We appreciate landlords require different services at certain times as situations change. We offer landlords 3 different property management packages:

  • Tenant Finding
  • Part Managed
  • Fully Managed

For more information about letting your property, please find further detail below.

Property Appraisal

Following an initial enquiry we usually meet with a prospective Landlord at the rental property, where we talk through the finer details and offer advice on anything from levels of rent and property condition to terms of business. If a Landlord cannot attend, but can provide us access, we carry out an appraisal then discuss our findings with you via email or telephone.

Property Management Packages

Tenant Finding
Once we receive your instruction, we start the marketing machine rolling with your property via our own website and a large number of associated websites such as Rightmove and On The Market. We always ensure great coverage in the property section of the local newspaper, The County Press and prominent display marketing at our four well-situated Spence Willard offices. When we find a suitable applicant(s) an independent referencing company undertakes the necessary tenant checks, before we seek your approval.

The fees for tenant finding start at £450 plus VAT but are dependent on property size and rental income.

96% of one month’s rent inclusive of VAT (subject to a minimum fee of £450) e.g. £816 inclusive of VAT based on a rent of £850 pcm.

Part Managed
We appreciate that many landlords have easy access to deal directly with day-to-day mishaps such as broken boilers or dripping taps. So this service is ideal for those landlords who prefer a third party to take on the responsibility of checking rents are paid on time.

Our fee for this service is 10% plus VAT of the rent.

Therefore, 12% of the rent due inclusive of VAT (subject to a minimum fee of 90% of 1 month’s rent). e.g. £102pcm inclusive of VAT plus a single payment of £30 based on a rent of £850pcm. 

Fully Managed

With the fully managed service, this enables Landlords to benefit from a complete tenancy management package including Tenant Finding and Rent Collecting to make life even easier.

Our fee for this service is 12.5% plus VAT of the rent.

Therefore, 15% of monthly rent due inclusive of VAT (subject to a minimum fee equivalent to 90% of 1 month’s rent). e.g. £127.50pcm inclusive of VAT based on a rent of £850pcm. 

Additional Potential Charges

The following charges are included in the standard Fully Managed fee, but can be added on to personalise a service;

  • Referencing and Immigration Checking Fee – £60
  • Tenancy Deposit Service Handling Fee – £30
  • Tenancy Agreement only – £75
  • Property Inspection & Report – £100
  • Issuing Notice of Seeking Possession – £25 per document
  • Preparing Inventory/Schedule of Condition for unfurnished properties – Charge dependent upon size
  • Taking meter readings and notifying the main utilities suppliers and IW Council of the tenancy – £25
  • Check in and Check out service at the start and end of the Tenancy – £30 per visit

We would be pleased to provide you with a copy of our Agency Agreement for full details of all services and charges upon request

The Process

 


Decide which Property Management Package best suits your current requirements.


Marketing begins to search for a suitable tenant/s.


We prepare and arrange the tenancy agreement for the tenant to sign. We can also make amendments to cover any specific circumstances.


Collect the first month’s rent, (our commission is deducted here).


Receive the deposit and lodge it within an appropriate Deposit Protection Scheme and issue the required Prescribed Information.


Arrange for the keys to be made available to the applicant.


 

 

Added Value

 


We arrange a fully independent inventory and check-in service.


We undertake routine checks throughout the tenancy to save you the time.


Arrange for the transfer of mains services accounts into the tenants name, supply the appropriate meter readings and notify the Isle of Wight Council Tax Department.


Act as the Primary Tenant/Landlord contact for all matters arising during the tenancy.


Monitor gas safety and advise on any other matters relating to tenant safety.


Provide end of tenancy services such as serving of official notices, arranging for an independent check out of the tenant, notification of final meter readings, dealing with the return/retention of the deposit.


Re-evaluate and remarket the property for future rent.


 

Important Checklist

First Impressions
We know what prospective tenants look for when considering renting a property. And first impressions really do count. It’s essential your home looks its finest. A well-presented home guarantees a much higher chance of letting your property at the best price.

Ownership
Before letting your property, you should consult your mortgage lender and insurance company. Alternatively, if your property is leasehold contact the Freeholder. If you are not the property owner, you must demonstrate that you are acting on their authority.

Energy Performance Certificate
Every property let or sale requires an Energy Performance Certificate (EPC). You can check online at www.epcregister.com to see if your property has a valid EPC. If it does not, we can recommend an assessor to produce an EPC for you.

Gas Safety Certificate
If there is gas at the property, you require a gas safety certificate, provided by any qualified CORGI gas engineer (price in the region of £75 inclusive of VAT). We can easily recommend one from our vetted list of tradespersons.

Furnished or Unfurnished
Decide whether to let your property furnished or unfurnished. If the former, you need to consider fire safety aspects relating to soft furnishings such as mattresses and sofas. (As a general guide, furniture made pre-1988 is unlikely to meet the standards and should be replaced before letting your property). To check items for the fire safety standards, look for a permanent label stating the regulation it conforms to. Bed bases and mattresses are not required to have this label attached, but they should have a label stating compliance with ‘ignitability tests’. Locate the compliance code BS 7177 on these items for confirmation.

As a landlord you must be aware that any appliances at the property such as boilers, cookers, or freezers, remain your responsibility in terms of safety and repair.

Maintenance
It’s essential that your property is clean and in good repair. That means carpets and windows must be professionally cleaned prior to the start of a new tenancy. By ensuring a clear standard of condition at the start of the tenancy, the same agreement applies to the outgoing tenant on departure.

Normally, with homes with gardens, the tenant has to maintain the outdoor space. You may want the additional services of a gardener, particularly if the property has shrubs, trees and hedges, which require high levels of maintenance.

Independent Inventory
It’s very important you have an independent inventory, so you’re well protected at the end of the tenancy in the event of a dispute over condition. With our fully managed service, we’ve absorbed this cost and the fully independent check-in and check-out service. If you opt for the Tenant Finding Service, you would have to book this service independently.

                                                                 For further information and to discuss your requirements please contact us on 01983 761005

Lettings

The Square
Yarmouth
Isle of Wight
PO41 0NP
01983 761005
yarmouth@spencewillard.co.uk