Do you have an investment property lying vacant for a few months now? Do you wish to get a passive income out of it that might help you with your current growing expenses or your retirement plan? Or you have already planned to lease the property with the best-letting agents in Liverpool but aren’t aware of the procedure. If yes, then you are at the right place.
This blog will help you understand the procedure of leasing your property. Although, letting agents take on their shoulders the responsibility of leasing and providing quality tenants. However, won’t it be helpful if you already familiarize yourself with the procedure so that you’re clear beforehand. Let’s start by listing the steps on how to lease your property-
1.Pricing the property
Getting the right price for a property is critical. If your property has been lying vacant, it is probably losing you revenue. A tenant only puts those properties on an inspection list which are advertised at their represented value. A letting agent will study the market and help you conclude your property’s realistic potential.
2. Get Legal Compliance
Agents will ask for some documents to bring tenants to your property. They include a signed managing agreement by the owners; a copy of water, council and strata levies; a copy of your home & landlord insurance policies; and an initial set of keys to gain access to the property.
3. Prepare the Property for InspectionFirst impressions count! It is important to make the property presentable and make the best impression to entice more potential tenants to inspect your property. Best letting agents in Liverpool provide a comprehensive marketing package to you and launch your property into the market for inspection. This will help your agent in getting quality tenants for your property.
4. Select the right tenantWhen your agent starts receiving tenant applications, they will conduct a thorough screening process. They will assess all the necessary identity and reference checks and then contact you with the list of best tenants. You can select or decline the tenant’s application as per your choice.
5. Start the Process
When you select a suitable tenant, the agent will start the process of getting the tenant in the property. They will request advance rent as a holding fee, and if the tenant changes their mind, the fee will be released to you.
6. Ingoing Inspection of Property
Once the tenant is approved and the deposit is received, the agent will conduct an ingoing inspection of your property. They conduct an in-depth inspection to collect photographic evidence of the original condition of the property. The report comes to use for settling disputes (if any) that may arise upon the tenant vacating your property.
7. 6 month or 12 Month Lease- You Decide
Depending on the tenant’s application, rental history and previous dealings, the agents will recommend a 6 and 12-month lease. You can decide between the two and let the agent know about your decision.
8. Move the Tenant In
The agent will lodge a bond with the Rental Bond Board. Upon confirmation of the bond, they will hand over the keys to your tenant and a copy of the ingoing condition inspection report.
As owners of the property, you need to be aware of the lease process before you hand over the responsibility of locating a tenant to an agent. Call now to make an inquiry with the best agents for real estate in Liverpool.
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