8 Top Tips to Consider Before Renting Out Your Property
Renting out your property in Brighton can be a rewarding venture, but with Brighton's competitive rental market, it's essential to plan thoroughly to ensure you success. That’s where your Sussex Property Experts come in.
With 17 years of experience in Brighton’s rental market, Oakley Property Lettings Associate Director, Murray Kerr, breaks down eight essential tips to get your well on your way to a successful rental venture.
1. Crunch the Numbers
Before letting your property, calculate whether it’s financially viable. Create a budget that includes potential renovation costs, ongoing maintenance, and a contingency for void periods.
Additionally, understand the tax implications of letting a property. Contact us to get a realistic estimate of rental income. Setting your rent too high or too low could harm your prospects in this competitive seaside market.
2. Tailor Your Property to Brighton’s Tenants
Brighton attracts a diverse range of tenants, from students and young professionals to families and retirees. If your property appeals to families, enhance the garden or outdoor space to make it child friendly. For students or young professionals, consider modern décor and practical furnishings.
Ensure your property is compliant with safety regulations by arranging boiler checks, obtaining a gas safety certificate, and installing fire and smoke alarms. Brighton tenants often value eco-friendly and energy-efficient properties, so consider upgrades like double glazing or insulation to appeal to this market. We can offer help with all of this.
3. Secure a Comprehensive Tenancy Agreement
Even if you're renting to friends, always have a legally binding tenancy agreement. In Brighton, outdoor spaces are highly prized, so if your property has a garden, include maintenance expectations in the contract.
4. Decide: Agent or DIY?
The choice between using a letting agent or managing the property yourself is crucial. Brighton has many reputable letting agents who can assist with tenant sourcing, rent collection, and navigating complex regulations.
If you choose to go it alone, educate yourself on landlord responsibilities, local laws, and rental market trends. Brighton’s rental landscape can change quickly, and non-compliance can lead to significant fines or legal issues.
5. Make a Great Impression
When showing your Brighton property to potential tenants, remember that first impressions are important. Make sure whoever is showing the property is punctual, approachable, and professional, this will help people feel at ease. Great photos are also key!
6. Screen Tenants Thoroughly
Always perform background checks on prospective tenants. Verify references, check employment details, and, if possible, speak to previous landlords. Many Brighton letting agents including ourselves offer tenant screening services, but you can also do this yourself with some due diligence.
7. Protect the Deposit
All landlords must place tenant deposits in a government-approved Deposit Protection Scheme. This not only ensures compliance with legal requirements but also builds trust with tenants. Failing to do so can lead to fines and difficulties in resolving disputes.
8. Foster a Positive Landlord-Tenant Relationship
Good communication is key. If your tenant has consistently paid rent on time but encounters a temporary issue, approach the situation with understanding. Respond to maintenance requests promptly and honour commitments to repairs.
A respectful, professional relationship often encourages tenants to treat your property with care, resulting in fewer issues over time.
Final Thoughts
By preparing thoroughly and adopting a professional approach, you can enjoy the rewards of being a successful landlord in Brighton. If you're considering letting your property, reach out to us today—we’d love to discuss how we can help you!
