A Step-by-Step Guide to Letting Your Property

Posted March 22, 2022 by in Lifestyle

Are you interested in letting out your property to make some extra money on the side but don’t know how to do this? Do you want to know how to go about doing this and how a professional will be able to help you along the way?

Are you thinking of leasing your property? Here is a step-by-step guide to help you get started. Letting your property can be a great way to earn some extra income, but it’s important to do it the right way. Follow these steps and you’ll be on your way to being a successful landlord.

Woman looking at two doors while standing on sidewalk

Find a Reputable Letting Agent

Letting your property is something that can be very exciting. It is a great way to make a bit of money on the side in a passive manner and it is something that will keep you going for a very long time. However, when it comes to letting out your property, if you have never done it before, you may not know what you are doing. 

First and foremost, the very first step that you should take is to find a reputable letting agent. Letting agents at Progressive Lets, for example, are industry professionals and they know absolutely everything there is to know about renting out a property. 

They will help you with the process from beginning to end, from finding a tenant, doing all the paperwork, completing any necessary inspections, collecting the deposit and the rent, and even handling any maintenance issue that might arise. Essentially, they will do everything for you, and you will just make a passive income from it. 

Get Your Property Valued By a Professional

Before you rent out your property to anyone, or even before you put it up for you, it is a very good idea to get your property valued by a professional. Valuing your property will not only help you when it comes to deciding how much it is that you want to charge in rental fees but also to see if there are any issues with the house. 

This kind of information will show you what you need to change or fix up before you put it up on the market for people to see. And in the end, if you have changed or adjusted any of the issues and made them better, your property will be valued at a much higher price which is great for your pockets.

Mynd helps home owners manage their properties if going solo is too overwhelming for you.

Prepare Your Property for Viewings

When people are on the hunt for a house to rent, they will go to as many viewing as possible to find exactly what it is that they are looking for. This means that people will be coming to view your property too, and you want to make sure that it is in tip-top shape before anyone comes in. 

If it is a place that you live in or that has people staying in it already you want to make sure that it is all tidied up and that everything is clean and neat. If it is a new place where there is no one, you want to stage it in a way that people will be able to picture how their lives might look if they chose to rent it out. Being prepared is always a good thing. 

Market Your Property to Potential Tenants

Moving on down the list, the next step to follow is to market your property to potential tenants. While, yes, the letting agent will be helping you with this, there is no harm in you also going out and trying to find someone who will enjoy your property. 

Marketing your property to potential tenants is a great way to expedite the process and find someone who will be interested in a much faster manner. 

Negotiate the Best Possible Rent with Prospective Tenants

Last but not least, you should negotiate with the prospective tenants to get the best possible rent. Typically, you will set a price and then the tenants would negotiate with you to get a price that is more suitable for them. 

Through this negotiating, you should also be able to find something that works for you. However, if you choose to have a professional help you, they will handle all of this for you, and you won’t have to worry about it at all. 

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