1. Accurate Valuation
This part of the process is crucial. The right valuation will get your property let for the highest price possible in the quickest time possible. The wrong valuation can mean the property ends up letting for a lot less and can take a lot longer. If the valuation is too high this will end up scaring potential tenants of, as they will only pay what the property is worth and what the market dictates. Remember potential tenants will be doing lots of research and looking for other properties that are similar in the area and if you are priced too high then you will get no interest and the property will become stale and stay on the market. If you keep dropping the price and feed the market piece meal then tenants will simply wonder what’s wrong with the property for it to be reduced again and again and why it has been on the market for so long. If its priced too low then you will simply end up not realising the full value and can miss out on thousands of pounds from your investment. Our valuers are experts in their field and carry out thousands of valuations on properties in your local area. This means they have detailed knowledge about what each property is worth and how to get the best return in the quickest time.
- Does the valuer have intimate knowledge of the local market?
- Will the valuer justify the value evidence?
- Will the valuer take into account the unique features in my property?
- Will my valuer visit my property?
- Will the valuer be my point of contact throughout the lettings journey?
2. Selecting an Estate Agent
Having the right estate agent represent your property is critical to the process. You will always find cheap estate agents with cheap fees however, you will have to ask yourself why are they cheap? After all people don’t shop at Waitrose and Harrods because its cheap. At Foreign Homes we have a huge choice of buyers and properties due to our extensive marketing which is the very reason you are reading this right now. You can only let your property for the highest price in the shortest time possible if an agent has a huge range of tenants available on their database and at Foreign Homes we have a massive choice of tenants. Tenants will always go to an agent who has an industry leading website, extensive marketing reach both online and in media and print to attract them, with a comfortable environment to talk about their next home and most of all the best service with knowledgeable staff. If your agent doesn’t have these things they will not have the tenants registered and will not be able to get your property the best attention, which means they will sell for the lowest offer after a prolonged period of marketing. Foreign Homes operates in the most affluent areas of the UK, Poland & Spain and buyers in these environments only associate themselves with high-end quality lifestyle brands so you must ensure that you have the right agent representing your most prized asset.
- Does my agent have an industry leading website?
- Does my agent have huge marketing reach to attract the best tenants?
- Does my agent have a huge choice of registered tenants?
- Does my agent work long hours so they can accommodate tenants when they are available?
3. Consider a Short Let
A short let is an ideal solution if you are looking to rent your property for a period up to six months. If you are going away on business, holiday or extended leave then this is an ideal solution to keep the property occupied and generate a rental return. You can benefit from high returns, rent paid up front in advance for the entire duration, reduced void periods, Premium Property Management and high quality corporate tenants.
- Will I receive the rent upfront for the duration?
- Will the property be managed by Foreign Homes?
- Will I have access to corporate tenants?
4. Premium Property Management
Foreign Homes offers a unique form of property management better known as “Premium Management”. This package is by far and away the most efficient management package on the market, which has an all-inclusive offering for our most premium clients. You will not only receive the traditional world class management you would expect but you will also have a whole host of inclusive items included in the package worth up to £2459 per tenancy.
Instructing Foreign Homes to manage your property means that tenants are often prepared to pay a premium rent for this service as they have the peace of mind that Foreign Homes will be taking care of the management and will be the first point of contact. We have a 24Hour contact number for emergencies and also an online reporting system which helps to identify issues accurately saving time and increasing efficiency.
- Will Foreign be the first point of call for tenants?
- Will you have a 24hour phone line for emergencies?
- Do you offer inclusive benefits to Premium clients?
- Will I have a dedicated point of contact for my property?
- Will you keep my legal obligations up to date throughout the tenancy?
- Will you advise me of any repairs that need doing?
5. Presenting Your Property
Making a good first impression counts for a lot. The presentation of your property can be the difference between attracting tenants or turning them away and getting the best return on your investment. We will send our in house professional photographers who will take photos, create floorplans and 360 tours as well as write comprehensive property descriptions, which highlight the features which will attract potential tenants.
Ensure that you professionally clean the property and get rid of all clutter so the property can be seen to its fullest without obstructions. If you have any outstanding DIY jobs then get these done as well as give the property a fresh coat of paint where possible so that it looks its best.
- Should I de-clutter the property?
- Should I get all outstanding DIY work done?
- Should I re-paint where possible?
- Will you take professional photographs?
- Will you create floor plans?
- Will you create a write up that highlights the features of the property?
6. Preparing your property for Tenancy
Before you let your property for the first time you must ensure that you have done the following:
Obtain a professional comprehensive Inventory which details the condition and contents of your property (Foreign Homes can carry one out on your behalf)
An EPC certificate which highlights the properties Energy Performance rating (Foreign Homes can arrange one on your behalf)
Long Term Tenancies (6 Months or more)
You are responsible for checking that the tenants have set up accounts with utility accounts with companies such as telephone supplier, Electric, gas, water and TV Licensing.
Short Term Tenancies (up to 6 Months)
You will be responsible for the utility accounts such as TV Licensing, gas, electric, water which will be included in the rent. The tenant will be responsible for any telecommunication charges.
- Do I need an Inventory?
- Do I need an EPC?
- Do I need to check all utility suppliers and inform tenants?
- Do I need to arrange for a professional clean?
- Do I need to do a check-in?
- So I need all manuals to appliances?
7. Marketing Your Property
To get the best possible price in the shortest possible time we will need to market the property to potential tenants. We have a huge range of marketing activities that we undertake and don’t solely rely on any one single method. We have access to all kinds of tenants from all over the world and not just London and your local area. Our global marketing presence means we are a trusted name.
- Do you have extensive online presence?
- Do you have extensive direct mail, press and magazines presence?
- Do you have access to tenants from all over the world?
- Do you have access to tenants in my local market?
- Do you have tenants on your system who are looking for a property like mine right now?
8. Accompanied Viewings
Unlike most agents Foreign Homes ensures that all viewings are accompanied by one of our trained consultants. Our consultant’s chauffeur tenants to and from your property in our fleet of recognised company cars and ensure that your home is never left unattended with strangers. Our extended opening hours mean that we carry out viewings when other agents are closed resulting in more viewings with more tenants. We make sure we are available when people want to view and that’s why we work long hours so we can get your property let quicker and for the best price possible.
- Will a consultant accompany every viewing?
- Will the tenants be registered and vetted before you show them the property?
- Will you drive the tenants to and from the property?
- Will you be able to do late viewings for people who work during the day?
9. Live Viewing Feedback
Foreign Homes offers Live Viewing Feedback in real time so you can keep up to date on the outcome of all your viewings. We will alert you straight after a viewing and give you up to the second feedback and what the potential tenants had to say. Unlike other agents you wont have to chase us for feedback and wonder what is going on. We will always keep you up to date.
- Will you tell me what the potential tenants comments were after the viewing?
- Will you send it to me without me having to chase you?
- Will you also call me to keep me updated on the progress with my let?
- Will you give me honest feedback so I can make decisions?
10. Receiving an Offer
As soon as we receive an offer we contact you straight away and relay any special conditions or questions the tenants may have so you can decide whether to accept or not.
- Will you contact me as soon as you have an offer?
- Will you tell me if there are any conditions to the offer?
11. Offer Agreed
Once you accept an offer we will do the following, regardless of whether your property is managed:
Perform Identification checks on the tenants
Arrange signing of Tenancy Agreement
Collect moving-in monies (rent + deposit)
We can also, subject to a fee, get your property ready for move-in and:
Carry out check-in and inventory (Highly recommended to protect your deposit)
Organise Gas Safety Inspection and Portable Appliance test
Arrange professional cleaning of your property
For your added peace of mind, where applicable we will register the deposit with a deposit protection scheme, resulting in a faster and more efficient deposit release process at the end of the tenancy.
- Will you confirm everything in writing?
- Will you oversee the lettings process so that things run smoothly
- Will you keep in touch with me until the let is completed?
Upon completion, keys will be released to the inventory clerk or the tenant on moving-in day.
For managed properties, we will provide the tenant with contact details of their dedicated Property Manager.
Congratulations, your property is now let!