Do you have properties available to rent? Looking to make some extra money? Don’t know where to start? While the idea of renting a property is good and the prospect of earning some more money is even better it can be quite daunting especially with all the legislations you to follow and keep in mind. Not only do you have to consider the laws and legislations but your property has to be up to a certain standard to allow the rental of it. The initial outlay of renting a property can be fairly high and pros and cons need to be balanced.

Starting out you need to do your research, check the local paper and other estate agents sites for similar properties in your area to gain an idea of the rental value you would expect from a property like yours. This will also give you a good idea of whether it’s worth you renting your property or not as it may not be as lucrative as you expect however in most cases it is always worth doing especially if the property is mortgaged. Even if you make a little loss or at most break even renting your property is almost going to be worth to help your personal finances.

If by now you have decided to go ahead and rent your property then you need some way of marketing and if you have no time for viewings then you will most likely require the services of the number of letting agents in Manchester. Letting agents Manchester can help you find tenants by marketing across the web from third party sites, their own site and within their agencies aswell. This will help you find good tenants faster and the advantage of appointing a letting agent is the advice you will receive. In addition to this the letting agent will also do the necessary checks on your potential tenants i.e. credit checks, background and references.

In the same a letting agent will vet a potential tenant you should also vet the potential letting agent. Obviously you can’t do credit checks on them but you can quiz them on their knowledge of the industry, the area your rental property is in and you should always haggle on their fees. Once you have arranged all this you need to consider all the checks that need to be made prior to letting any tenants which is where you’re letting agent can help or you can independently source your own providers.

First of all the checks you will require are:
– Gas safety checks via Gas Safe registered member (yearly check)
– (EPC) Energy Performance Certificate (renew every 10 years)
– Electrical safety checks (not required by law but always a good idea to cover your back and renew every year)

Once these are done there are some precautions you need to take in regards to the running the let property. For example what do you do when your tenant stops paying rent or there is an emergency issue like a water leak? There are policies that can help you cover for emergency issues like leaks and so on. Also you could ask you letting agents to manage the property for you which means they will be responsible for all issues with the property and the tenant and will deal with any legal matters as well.

Author Bio: Mithul Mistry is writing on behalf of Shepherd Gilmour, specialists in Letting Agents Manchester.

Category: Advice
Keywords: letting agents manchester