Letting Process Step-by-step (No Jargon!)

 

Letting processstep by step process

A vacant property can be a financial drain and provide a stressful time. To achieve the highest possible returns from your investment you’ll need find the best possible tenant in the shortest possible time. 

Here’s a summary of how Mayfair does it for you…


Precise valuations

We’re plugged into the local market and assess dozens of properties every week. This ensures that we have an intimate understanding of the highest achievable rental values in your area. Our valuation strategy factors in every individual and local aspect relating to your property and street in order to ensure that the best possible price is achieved in the shortest possible time.


Selecting a suitable service

Mayfair understands that every landlord is unique and will have a varied tolerance towards managing risk vs. rewards across their property or portfolio. Hands-on landlords may prefer our let-only service while landlords with a medium risk threshold are more suited to our fully managed service. Landlords who require complete peace of mind, hands-off and a guaranteed return for up to 5 years prefer our Guaranteed Rental Income Scheme.


Full property management

In order to let your property in the shortest possible time, we have found that tenants prefer and sometimes insist on only letting a professionally managed property. In some cases tenants have in fact paid a premium for this privilege too.

Under our management scheme you can rest assured that your dedicated property manager will look after your best interests 24/7. Tenants equally have peace of mind knowing they too are cared for under our property management service.


Presenting your property

Presentation, presentation, presentation is paramount when it comes to enticing tenants in the shortest possible time to maximise your rental returns. It’s in your best interests to present the property in the best possible light, ensuring that any unfinished remedial works are rectified and necessary areas are repainted with a fresh coat of paint and de-cluttering to make space where possible.


Preparing your property

This will set out the items in the property. Their condition at the point of the let and a detailed report backed up by images will minimise the risk of any such disputes at the end of the tenancy. Mayfair will conduct a detailed professional inventory for you at the start of the tenancy.


Maximum marketing exposure 

In order to be noticed by the maximum number and highest calibre of tenants, Mayfair’s tech-savvy marketing department will put your property on the media where it needs to be seen in order to achieve the maximum market exposure.

Marketing solutions for different properties require tailored methods, which are all included at no extra cost.


Receiving an offer 

Whenever we receive an offer from a tenant, we will immediately present this to you for your consideration, alongside the tenant’s immediate position to proceed. It’s up to you to decide if you want to proceed. Unless you have chosen our Guaranteed Rental Income Scheme, where the rent is guaranteed even when the property is vacant, only then would we be responsible to decide on the tenants we choose to place in the property (at our own risk and financial responsibility).


Accepting an offer 

Once you’ve accepted an offer, we’ll immediately aim to move the tenants in in the shortest possible timeframe.

Regardless of the service chosen we’ll conduct the following:

  • Obtain references and credit checks
  • Request a holding deposit of commitment from the tenants
  • Prepare and arrange signing of the tenancy
  • Request the deposit and first month’s rent in advance
  • On our managed or guaranteed rent service we’ll also…
  • Arrange all certificates with 3rd parties
  • Conduct a detailed inventory report
  • Arrange for the property to be professionally cleaned

Completing the transaction 

The tenants will collect the keys from our local office or we’ll arrange for our check-in clerk to meet them and check them in at the property on their scheduled move-in date.

For managed properties the tenants will be provided with our client account details for rents to be paid into and our dedicated management team’s contact details.


Great news! Your property is successfully let!


To discuss letting, property management or to arrange a valuation… Call Mayfair Property Management today on 020 3538 7219 or click here to request an online valuation.

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