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Beginners Guide to Letting a Property

For anyone that has ever dreamed of being able to call themselves a ‘property investor’ or ‘landlord’ you’ll know there’s a lot more to the titles than simply buying a few properties and getting tenants in them! There’s a lot of research, preparation and work to be done before you can start to climb up the ladder to property success.

 

In a bid to give you a bit of a leg-up, we’ve put together a simple guide for getting started with your new life as a landlord.  It’s by no means a comprehensive instruction manual but might help you take those first few tentative steps forward.

 

Step 1

Research, research, research

Because power is knowledge, right? 

Not only do you need to start researching good property investment locations regions, you need to get your finger on the pulse of house prices, understanding what tenants want, start thinking about budgets and learning all you can about property law. The more you learn before you start, the easier your transition to fully-fledged landlord will be.  Of course, you’ll make mistakes along the way – that’s how you build experience – but research will prevent you from making serious costly mistakes that could hold you back in the future.

How Progressive Lets Can Help

We have a dedicated team of professionals who are all UKALA trained and can offer support and guidance on specific areas of property lettings, investment and management, including HMO licensing, deal sourcing and conversion management.

We also have close connections with Progressive Property Network - the UK’s biggest property networking company, which runs events that helps educate and support landlords, property entrepreneurs and new and aspiring investors. PPN Peterborough is great entry event for people who want to gain knowledge quickly without it costing a small fortune.

Step 2

Choose the right property

When you’re ready to start looking at potential investment properties, obviously you’re looking for the one that’s going to offer you the best return.  This doesn’t necessarily mean buying the most expensive, or cheapest property, but simply understanding who your ideal tenant is and what kind of property they’ll want.

If you’re interested in letting a large, family home, then it makes sense to invest somewhere where there are great schools and facilities that will appeal to parents and their kids. Additionally, the property would benefit from having plenty of storage and a nice garden.  If you’re hoping to appeal to the professional market, then their needs will be significantly different.

Step 3

Find the right Property Management Agency

With so many property management companies to choose from, knowing how to separate the wheat from the chaff to find the right one for you can be confusing and tedious.

Make sure you ask any potential property agents the following questions:

  • - What experience do they have and how long have they been operating?
  • - How close are the offices to your property?
  • - What is their fee structure?
  • - How do they reference potential tenants?
  • - What safeguards they have in place for retaining client funds
  • - What reviews/references from other landlords do they have
  • - What types of landlord packages do they offer? (for example, let only, fully managed etc.)

Progressive Lets are simply passionate about property and whilst we may be smaller than some of the big lettings chains, consider this an advantage as this means landlords not only receive a professional service, but a personal hands on service too, with real emphasis on customer care.   

We have some of the smartest most passionate property professionals working for us and have our finger firmly on the pulse of all aspects of property investments.

Step 4

Remember, communication is the key

This property is now your business and therefore you should always remain personable, professional and organised.  Treat your tenants with respect and remember that the property will be their home during the period of the tenancy.