12 steps to lettings success checklistDec 2020 27 / 0 Comments
Advertise on the biggest property sites in the Market: eg ZaramProperty.com
Over 90% of property searches start online, and this site is the most popular. They don’t take advertising directly from landlords, but an agent can help you get listed – and noticed – by prospective tenants.
Have you set a competitive rental price?
Visit ZaramProperty.com to check rental prices of similar properties in the area. The right price will help you market your property competitively. A rent that’s too high won’t attract many inquiries; an underpriced rent will affect your profit margin.
Know your legal obligations
Protect yourself and your investment by learning about (and adhering to) all your legal obligations, from deposit registration, government Policy, and Documentation
Know your target market
Is your property is a flat or a house, furnished or unfurnished? It may be most suited to a particular market, such as working professionals, students, or families. Consult expert advice on writing a compelling online advert for your target audience.
Choose the right letting agent for you
Whether you’re self-managing or prefer full property management, choose a qualified agent who is up to date with legal legislation. Get yourself a dedicated and experienced property manager.
Notify your lender
If your property is mortgaged, you must notify your lender to ensure you have consent to let.
Have you got a To Let board?
Along with advertising on Nigeria leading property websites, To Let boards are a great way to get your property noticed in the local area.
Account for void periods
If your property remains empty for some time, you will still have outgoings such as mortgage payments, interest, and state tax. Put aside enough rent to cover at least one month’s void period each year. Reduce the likelihood of void periods by properly referencing your tenants, to check they can fully afford the rent.
Reference your tenants
Comprehensive referencing includes affordability, employment status, and credit checks, as well as a reference from a previous landlord.
Make sure you have a legal tenancy agreement
A good tenancy agreement outlines the responsibilities and obligations of both landlord and tenants.
Protect the deposit
You are legally required to protect your tenant’s deposit within 30 days of receiving the funds. The schemes are DPS, My Deposits, and TDS. Failure to protect your tenant’s deposit can incur a fine of up to three times the deposit amount for People Oversea like UK
Carry out an inventory
An absolute essential. Inventories document the property’s condition at the beginning of the tenancy. If your tenant disputes deposit deductions, you’ll need a signed and dated inventory to prove your deductions are justified.
A routine check on Property/ maintenance
Ensure routine property checking, maintenance, and management to avoid damage to the structure resulting in wear and tear. This will prevent the issue of reduced investment value.