Essential Questions for Landlords to Ask During a Rental Valuation
Understanding the key questions to ask during a rental valuation ensures you get the most out of the appointment and your time, as well as maximizing your investment potential. Here we look at what to ask at the appointment.
When it comes to property valuations, it helps if landlords are prepared with questions to ensure they make informed decisions. Here are 5 important questions to ask your agent during your appointment:
1) How will you find me a tenant?
2) What referencing will you do?
Securing reliable and trustworthy tenants is paramount. It is essential to know the estate agent's tenant sourcing strategy. Inquire about the marketing channels they utilise to reach potential tenants and their current active applicants on their database. Understanding the referencing process is equally crucial. Ask about the tenant referencing procedures in place to verify prospective tenants' financial stability, rental history, and any potential red flags. This information will give you confidence in the estate agent's ability to attract quality tenants to your property.
2) Do I need to do anything to my property before I can move a tenant in?
Preparing your property for rental is a key step in attracting tenants and maximizing rental income. Ask the estate agent for recommendations on any necessary property improvements or repairs. They can provide valuable insights on cosmetic enhancements or essential maintenance tasks that could increase the properties appeal to potential tenants.
It is also crucial that your property is safe and adheres to health and safety legislation. Your agent should be able to run through the necessary health and safety certificates required and if any works are required to make sure the property is safe.
3) How have you arrived at your rental recommendation?
Your estate agent should discuss rental market trends and your projected rental income based upon their experience and local knowledge. Do not simply go with the highest rental figure. If it's unrealistic and your property is left vacant for longer this could potentially have a negative impact on your yields. Ensure they have evidence and knowledge to support their recommendations.
4) What should I do NOW to ensure I can rent my property?.
As well as health and a safety and aesthetic works that may be required there are also other considerations when renting a property such as, mortgage and leaseholder approvals, insurances, utilities and so on. Your estate agent should run through these with you to ensure you are prepared and nothing will hinder you moving a tenant in.
5) How can I trust you? How do I know you know what you’re talking about?
It may surprise you to learn that there is no mandatory regulation of estate and letting agents and unlike the financial services sector property agents do not have to be qualified!
It is therefore important to choose a Propertymark protected Agent. Members of propertymark are bound by a code of conduct as well as protecting consumers in terms of financial protection, redress scheme and a code of practice.
Ask about their reviews too and make sure you read them! Reviews from previous clients can provide valuable insights into the estate agent’s reputation and service quality. Check online platforms, such as ESTAS or Google, to see what landlords and tenants have to say about their experiences with the agent.
Whilst being well-informed and proactive during a property valuation is essential for landlords the agents representative should lead your appointment.
They should be confident and knowledgeable, not only about the local market but the laws and processes involved in the private rented sector today. They should be able to answer all your queries with confidence and ease. If not, look elsewhere!
Should you have any queries on the above on any other rental related queries please do not hesitate to contact the office. We are here and ready to help.
You may also find our other blogs interesting:
at is the perfect buy to let?