If you own a property that’s currently vacant, you’ve no doubt considered on numerous occasions (and if not, it’s high time you did) how you might generate some extra income from it. When you’ve finally decided to let out that empty property of yours, we know that many fears arise about what will happen if the tenant doesn’t pay, if damage is caused to the property, or if there’s a breach of contract…It’s normal to have these doubts and fears, because these days, you hear of many cases where the letting doesn’t go as the landlord would have hoped.

That’s why we’re going to guide you so that letting out your property is a safe and stress-free process.

Firstly, you need to set the asking price for your property. You should carry out some research to find out the current state of the rental property market. We suggest comparing prices for properties similar to yours in the same area, so that you can set a price that is as competitive as possible and can hold its own against other properties in the same situation as yours. A reasonable price makes your property more attractive and increases the likelihood of it being let.

Next, you need to pay close attention to who you want to let your property to. You’ll need to select your tenant carefully to avoid future problems. Don’t hesitate to ask for as much information as possible about the prospective tenant to check their creditworthiness; if necessary, carry out a background check to ensure they are the right person. To do this, you should ask to see their ID and an employment contract or payslip to assess their job security. For your own peace of mind, you can ask for additional guarantees; for example, as well as a deposit, you could ask for one or two months’ rent in advance, and even a personal guarantee (where another person guarantees the tenant’s payments) or a bank guarantee (where a financial institution is liable for any outstanding debts). That said, we can assure you that the perfect tenant does not exist – you must bear this in mind.

Another aspect to consider to ensure your peace of mind is that the tenant takes out insurance against non-payment or damage to the property; this will cover any unforeseen events that may arise during the term of the tenancy agreement.

We advise you to conduct the entire transaction face-to-face; this will allow you to get a first-hand impression of the prospective tenant and begin to build a relationship between tenant and landlord – one which, for the benefit of both parties, will stand the test of time. To this end, you, as the landlord, must also fulfil all your obligations, because having a happy tenant will mean they are more careful and responsible.

Make sure the property is in perfect condition and make it clear to the tenant that, as far as possible, they should leave it in the same condition as you left it, should they need to move out at the end of the tenancy.

Finally, you should draw up a sound tenancy agreement that clearly sets out the terms of the tenancy – from the rent to the duration – including the respective responsibilities of both parties and the potential consequences in the event of a breach. You should also draw up an inventory and take photographs of the property’s condition before the tenancy begins, so you can compare it when the tenant moves out.

We recommend that you entrust professionals like us to handle all these formalities. We’ll advise you and manage the whole process on a personalised basis, listening to your needs and dealing with the prospective tenant in a friendly and approachable manner. We’ll draw up the tenancy agreement so that both parties benefit and reach a satisfactory, long-term agreement, for the benefit of both of you.

Don’t hesitate to pop in and see us. We look forward to welcoming you.