Sarah Beeny Autumn 2017 - 57
learned through hard experience this
works only in the short term and can
actually end up costing them more
money than they save.
DeMachin know all of the cracks and
pitfalls of letting and managing
properties. Here are a few:
Making proper credit checks: these
are essential in protecting your income
and your property. Watch out for red
a s that pop up durin this process
Compliance: gaining possession of
your property is a ineﬁeld nsure you
have sent all the required information to
the tenant before and during the tenancy,
as you may come to rely on this later.
c r i ca
concentrate on their boiler and forget
about the other gas appliances in their
properties. If all of them are not checked,
you could face criminal charges.
Carbon-monoxide alarms: these are
only required if you have a solid fuel
burner in the property.
Inventory: getting a good inventory
and condition report at the beginning of
the tenancy is crucial. Without this, you
might be waving goodbye to any rights
to the security deposit.
Deposit registration: if you don't
register a deposit under the Tenancy
Deposit Scheme within 30 days of
receiving the funds, you can't claim
Cleanliness: set the standards at the
beginning of the tenancy by doing a
professional clean, so you can expect
the same at the end. This is the number
one issue with all deposits, which then
incurs costs for the landlord.
Marketing: don't put your eggs in one
basket when it comes to your property.
Maximise your success by leveraging the
competition and expertise of the best
agents available at the time. Maximising
rent and reducing void periods is key.
Get feedback: choose three letting
agents to help you make the essential
decisions that will affect your income.
More than three will look desperate.
Unfurnished property: offer this where
possible, but have marketing images
WITH YEARS OF EXPERIENCE, WE
FOCUS ON THE BIGGER PICTURE
AND NOT JUST THE DETAILS
that show it furnished. If the market
demands your property to be furnished,
it is better to furnish than it sitting empty,
haemorrhaging potential rent.
Warranties: they may seem cheap, but
can add up. Are they practical? Some
policies state engineers can take up to 10
days to attend and so it's better to pay
for an engineer when it really matters.
Contractors: use the right skilled
people for different jobs. It will save you
time and money in the long run. You
don't send a surgeon to hand out the
bandages or a nurse to conduct heart
surgery. Choosing the best-value
contractor for the job means avoiding
paying for it to be done twice. Don't be
blind-sighted by cost; rather focus on
the most effective long-term result.
Tenants are far savvier about rental
price and their rights, and a high turnover
of tenants costs you money each time
there is a change. Good communication
is essential and it is good to set out your
expectations from the beginning with
your tenants. Keep your expectations
realistic and like any healthy relationship,
compromise works wonders.
FOR MORE INFORMATION
A CASE STUDY
One landlord let his property for years, using the same local agent for ease and
he was happy with the service. His property was yielding £3,350pcm.
'We took over the management and organised the lettings process for him and
prepared the property to be marketed with three of the top local agencies. The
landlord was doubtful that DeMachin could achieve above £4,500pcm using this
method and he was absolutely right: we achieved £4,350pcm and cut his costs by
a third, even though he managed the property himself,' says Diana DeMachin.
Call 020 7607 1712