The process of renting a property explained for landlords

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renting a property

In this article, we will delve into the process of renting a property, providing you with a step-by-step guide and relevant data to help you navigate the UK rental market.

The process of renting step by step

During the process of renting, there are some things that are obvious but there are also some things that may be missed out on.

In this article, we go over the process of renting a property you own recommended by us, so you don’t miss a trick when trying to welcome a tenant into your property as a landlord.

Determine your budget

Before making a purchase, assess your financial situation and determine how much you can afford to invest as well as what kind of rental income you’re expecting in return. An easy way to do this is by looking at rental statistics.

A woman who is determine her budget for renting

Factor in the cost of the property, stamp duty, legal fees, and any necessary renovations as well. While the rental income is the main figure that will determine if a property produces a return, the purchase of a property is also very important as well.

Find properties within your requirements

Work with a reputable estate agent who specialises in the area you’re interested in and clearly communicate your budget, preferred location, and any specific requirements.

Attend property viewings and thoroughly inspect the condition of the property. Consider the potential for renovation or improvement to maximise rental value.

Buy a property

Once you’ve found the right property, make an offer through your estate agent. Hire a solicitor to handle the legal aspects of the purchase process and arrange for a property survey to identify any potential issues or repairs needed.

A woman who has just bought a house for renting

If required, secure a buy-to-let mortgage, ensuring you meet the lender’s criteria.

Need help with management?

If you’re looking to find an agent to help manage your property, speak to Cozee property managers

Complete the purchase process to buy the property and then the property will be yours to manage.

Prepare your property for a tenant

Make any necessary repairs, renovations, or upgrades to meet safety standards and attract tenants. Decide on the level of furnishing you will provide, such as unfurnished, part-furnished, or fully-furnished.

A living room in a house that is furnished where a tenant is waiting to move in and rent

Ensure the property is clean, tidy, and presentable for viewings. Obtain necessary certificates, such as an Energy Performance Certificate (EPC) and Gas Safety Certificate.

Setting the right price for your rent

Setting the right price for your rental property is crucial to attract quality tenants and ensure a steady rental income. To determine the optimal rent, research similar properties in the area and compare their features, sizes, and locations.

Unsure about renting a property?

If you’re looking to find an agent to help manage your property, speak to Cozee property managers

Consider factors such as local amenities, transport links, and the overall condition of your property. It’s essential to strike a balance between maximising your rental income and ensuring your property remains competitive in the market.

Your estate agent can provide valuable insights and advice based on their knowledge of the local rental market.

Marketing your property to the best of your ability

To attract the best tenants, it’s essential to market your property effectively. Work closely with your estate agent to create a compelling listing that showcases your property’s unique features and benefits.

High-quality photos, detailed descriptions, and virtual tours can help your property stand out from the competition. Utilise a variety of marketing channels, including online property portals, social media, and the estate agent’s network.

This is also where you can advertise the type of rental that the property will be. For instance the terms of the lease and whether you are able to offer a let agreed process where a tenant is able to lock in the rental figure while they undergo tenant referencing.

Get more information on utilising let agreed deals

Be responsive to inquiries and flexible with viewing times to accommodate potential tenants’ schedules.

Organise a viewing

Once you’ve generated interest in your property, it’s time to organise viewings.

A man who is organising a property in viewing with Cozee

Your estate agent will handle the scheduling and coordination of viewings, ensuring that prospective tenants have a smooth and enjoyable experience. Prepare your property for viewings by ensuring it is clean, tidy, and well-maintained.

Consider adding some welcoming touches, such as fresh flowers or a pleasant scent, to create a warm and inviting atmosphere. During the viewing, your estate agent will highlight the property’s key features and answer any questions the potential tenants may have.

Tenant screening and selection

Selecting the right tenant is crucial for a successful and stress-free rental experience. Your estate agent will conduct thorough tenant referencing, including credit checks, right to rent checks, employment verification, and previous landlord references.

This process helps to ensure that potential tenants have a stable income, a good credit history, and a track record of being reliable and responsible tenants.

You will also need to find out if there is a share code that can be taken from a tenant which is particularly important when referencing international tenants.

In addition to referencing, consider conducting interviews with potential tenants to assess their suitability and compatibility with your property. Your estate agent can provide guidance on the tenant selection process and help you make an informed decision.

Need reliable tenants for your property?

Cozee estate agents rent our properties within 2-3 weeks on average

Follow the legal requirements and obligations as a landlord

Selecting the right tenant is crucial for a successful and stress-free rental experience. Your estate agent will conduct thorough tenant referencing, including credit checks, employment verification, and previous landlord references.

This process helps to ensure that potential tenants have a stable income, a good credit history, and a track record of being reliable and responsible tenants. In addition to referencing, consider conducting interviews with potential tenants to assess their suitability and compatibility with your property.

Your estate agent can provide guidance on the tenant selection process and help you make an informed decision.

Manage your property effectively

Effective property management is key to maintaining a successful and profitable rental investment. This involves maintaining regular communication with your tenants, addressing any concerns or issues promptly, and ensuring that the property is well-maintained.

Establish a clear and efficient system for reporting and handling maintenance issues and repairs. Respond to tenant requests in a timely manner and keep them informed about the progress of any work being carried out.

Looking to outsource the management of your property?

Get a valuation from the team at Cozee who are experts at managing property in London

Regular property inspections can help you identify and address any potential issues before they escalate which is all part of the service that Cozee offer, as well as ensure that your tenants are taking good care of the property.

It is important to be able to price a property correctly too, an essential part of management. According to the Index of Private Housing, London had the highest annual rental inflation at 6.8%, followed by the West Midlands at 6.4% in 2024.

In contrast, the North East had the lowest annual rental inflation at 4.7%. Highlighting how it has become increasingly difficult to know the correct price to price your property.

What are the benefits of using an estate agent when renting a property?

Using an estate agent, also known as a letting agent, when renting a property in the UK can offer several advantages.

While it’s possible to rent directly from a landlord, many renters prefer the expertise and support provided by estate agents. Let’s explore some of the key benefits of using an estate agent during the rental process.

You can find tenants that are not looking on other listing platforms

When renting out your property, it’s important to have access to the best possible pool of potential tenants. Using an estate agent like Cozee Properties can give you a significant advantage in this regard.

Cozee has built up a large database of international tenants who are specifically looking to rent through their platform. These tenants are often willing to pay rent upfront and have a proven track record of being reliable and responsible.

This type of high-quality tenant is not typically found on other listing sites, giving Cozee landlords a unique advantage.

An estate agent can save you time and negotiate on your behalf

Renting out a property can be a time-consuming and complex process. From finding suitable tenants, to conducting background checks, to negotiating the terms of the lease, there are many steps involved.

By working with an experienced estate agent like us, you can offload much of this time-consuming work. A good agent will handle all the essential tasks, from marketing your property to vetting potential tenants.

An estate agent doing market research

They’ll also use their expertise to negotiate the best possible terms on your behalf, ensuring you get the most favourable rental agreement.

You can achieve above-market rent

Pricing a rental property correctly is crucial to ensuring a timely let and maximising your returns. Estate agents like Cozee Properties have unparalleled local market knowledge, allowing us to price your property at the optimal level.

We’ll take into account factors such as location, condition, and amenities to ensure your property is priced competitively. This can often result in achieving a rental rate that exceeds the average market price for similar properties in the area.

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