit. A tenant should always secure insurance on a rental property prior to moving in, for the same reasons. Should there be an accident or incident in the home, many times a landlords insurance will not cover your own private property (think you bed,television, computer or kitchen appliances.)

Rental upkeep is yet another common right both landlords and tenants share equally. In the event of repairs being needed on the rental unit, it is the landlords responsibility to make sure they are made in an orderly and prompt fashion. In order to notify the owner of such needed repairs, they are expected to provide accurate and current contact information to the tenant.

As a property owner, you have the right to ensure your property is being treated properly (not damaged or used for malicious purposes) and as such, you are entitled to enter the property after giving the tenant 24 hours notice.

In regards to monetary amounts, a landlord must put the rental deposit in trust immediately after approving the lease (see rental deposits for more information) and ensure the amount is returned promptly within 30 days of the lease being terminated. In the event of needed repairs, property owners need to justify withholding any monies from the tenant. Likewise, a landlord also has the right to collect any past due rent or arrears from the tenant. A landlord may visit their tenant at any time to request the amounts in full.

Subject to not receiving any compensation, a landlord also has the right to remove any tenant from their property (only following proper legal actions.)

Knowing and respecting tenancy rights is both a landlord and tenants responsibility meant to be shared equally. Knowing these rights can save hours of frustration down the road, should a problem arise.

Types Of Letting Agreements

admin    Tenants     letting agreement, property rental, rental home, rental property

There are two basic letting agreements regarding letting a flat or house.  Both agreements are legally binding and should be determined by how long the unit is needed for.  No matter which letting agreement is settled on, both parties should investigate all legal documents needing to be signed to protect themselves should a problem arise.

One of the letting agreements is called, Assured Shorthold. This agreement has to be for a minimum of six months without an increase in the rental amount during this time. At no time can a landlord evict a tenant before the end of the binding letting agreement, unless there is a court order and just cause.   After the term has expired, the tenant can be asked to leave.

The second letting agreement is called, Assured Tenancy. This agreement is a more secure rental when needing housing for a longer period of time.  The landlord can not evict the tenant before the expiry of the letting agreement unless there is eviction grounds filed with a court.  If a tenant receives a notice to vacate the property, it is advised to seek legal advice immediately.  Whether the flat or house is left unoccupied by the tenant before the end of the agreement, the tenant is still liable for the rent.  There is an option of subletting the flat to another occupant, however, the landlord must approve of this change in occupancy, therefore ending the agreement.

If a tenant is not sure which letting agreement is best suited for them, it is best to investigate each agreement before signing it.  If there are going to be joint or multiple occupants in one flat or house, and the agreement states, jointly or severally liable, than all tenants are responsible for the rent and any damage charges if one or all the tenants vacate the flat or house.

Once the flat has been agreed on, a tenant should agree with an inventory and schedule of condition with the landlord.  This letting agreement can be done by either party and should be signed by both parties at the beginning and end of each let cycle. An inventory and schedule of contents states the contents in the house or flat along with the cleanliness, decoration and damage, if any, of the unit.  This assures the tenant will not be charged or be held responsible for existing damage.  It also assures the landlord the state of the flat is in good working order.

Knowing what each letting agreement entails are imperative before signing any legal document.  Moving can be a stressful situation on its own, let alone, having the added stress of having to leave the flat or house at an unwanted time.