Avoiding the void
At ESPC Lettings we deal with a large number of buy-to-let landlords; many of which take a considerable amount of time to find the right investment property for their circumstances.
Once the purchase has been complete, the buy-to-let investor is now a landlord and keen to secure tenants as soon as possible. It is essential that any tenants secured are suitably checked and have a history of well maintaining their rented homes.
As most tenants must provide notice in their current accommodation, most tenants are looking for properties about 4-8 weeks in advance of when they would like to move into a property.
As a result of this, and to minimise void periods, landlords should aim to get a well presented property on the market as quickly as possible.
Escaping void periods
Here are some useful tips to enable landlords to secure the best tenants as quickly as possible after purchase.
Step 1: Initial Property Inspection
As soon as possible after the purchase has been complete the landlord or their agent should visit the property and ensure all is in order.
Often there are some improvements to take place in the form of redecoration work and cleaning that should be quoted for and arranged as quickly as possible.
You should check the electrics, heating and any appliances included in the purchase are all in working order.
Step 2: Landlord registration and insurance
Once the purchase has been complete, the landlord must now register as a landlord with The City of Edinburgh council as a landlord.
This lasts for three years and must be in place before any advertisement goes live. The correct landlord insurance should also be provided at this stage.
Step 3: Furnish the property as required
If the property is to be let furnished, please supply the necessary furniture for the let. Always consider the tenants and long term maintenance when providing furniture.
Step 4: Market the property
Now that you have a well presented property and your landlord registration you can market the property. The landlord or their agent should take professional photographs and ensure that the advert description is attractive to tenants.
It is important that the property is marketed through as many mediums as possible to attract the most interest. ESPC Lettings use ESPC.com, The ESPC paper, the ESPC showroom, Citylets, Lettingweb, Gumtree and To Let Boards.
The EPC band, which is contained in the Home Report, should also be displayed on the property advert along with the landlord registration number.
Step 5:Tying up us lose ends
Once the property is on the market, you have enough time to carry out the remaining safety certificates (GSC/PAT/EICR) and ensure there is a working, hard-wired smoke alarm.
A professional clean of the property can take place at this stage. Whether you already are a landlord or are thinking about taking your first steps in to property investment in Edinburgh, ESPC Lettings can help.
Our fully managed letting service can help landlords in Edinburgh maximise their property investment, expand their current property portfolio and offers essential information for landlords. Call Orlaith on 0131 253 2847 or email email@example.com.