PREPARING YOUR PROPERTY:
Decide if you want to rent out your property with or without furniture. It's great if you can offer both, as that means the agent can sell it to a wider audience. When it comes to decoration and upholstered furniture, keep it fresh and neutral. Well, maintained, clean property will attract good tenants.
The safety of your tenants is very important, so make sure you go through a gas safety inspection every year and also check all electrical equipment once a year. It goes without saying that your rental property should be equipped with a smoke alarm.
By law, you will need an EPC (energy performance certificate) for your rental property. Your estate agent can help you to organize this. You won't be able to market the property without one, so get it sorted as soon as possible - they're valid for 10 years. There are some restrictions on letting a property with a low EPC rating; F or G, but your agent can advise you on the rules.
It's a really good idea to get a professional inventory taken at the start and end of each tenancy. Your estate agent will be able to manage this for you. It can help with any disputes that may arise when a tenant moves out. Without an inventory it is very difficult to prove you are entitled to any of the deposit funds in the event of damages and dilapidations.
YOUR TENANTS:
Try to be relatively open-minded about your potential tenants and not set unrealistic expectations, as this will only narrow your target market. Also try not to get too emotionally attached to the property, as it is always difficult to give up the property that you love - try to distance yourself from the process.
Potential tenants may try to negotiate a price. Depending on the tenant's proposal, it is worth weighing whether it is worth sticking to the desired price or it is better to accept it and shorten the time during which the property is empty and does not make a profit. It is worth consulting with your real estate agent.
What level of service do you want from your agent? : You need to figure out what kind of involvement you want from your real estate agent. Do you just want them to find you a tenant and do all the security checks, or do you want them to keep an eye on ongoing rent collection and property management? Of course, the constant involvement of an agent comes with additional costs, but in the long run it can save you a lot of hassle. You shouldn't forget that real estate ownership comes with a lot of legislation that you will need to constantly update if you decide to go it alone.
When choosing an agent, do not automatically choose the agent that offers the lowest commission. This may turn out to be a false economy.
ONGOING CONSIDERATIONS:
Consider hiring staff to take care of your property, such as a cleaner and gardener. This means that you can maintain a certain level of control over the care and maintenance of your property.