How much will it cost me to let my property?
The costs involved in letting your property consist of:
An inventory and check-in report, which should be organised before a tenant moves in. Ask your estate agent if they can arrange this on your behalf or provide an estimate. Costs vary depending on the size of the property.
Your estate agent’s commission fee, which is usually payable when a tenant is introduced and enters into an agreement to let the property. This is charged as a percentage of the agreed rental price + VAT.
Your estate agent should include all marketing expenses within their commission fee but it is worth checking this before you instruct an estate agent, as some may charge an additional fee for advertising etc.
Your estate agent should accompany all viewings during their opening hours. However, in some circumstances they may ask you to conduct the occasional viewing. It is advisable to choose an estate agent who offers flexible opening hours to maximise viewing potential and minimise the number of viewings you have to conduct yourself.
If your estate agent is accompanying all viewings and they have the access codes and keys for your property then your presence is not required.
It is worth noting that tenants often feel more relaxed when the owner is not present.
Your estate agent’s Property Management fee will be charged as a percentage of the rental price + VAT and is payable upon the tenant signing the Tenancy Agreement. Refer to your estate agent’s Terms and Conditions for an outline of the services provided by their Property Management department and the corresponding fee.
Typically this is one or two months rent and is payable upon the signing of the Tenancy Agreement. My Home holds the deposits for all Managed Properties, resulting in a faster and more efficient deposit release process at the end of the tenancy.
Prices vary depending on the size of your property, however, your estate agent should be able to organise an inventory on your behalf.
My Home can arrange an inventory / Check-in for you. For Managed properties this is included in the management fee.
For a long let you should receive your rent by bank transfer on the rental due date each month. The due date is typically, although not always, the date on which the tenant moved in. For a short let you will receive your rent in full prior to commencement of the tenancy.