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RENTING YOUR PROPERTY

Successful rental investment is comprised of: long term capital growth, maximum rental yield and near constant occupation. When property is brought to the market, it should look inviting to prospective tenants, all decor need to be to a high standard; it should be clean and tidy and well furnished. Our highly experienced lettings staff will advise clients on how to present property in order to secure a good rental and a high calibre tenancy. Our professional service embraces three categories:
  • Let only (Tenant Finding or Introduction)
  • Rent collection only
  • Full property management

STANDARD MANAGEMENT SERVICE

Olivet Estates provides a property management service to owners wishing to let out their property. The standard fee for management is taken as a percentage of the gross rent due for the period of the tenancy. Tenancy set up fee will normally be levied at the outset of taking references and arranging the tenancy. The Standard Management fee is 10%. A summary of the Service includes:
  1. Advising as to the likely rental income.
  2. Advertising and generally marketing the property.
  3. Interviewing prospective tenants and taking up full references which may include bank references, and employer or previous Landlord character reference. Where necessary, additional security would be requested by the means of a guarantor. In the case of the company, a full bank reference will be taken.
  4. Preparing the tenancy agreement necessary for the Landlord to gain protection of the relevant Rent and Housing Acts, and renewing the agreement where necessary at the end of the tenancy term.
  5. Liaising with a Landlords mortgagees where necessary with regard to reference and tenancy agreement
  6. Taking a deposit from the tenant, dealing with this deposit under the requirements of Tenancy Deposit Scheme until the end of the tenancy when the property and contents have been checked for unfair wear and tear and handling any termination issues with the tenant and the tenancy deposit scheme provider.
  7. Collecting the rent monthly and paying over to the Landlord monthly (normally sent within 15 days of collection) less any fees or expenses due or incurred for the period. Payments will be made by direct bank transfer and detailed rent statement will be forwarded to the Landlord.
  8. Undertaking rent arrears actions including: Arrears action letters, Section 8 and preparing appropriate legal documents etc.
  9. Arranging with service companies (principally electricity, gas & water) for meter readings and advising them of the transfer of service contracts to the tenant at the beginning of each tenancy.
  10. Regular inspections of the property are carried out on a quarterly basis. Responsibility for and management of empty property is not normally included, and will only be carried out by special arrangement agreed in writing between the Landlord and the Agent.
  11. Co-ordination or repair or maintenance including arranging for tradesmen to attend the property and obtaining estimates where necessary, supervising works and settling accounts from rents received.

LETTING ONLY SERVICE

Where the Landlord does not wish the Agent to undertake full management (the Standard Management Service), The Agent can provide a Letting Only Service. The Letting Only Service includes only items 1 to 5 of the Standard Management Service as listed above. The Landlord would remain responsible for all other aspects of the letting including the maintenance of the property and any gas and electrical appliances. The Landlord would remain responsible for complying with the deposit protection requirements of the Housing Act 2004 and must provide the Agent with written confirmation of this together with a receipt for the deposit monies received by the Agent on his behalf. The fee for the Letting Service is 3 weeks rent or 6% of the gross rental income for the term of the tenancy subject to a minimum fee of £400. The fees are payable at the commencement of the tenancy and will be deducted from monies received by the Agent on the Landlord's behalf. If the tenant leaves prior to the end of the term of the tenancy, through no fault of the Agent, the Landlord shall not be entitled to reimbursement of any fees paid.


LETTING AND RENT COLLECTION SERVICE

Where the Landlord requires the collection of rents and The Deposit Protection Scheme (items 6 & 7 only of the Standard Management Service as listed above) in addition to the Letting Only Service, then total fees of 6% (of the gross rental income for the term of the tenancy) will be charged and will be deducted from rents collected on a monthly basis. Deposit Scheme administration fee is also levied at the commencement of the tenancy and will be deducted from rent received by the Agent.

OTHER FEES FOR LANDLORDS OR TENANTS:
Please contact our Letting Team who will be happy to give you an up to date comprehensive list of our fees structure. In some cases, you can also negotiate with us an affordable tailor made fee for your property. We are willing and ready to help wherever we can.We are very flexible with our fees, we wish to charge you affordable fees and we invite you whether you are a Landlord or Tenant  to negotiate what you can afford with us.

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