Advice for first-time landlords

First-Time Landlords in London: Your Guide to Success with Cribs Estates

Are you thinking about venturing into property rental in London? If that's the case, you've landed in the right spot. We acknowledge that stepping into London property rental for the first time can be both thrilling and daunting.

London's property market has its own unique and ever-changing characteristics. Cribs Estates understands the concerns and needs of new landlords. Our goal is to ensure that your journey is smooth and profitable.

Let us guide you through the essential steps and services we offer to help you succeed as a First-time landlord in London.

Understanding the London Property Market

The London real estate market is diverse and constantly evolving. Prices and demand can vary significantly from one location to another, so it's important to understand these distinctions before making any decisions.

Cribs Estates provides comprehensive market analysis to help you identify the most promising investment opportunities. Whether you're exploring properties in Central London or the neighbouring areas, we can provide all the information you require.

Finding the Right Property

Finding the right property at the right value and right location is essential to becoming a successful landlord to achieve maximum returns. It involves more than just selecting an attractive house or apartment. You must consider location, size, amenities, and potential rental earnings. Cribs Estates offers customised property search assistance to all our landlords.

We work closely with you to understand your financial plan and goals. Then, our team will put together a list of appropriate properties, ultimately saving you time and effort.

Financing Your Investment

After finding the ideal property, the next phase involves securing financing. Understanding the mortgage market can be intimidating. Cribs Estates has established solid partnerships with multiple mortgage brokers, national high-street banks and lenders.

We can introduce you to mortgage advisors who are experts in buy-to-let properties. They will assist you in locating the most favourable mortgage offers and clarify all expenses, encompassing interest rates and supplementary fees.

Legal Considerations

Becoming a landlord involves multiple legal obligations and challenges and, most importantly, is to cover the AML checks as Anti Money Laundering checks have to be carried out before buying any property. Every investor must disclose his source of funds to the estate agents or the banks when buying any property in the UK. Following all the rules is important to avoid penalties and legal problems. Cribs Estates will help you comprehend your legal responsibilities. Our team can suggest trustworthy lawyers with real estate law expertise.

Preparing Your Property

Once you finally buy the property, the next step is to prepare your property effectively by evaluating how much funds you need to renovate the house or add value to the house by extending or loft conversion, which will eventually attract the high-end tenant and gives you a better rental yield. Estates offers property preparation solutions aimed at setting your property apart. These include:

Professional Advice adds value - We will give you the one-stop solution for all your building needs from planning to completion, which helps you to add value to your property and ultimately gives you a better rental yield.
Maintenance and Repairs - Ensuring the property is in excellent condition, but if it requires any repair work, our team of handymen will help you carry out any repair work to be able to leave the property.
Interior Decoration and Furniture - Enhancing the property's attractiveness and comfort.
Professional Cleaning - We are working very closely with multiple cleaning companies, which we will help you clean before it is ready for the public to see the property, showing it to potential tenants.

Marketing Your Property

The next step is to plan for marketing once the property has been ready to open for the public to view. Efficient marketing plays a crucial role in swiftly finding suitable and professional tenants. Cribs Estates employs a multi-faceted strategy to promote your property, which encompasses:

Online Listings - Showcasing your property on leading property platforms, i.e. Zoopla, Right Move, Spare Room, GNB Habitat, Prime Locations, Next Door neighbour, etc.
Social Media - Engaging potential tenants through targeted advertisements on our company's social media of Facebook, Instagram, TikTok, Twitter, etc
Local Advertising - Utilising conventional methods such as flyers and local newspapers.

We also provide professional photography services through our partner media company to ensure your property looks its finest in all marketing materials.

Tenant Screening

After marketing the property, the next step is to start showing the property to potential tenants. It is essential to select the appropriate tenant for a positive rental experience. Cribs Estates carries out comprehensive screening of tenants to guarantee that you secure dependable and considerate tenants. Our screening procedure comprises:

Checking Credit - Evaluating the financial stability of prospective tenants. We are working with the most reputable companies in the market, including Good lord, Letting in a Box, Let Alliance, etc.
Checking References - All these reference check companies have done all the reference checks from their current employment and previous landlords and handed over the reference report to us before we can finalise the tenants.
Meet in person - Before signing the contract, we always meet in person to evaluate the potential tenants.

Managing Your Property

After finding the best tenants for your property, next challenge is to deal with the property matters and the tenants. Cribs Estates offers comprehensive property management services to lighten your load. Our services encompass the following:

Let and Rent Collection - Make sure payments are received on time and transfer the rent into the landlord’s account. See the full landlord services and charges Complete Management - Deal with all the property matters from rent collection to landlord payments. Managing all the legal compliance of the property includes arranging Gas safe cert every year, EICR for every 5 years and EPC valid for 10 Years. see full details of services and charges
Maintenance and Repairs - Managing all property upkeep matters.
Tenant Communication - Serving as the primary contact for your tenants.

We provide regular updates on the status of your property and promptly address all issues, ensuring your tenants are satisfied and your property is well looked after.

Handling Legal Issues

Even with the best tenants, legal issues can sometimes arise. Cribs Estates is here to support you. We offer:

Eviction Services - Assist with legal processes if you need to evict a tenant using Section 8 or Section 21 under the Housing Act 1988.
Dispute Resolution - Mediating any disputes between you and your tenants.
Legal Advice - Provide access to legal experts for any property-related issues. Refer to our legal experts on our panel to assist you in evicting the tenants.

Continuous Support

As a first-time landlord, you'll learn a lot along the way. Cribs Estates is committed to standing by you through it all. We provide ongoing guidance and support to help you feel secure in your role as a landlord. If you have queries about new regulations or require assistance with a tenant matter, our team is readily available by phone and email support.

Why Choose Cribs Estates?

Selecting the appropriate real estate agency is vital for your effectiveness as a landlord. Here's what sets Cribs Estates apart:

Experience - Over 15 years of extensive experience in the London property market.
Expertise - A team of property experts with a comprehensive understanding of letting and property management.
Personalised Service - Customised services tailored to your specific requirements.
Transparency - Open communication and no concealed fees.
Customer Satisfaction - A history of contented landlords and tenants.

Bottom Line!

This comprehensive guide is designed to provide you with the confidence and know-how necessary for embarking on your journey as a first-time landlord. With Cribs Estates supporting you, handling through the London property market can be effortless and fruitful. Don't hesitate to contact us - we're here to help you every step of the way.

Ready to enter the world of successful landlord-ships in London? Let Cribs Estates be your trusted companion throughout the process. Call us today at +44 2034 4115 71 or email us at info@cribsestates.co.uk. Our team is standing by to assist you in maximising your property investment.

First Time Landlords