The valuation of your property for rental is very much decided by the market conditions and also the Letting Agents knowledge of the area and to ensure that the highest rent is achieved for your property, comparable evidence is provided prior to our appointment. A copy of properties recently let within a half mile radius of the property within the last 6 months will be left with you during the valuation.
The rental figure is determined by the supply and demand of the market at the time of valuation. Obviously, if there are not many properties of your type, you may be able to achieve a higher figure than if there are a lot of similar properties on the market at that particular time.
We advise our Landlords that it is better to let at a more competitive rent so that Tenants can be secured sooner, instead of the property being vacant for a substantial time thus incurring you with Council Tax, Energy standing charges and possible mortgage repayments.
During the appointment, we will advise you as to the best way to present the property in order to attract tenants in the shortest and quickest time. The property will also be assessed to ensure that it complies with all current rules, regulations and legislation.
The services that we provide are two-tier, Let Only and Fully Managed and the only time that the service we provide differs, is after the tenant has moved into the property.
It is vital that the property is presented in the best way possible. In today’s rental market viewings are secured extremely quickly after a property becomes available on the rental market. Our distinctive ‘To Let’ board will be erected, the property advertised on two of the three major portals being Rightmove and Zoopla including Prime Location and Net House Prices together with the Team National website, Teamprop.co.uk and our own website tomgiles.net. The property may well appear on other websites, but they are not subject to an agreement by Tom Giles & Co. and themselves and the listings may be considerably out of date.
The property will also be advertised in the local press, Sandwell edition of the Express & Star and Sandwell Chronicle and dependent upon the properties location, may be in the Halesowen News or other local newspapers. The advertising will be placed at our discretion.
Lettings Particulars including internal and external photographs will be made available prior to listing for your approval.
Introducing a Tenant
We have always prided ourselves in matching the tenant against the property. When recommending a tenant to you there are numerous factors that have to be taken into consideration. Some Agents priority is to ensure that the property is let in the shortest time possible, but sometimes with a practice such as this, errors of judgement and mistakes can happen, sometimes Landlords are left with substantial arrears and damage to properties. Tenants are heavily vetted both before and during viewings and only tenant’s that are suitable will be invited to complete an application form to apply for the property.
Viewings of the property will be conducted by staff of Tom Giles & Co. unless instructed otherwise. If you wish to be present or to undertake viewings, in view that we will be referencing and caring for the tenants during the application process, in any event we would suggest that a member of staff from our offices is present.
We will endeavour to chase all tenant’s viewings in order that we may give you any feedback that is provided to us in case there are any tenant’s comments that are detrimental to the property that can be addressed.
Tenant’s Application and Agreeing a Let
Upon receipt of a tenants application form and the payment of the necessary fee, if we consider the tenant to be suitable for you and the property, we will contact you and ensure that all information that you require is discussed before the our third party referencing Company, Endsleigh Insurance who use Experian Credit Agency which is in the top two referencing providers in the Country, are instructed to complete the tenants referencing, which includes credit and bank checks, address checks for the last 3 years including Landlord references for all addresses occupied during that period, employment check to confirm time employed and current salary.
In addition to this, we are required by Statute to qualify the tenants under Immigration Law and also under the Money Laundering Regulations and Proceeds of Crime Act.
Once the referencing has been completed, we will contact you for your further instructions and offer the tenancy to the new Tenant. If however the property is withdrawn at this stage, through no fault of the tenant who has applied, we would expect the Landlord to reimburse the tenant’s referencing fees prior to moving in.
After the tenants have been offered the Tenancy of the property, all paperwork has to be completed including the Statutory and Legal obligations of a Landlord and we would suggest that the following certificates and reports are obtained at this time.
- Annual Gas Safety Certificate
- Electrical Safety Certificate with any works required to be completed prior to the tenancy commencing.
- Ensuring that if the property is let furnished that the furniture is compliant under the Furniture and Furnishings Fire Safety Regulations.
- That working smoke alarms are fitted on each habitable floor of the property as required by The Smoke & Carbon Monoxide Regulations 2015.
After these works are completed a detailed inventory will be provided for your approval prior to the move-in together with accompanying photographs and also a draft Tenancy Agreement.
On the day that the Tenancy is due to commence we will meet the tenants at the property, complete the ‘Check-In’ process ensuring that the Inventory and covering photographs are agreed. All energy supplier meter readings will be taken in order that we may notify them of the tenant’s occupation together with Council Tax and Local Water Authority, and advising that the tenant will be responsible for the payment of their services.
On the move-in date the tenant will be required to pay the agreed deposit and first months’ rent. The Deposit will be registered within The TDS Tenancy Deposit Scheme, a Government approved Scheme, prescribed information will be provided to the tenants together with the Tenancy Leaflet in order that you once again comply with all regulations. The deposit will be held in our non-interest earning Client’s Account for the duration of the tenancy as stake-holders of the Scheme.
Following the tenant signing the Tenancy Agreement this will be forwarded to you for your initialling and signature, together with your first month’s Rent Statement less our agreed set up fee and any other costs incurred during the letting of the property, which have been agreed prior to the expenditure.
If you have decided to pursue a ‘Let Only’ all of the above services apply and the Tenancy Agreements will contain all of your details together with payment methods for the incoming tenants. The first month’s rent and deposit will be taken from the tenant and our agreed fee deducted and this will be sent to you in the form of a Statement and BACS payment.
The Tenancy will be managed on a day-to-day basis with all repairs and maintenance issues reported by the tenant will normally be inspected by one of our staff prior to consultation with yourself and contractors can be arranged, if necessary, with the cost of the works deducted from your Rent Statement as long as the appropriate funds are held.
Your Rent will be forwarded to you within 7 working days of receipt, paid by BACS through the banks, with a Rent Statement sent through the post.
Our Fully Managed Agency fee includes a Rent Warranty Policy supplied by Endsleigh Insurance which provides a rent guarantee for the first 12 months of any new Tenancy, as long as the referencing process is completed satisfactorily and all references are passed. If the tenant does not pay the rent, the rent is paid in arrears and also provides Legal cover to obtain possession of the property for up to £50,000. Full details of the policy can be forwarded to you upon demand.
If after the initial 12 months Policy you require renewal, this can be arranged but because the Policy falls under the Financial Services Authority the Policy cannot be re-sold by ourselves. Therefore, the only way to ensure that the Policy can be renewed is to increase your monthly commission to cover the annual cost, details of which will be provided at that time.