Advice for Tenants renting a property in Kenilworth, Leamington, Warwick and Coventry
With house prices in the UK still high and mortgages requiring ever higher deposits, renting is fast becoming the norm for many people. Many young people such as students or those that have recently graduated may already be used to renting. Others however, such as those that are moving with their jobs, or recently divorced, are looking to rent for the first time.
This article provides tips for anyone thinking of renting or those already in rented accommodation, including: what to look for in a property, the pitfalls of renting, negotiating the contract, typical tenancy issues and avoiding problems.
Choosing a property
A key issue for most people is location. Access to work is the usual priority. Other things to consider may be: proximity to good schools, shops and amenities, a safe area, off street parking, town or rural location and many others. There are many rental properties available in most areas so to save time and start narrowing it down, it is a good idea to make a wish list of the key things you (and any partners) are looking for in a property. Note which items are “must haves” and which are more flexible.
The next key item is the price. To calculate your budget for rent remember that as a tenant you will normally be responsible for the Council Tax, all utility bills and any services such as phone, broadband and sky or cable etc.
Once you know the location and your budget you can begin the search. This is far easier than it used to be. You no longer have to trawl around all the letting agent offices looking in their windows. The arrival of property portals such as rightmove and propertyfinder means you can search far more efficiently, for the exact criteria you need, right from your office chair or sofa. Most portals allow you to search by price range, location and property type. Most agents advertise on at least one of the main portals and you can often email all the agents in the area at a press of a button with your requirements. Registering your requirements will mean you should get an instant update as soon as something suitable comes available.
You may end up with a long list of suitable properties. To narrow it down it is worth contacting the agent to ask a few more questions. Inevitably there may be something missing from the advert that you may want to know. There is no point wasting yours or the agents time viewing the property only to find for instance that there isn’t any parking when it is once of your key requirements.
Once you have narrowed down the list of properties, it is time to arrange a viewing. I would recommend no more than 4-6 properties. We often have people with a list of 10 or more to see and they have forgotten what the first one looked like by the time they see the 5th or 6th. If you have asked the right questions and done your research thoroughly you should be able to find what you are looking for without spending hours visiting too many.
Negotiating the contract
When you have found your ideal property it is time to make an offer. Some landlords are willing to accept a reduction in rent if you are willing to sign for a longer period of time for instance. Renting is not like buying, however, the rental prices tend to remain stable or increase year on year so low offers may be rejected. You should also receive a copy of the proposed tenancy agreement before you apply and should read it carefully before applying and discuss anything you are not happy with or do not understand with the agent.
Moving in
A good agent should check you into the property and go through the inventory, taking note of the meter readings etc. The inventory is a key piece of evidence in any dispute over the damage to the property etc. Therefore make sure it is accurate and preferably backed up by photos. If one is not provided you should make your own and take photos on the day you move in.
Remember to cancel any utility accounts at your old address and use the post office forwarding service for all mail.
During the tenancy.
Some landlords manage the property themselves during the tenancy and other employ the agent. Either way you should receive information on who to call if there is a problem. Some everyday issues like replacing light bulbs and washers on taps will be the tenant’s responsibility, larger issues such as the heating breaking down will be the landlords and you should contact the responsible party as soon as a problem is noticed.
End of the tenancy
In order to make sure you receive your deposit back, you should run through the inventory and check everything is back in the original position and the property is thoroughly cleaned throughout. It should be in the same condition as when you moved in (allowing for some wear and tear).
You deposit should legally have been submitted to one of three government regulated schemes and the agent or landlord should have given you details of the registration at the beginning of the tenancy. In the event of a dispute, the schemes provide a free arbitration service.
Article by Steve Martin – Director Martin Property Management
Choosing a Letting Agent
Many landlords lead very busy lives and even experienced ones often choose to use the services of a professional letting agent. Employing an agent to let and manage a property can remove all the stress from the letting process and has many additional benefits including:
- Online marketing – reaching a far larger audience than the usual private landlord ad in the classified section of the local paper.
- Accompanying viewings – so you don’t have to!
- Ensuring your property complies with the latest legislation.
- Credit checking and referencing tenants.
- Complete and up to date documentation such as tenancy agreements and inventories.
- The tenant calls the agent – not you if maintenance issues arise.
There are, however, often dozens of agents to choose from in most areas, so it is not always easy to pick one. A word of mouth referral from someone that is using a particular agent is normally a good place to start.
Is the highest price always the best?
A letting agency may be: an Estate Agent with a lettings department, a franchise, an independent, a multi-branch national chain etc. Most offer very similar services but will often have different fee structures.
Traditionally, most agents charge a one-off fee for a let only service (usually around 50% + VAT of the first months rent) and a regular monthly fee for the full management service (usually between 8 and 12.5% + VAT of the monthly rental income). In addition they may charge set up, renewal and additional fees for inventories etc. Typically letting agents with premises in prominent locations charge the highest fees. Traditionally, this is because the only way people used to be able to find property was to visit the branch and therefore, the best locations produced the most footfall. However, with the advent of online portals such as Rightmove and Zoopla, most people now search for property from their armchairs initially. Therefore, most branches receive very few visitors and their high fees are no longer justified. Their fees now have to cover high overheads in redundant shop fronts.
So high fees don’t always mean the best service, however, I would recommend not going with the cheapest, as you really do get what you pay for. It is always wise to shop around and not to make a decision on price alone. Go with a competitively priced agent that fulfills the other points below.
Large national chain or small independent?
Independent agents usually advertise the “personal touch” which is a strong benefit as a large percentage of the agents job is diplomacy and managing relationships with people. Larger chains may offer a higher marketing and brand prominence but may suffer from being inflexible and slow to respond. From experience, the smaller independents usually work harder and charge more competitive fees.
What do I get for my money?
When comparing prices and services remember to ask what is included and what extras have to be paid. The hidden extras can often add up and do you really want to use the services from someone that is not up front and transparent with their fees? If you have to ask because all the fees are not openly displayed then ask yourself what else they aren’t telling you!
Professional or Cowboy?
Licensing is voluntary for letting agencies. You would not book a holiday from a travel agents with out an ABTA membership, so look for an agent with membership to either the National Approved Letting Scheme (NALS) or the Association of Residential Letting Agents (ARLA). These bodies both regulate agents and provide an independent route for complaints as well as ensuring member agents’ client monies are insured.
In summary, we recommend using an independant letting agent with membership to one of the professional governing bodies for the industry that openly display their fees and services and have competitive rates. The agents should market heavily online to attract tenants globally and provide a flexible service. Word of mouth referrals are a good indication of service.
Article by Steve Martin – Director Martin Property Management
Welcome
Welcome to our Blog. Martin Property Management are a professional letting agents covering Leamington, Kenilworth, Warwick and Coventry. We will post company news and useful articles for landlords and tenants here. We hope you will find the information useful.
Article by Steve Martin – Director Martin Property Management
