Renting out your home or your buy to let property can be a very daunting experience. However by following these simple steps we will address any fears or worries that you may have.
Step 1: Free No Obligation Valuation
Call or visit the office to arrange the best time for us to come to your property. Our staff have unrivalled knowledge of the local area and lettings market. We will put your mind completely at ease whilst renting your home.
Step 2: Choosing your Package
We offer a range of packages and prices that can be tailored to each individual landlord. We offer advertise only, let only and a fully managed service.
Step 3: Preparing Your Home
Whether it is your own home or your investment, first impressions are vital for a successful let. Begin with addressing the small snagging jobs you’ve been meaning to do and present the property at its best. There is an abundance of rental properties available and prospective tenants will immediately discard the properties that they don’t like from first impressions. For overseas landlords, we will be your eyes and ears and ensure that every viewing maximizes the chances of achieving a deposit payment.
Step 4: Accompanied Viewings
All our viewings are accompanied and our staff are happy to accommodate early or late night viewings and weekends so not to miss out on any opportunities to rent your property. A prospective tenant may put an offer forward to the landlord; this could be a reduction in rent or work done in lieu of rent reduction (e.g. walls redecorated). We will contact the landlord and attempt to broker a deal which satisfies both landlord and tenant.
Step 5: Securing the Property
If the tenant wants to secure the property they will be required to complete our application form and pay a deposit which is equivalent to one week’s rent and this will secure the property for up to 15 calendar days. This allows us to complete all the necessary reference checks and paperwork and for the tenant to give the required notice on their current property. We will always aim to move the tenant into the property as soon as possible to reduce any void periods.
Step 6: Referencing
Our aim is not only to just attain the highest rent possible but also to ensure that the tenant is suitable to rent that property. A property is likely to be the landlords’ largest asset they own or invest in and our advice is always to wait for the right tenant. It is better to have the property empty for longer than place a tenant into a property that is not suitable.
We are extremely stringent with the requirements that have to be met by tenants.
This is the criteria which needs to be met:
REGENCY ESTATES REQUIRE FOR EACH TENANT OVER 18 LIVING AT THE PROPERTY:
- Application form – fully completed and signed
- Employment reference supplied on letter headed paper
- Wage slips – 3 most recent
(If unemployed/ self-employed/part time/ please supply proof of income: accounts/bank statement/ benefits letter/ tax credit awards)
- Bank Statements (minimum of 3 months)
- Photographic ID (passport/driving license)
- Proof of present address
- Credit Checks – these are undertaken for all tenants
GUARANTOR APPLICATION to be fully completed and signed
- Photographic ID of the guarantor
- Proof the guarantor owns his own property in UK or Wales (mortgage statement or buildings insurance). We will sometimes accept a working guarantor but this is subject to landlord approval.
Once we are happy they have met all the requirements we will contact you to let you know the agreed moving in date for the tenant.
Step 7: Compliance With All Requirements
Before a tenant moves in there are a number of safety requirements that need to be met:
Gas Safety Check
The Gas Safety Regulations 1998 require that all gas appliances are inspected and checked to ensure they comply with all regulations. A Gas Safe registered engineer must complete them annually.
If you have a current certificate this needs to be given to us as soon as possible. Regency can instruct a gas safe registered contractor once a tenant has been found. This costs £60 Inc. VAT and will be deducted from the first months’ rent. If you have a preferred plumber then please advise us that you will be dealing with this and supply the gas cert as soon as possible. We cannot legally move a tenant into a property without this.
Electrical Safety Check (PAT test)
The electrical Equipment Safety Regulations 1994 requires that all non-integrated electrical appliances are tested by a qualified engineer to assess their safety. We are happy to carry these tests out on your behalf.
Energy Performance Certificate
It is a legal requirement that all properties have a valid EPC which has been completed in the last 10 years. If you have purchased a buy to let investment then an EPC should already have been done and we can access this from the national database. If you are living at the property we will arrange our contractor to contact you directly.
It is now a legal requirement that all rented properties need working smoke alarms on all floors; we can arrange this on your behalf if you are not local. If any properties have solid fuel burners they will also need a Carbon Monoxide detector.
Final Step: Moving Them In
We arrange an appropriate time with the new tenant to sign the lease and hand over the keys.
We require three sets of keys, giving each tenant a full set whilst always keeping a full set securely in our office.
An agent will meet the tenant at the property and explain the terms they have to uphold with an Assured Shorthold Tenancy. The prescribed information from the DPS is also handed over so that they know what is required for them to have their deposit returned.
Transferring all the utilities is all part of the service, a full set of meter readings are taken for the utility companies and accounts set up for the tenants. A number is also given for the council so that the tenant takes over responsibility of the council tax, we also email a copy of the lease to the council.
A full digital check-in is completed which includes a full property condition report on an iPad. This includes photos of all walls, ceilings, floors, appliances, kitchen units, gardens and any outhouses. This is then signed by the tenant and the agent and kept on file for use when they move out in case there is any dispute with the DPS on the property condition.
The full rent amount is then taken and paid to you once it has cleared through our bank.
What Happens During the Tenancy?
Our fully managed service incorporates collecting the rent that will be transferred into your bank account within 3-5 working days once it has cleared through our account. You will receive a monthly remittance statement showing any payments minus any deductions. These deductions could include management fees, any repairs or gas certificates etc.
We also offer a 24-hour contact number for tenants to deal with emergencies outside of office hours, taking away the extra hassle that comes from letting your property out. We will always act with the landlord’s best interest if they are un-contactable.
We complete an inspection after an initial 3 months of the tenant moving in, then every 6 months. The landlord will then receive an email explaining the condition and if any repairs are needed. The repairs department will deal with any necessary works throughout the tenancy. The office has dedicated repairs and accounts personnel who are always available to deal with property maintenance or rental collection issues.
If you decide to opt for the LET ONLY service, then these services are not available. Once the first months rent has been paid we will hand over all the documentation including lease and digital check in.
Regency Estates is a member of a number of professional bodies;
The Property Ombudsman
Association of Residential Letting Agents (ARLA)
The DPS ARMA Client Money Protection Scheme
These continued memberships provide landlords and tenants with the peace of mind that we are constantly striving to offer the highest possible standard of customer service.