A guide to letting with Diamond Move

Step 1 - What help do I need?

The lettings market moves quickly. Therefore you may not have the time in an already busy schedule to commit and ensure your investment is paying for its self and constantly tenanted. You will need to decide what level of service you require. Diamond Move offer two level of services to Landlords – Tenant Find or Fully Managed. You can CLICK HERE for more information on our services and charges.

Step 2 - What rent should I charge?

At Diamond Move we can advise the rent you should charge and the potential yield you could earn from your let. There may be a number of fees to consider too, and all agents will charge differently. The most important question to ask yourself is this: which agent will be the most helpful to me as a landlord? CLICK HERE to book a valuation of your rental property and arrange a meeting with one of experienced Consultants to go through with you exactly what is required from an agent looking after your valuable asset.

Step 3 - Make your property safe

There are lots of regulations to keep your tenants safe. It’s important for you to be a responsible landlord, so make sure you are fully compliant at this early stage. Contact our team today on 02085778855 for advice on how to stay fully compliant

Step 4 - Find a tenant

It’s time to get your property seen by potential tenants. The internet is the most important place to advertise your property for let. Prepare your property to look its best for viewings. Once you’ve found a tenant, you’ll want some reassurance that your property and rental income are safe. Knowing that your tenant has been fully referenced and credit checked gives you huge peace of mind. At Diamond Move Estate Agent it’s important that we find you the right tenant who not only has the financial capability to afford your property but also the right attitude to be a tenant. We are also very mindful in particular with the Right to Rent scheme, which helps to make sure that people renting property in the UK have a legal right to be here. This was rolled out across England in February 2016. However we have been doing this as part of our referencing process for many years.

Step 5 - Get insured

For additional security, make sure you are fully covered. Regular domestic policies often do not cover rental properties. It is also possible to insure against non-payment of rent. Ask Diamond Move about property insurance and rent protection insurance and we will point you in the right direction.

Step 6 - Inventory

Once a suitable tenant has been found and full references have come back to a satisfactory standard. We will make sure an inventory of the contents of the property and its condition are carried out. We utilise specialist companies who carries this process out to ensure all aspects are fully covered.

Step 7 – AST Contracts

Once we have found you a tenant and carried out all the relevant in-depth check. As well as arranging the Inventory in Step 6, we also draw up the tenancy between yourself and the tenant. This will be sent to you to read through and revert back with any queries. If you are happy with the contents of the contract you will then be requested to sign the Contract as well as the tenant.

Step 8 - Collect the deposit and start receiving rent

You are legally required to put your tenant’s deposit in a government protected scheme. We register deposits with a scheme such as My Deposits & DPS (Deposit protection Scheme) to the benefit of both tenants and landlords. You’ll need to decide whether you want to do this yourself, or us your agent take care of it.

Step 9 - Property inspections

At Diamond Move its vital and the core of our services that we maintain your investment with the highest standards. You would want to know your property is being looked after. We arrange visits to the property quarterly to check all is well and the property is being well maintained. Please note: that this level of care is part of our fully managed service

Step 10 - Maintaining the property

Throughout the tenancy, it’s inevitable that your property will receive some wear and tear. It’s your responsibility to maintain the property is at the standard it was first let. As and when an issue arises we will inspect the issue immediately and come to you with a solution to resolve as soon as possible. It’s important we tackle all maintenance issues promptly to avoid large pit falls financially. We have a fantastic team of engineers we work with to ensure any maintenance issues are dealt with professionally within reasonable costs.

We understand the more money you shell out the less the investment preforms; which is why that we have sourced contractors who offer a fantastic service with in-depth knowledge of their trade and very reasonable rates.

Please note: that this level of care is part of our fully managed service

Step 11 – End of tenancy / extending the tenancy

End of Tenancy

The tenancy comes to an end and it’s time for your tenant to move out. Depending on the service you have chosen with Diamond Move, we will revisit the inventory, attend the property, go through the property to ensure there are no damages and the property has been cleaned professionally, in the case of a dispute we will endeavour to settle any disputes and return the deposit. However this is a good time to consider what to do next with your property. Is it time to sell or will you let again?

If you would like to re-let the property then we would proceed to find you a tenant and ensure the gap in between tenants is at a minimum.

Extending the Tenancy

At Diamond Move we will get in touch approximately two months prior to your tenancy ending to enquire if you wish to extend. We will also advise at this stage to potential rent increase if any. If you agree as does your tenant we will proceed to extend you tenancy and issue you a new contract once your current tenancy expires.

For landlord fees please CLICK HERE