I know this seems like a very silly and novice question to those of you who are experienced Landlords, but I have to ask.
I am about to start advertising my first property to Let and I will be managing it myself. The problem I have is, I just don’t know what order the tenant finding process goes in!
The house will be ready to be advertised from the end of August, possibly sooner. With regards to the legal stuff I have to do prior to and after a tenant goes in, I'm up to speed with what is required.
All I'm unsure about is the actual vetting process and when people fill in application forms and provide me with all their details etc.
I have also never been a tenant, so unsure of the process from that side either.
I imagine the process goes something like this:
*Advertise property (I have signs currently being made and I am going to sign up to OpenRent)
*Receive calls/interest about viewings
*Arrange said viewings
...... and then I'm a bit stuck!
So if I have 10 viewings, there may be 5 (couples) who say they don't want it for whatever reason.
So the remaining 5 couples are all interested in renting it.
This is where I'm stuck of what to do next...
Is this the point that I then get all the individuals interested (10) to fill in application forms and then do I run checks on ALL 5 couples (10 applicants) and then choose who I'd like from there?!
That could run into the hundreds of Pounds cost couldn't it? (I'm going to use TenantVerify)
The main questions are, at what point of the process do I ask for people to fill in applications and ask for their passport/bank/reference details etc etc?
When and how many do I check?
I've also read things about charging the applicants for the cost of doing the checks or taking a small deposit too?
Obviously after this bit and I've chosen who I want, I think it's pretty straight forward.
There are plenty of "walk throughs" with regard to the other stuff and what the tenant needs (epc, gas cert, deposit info etc etc) so I'm all good with that. I just can't find anything online with a walk through of actually getting the tenants in and the process that goes with it.
Once I've chosen the tenants (after the checks).... is this when I then ask them for a deposit?
The AST will be drawn up and we'll meet again to do the Inventory Check and then sign the AST/Inventory and off we pop (obviously the moving in dates/rent due dates etc will be sorted and in the AST)
I know this reads like I'm a moron and haven't got a clue what I'm doing; only half of that is true!
We all need to start somewhere and this is the final piece in the puzzle for me.
Thanks to anyone who can help!