What are your fees for letting my property?
We are fully transparent with our fees so you will never get any nasty surprises. They typically are a percentage of the monthly rental and include VAT. Download our landlord fees.
How long does it usually take you to find a tenant?
This can largely depend on a number of factors that include the type of property, rental amount, property condition and how quickly someone can move in. As the market is currently very busy, we are quickly finding tenants for most properties in a matter of days, although it is sensible to allow financial provision for approximately 4-6 weeks.
What happens if you cannot find a tenant?
Thankfully this rarely happens, although if a property is struggling to get interest, we will continually work with the landlord to provide feedback and advice on how we can create more interest – or find a tenant. We typically find that a lack of interest will either relate to the wrong price or poor condition of a property, so these are aspects that can be influenced or improved to help to find a tenant for your investment.
Do I need to be present for viewings?
As most properties we let are vacant or have an existing tenant in situ we rarely meet the owner at the property. Indeed, as lettings is so fast paced it is better for us to hold a key so that we don’t miss any opportunities, especially as our office is open 7 days a week.
How much could I receive each month from renting my property?
This will depend on the property type, condition and demand. However rental prices have risen significantly over recent years and so typical yields are currently between 4 and 6%.
Do I receive my tenant’s deposit?
We normally hold most deposits as we have a bonded client account that is audited annually by the NFOPP, however it is possible for landlords to hold their tenant's deposit, as long as they have registered with one of the tenant deposit protection schemes. Obviously, we would need to see proof of your membership before releasing deposit funds to you.
Who arranges the inventory for my property?
Brock Taylor work with a number of independent inventory companies, from the local area, that we trust to provide a good service and comprehensive report. We recommend that an inventory should be as detailed as possible and include a high number of good quality photos, as this avoids potential disputes. We would be delighted to provide you with a competitive quote for this service.
Are there any long-term contracts that I would have to sign?
In order for a tenancy to operate as an AST (assured short hold tenancy agreement) it must run for a minimum of 6 months, although we usually set up our own tenancy agreements as 12-month contracts, with a 6-month break. We find that this provides better stability but also allows either party to provide 2 months’ notice after the fourth month. We recommend inserting break clauses, as fixed-term contracts are less flexible and do not have the option of ending before the minimum term.
Do I need to be contactable by the tenant or will you handle everything on my behalf?
Most of our landlords instruct us on one of our full management options. This is our most comprehensive service and also favoured by tenants, as they know who to contact and can be assured of any issues being dealt with quickly and efficiently. If you decide that you would like to manage the property yourself, then we can also take your instructions for this too. Please ask a member of our team to explain the different options available to you.
What happens if a tenant fails to pay on time?
Thankfully, this rarely affects our landlords although should such an occurrence take place the first step is to speak to the tenant to see what the problem may be. Generally, tenants do not want to be in rent arrears and so a call to see what has happened frequently results in a resolution. However, if the initial call is unsuccessful then emails or letters are sent after 7, 14 and 21 days advising that due payment must be made. In exceptional circumstances, if we are unable to obtain the rent, we can seek the landlord’s instructions to consider serving applicable notices to secure the return of the property. At Brock Taylor we offer rent protection schemes that will help alleviate the loss of rent and cover legal expenses.
What happens if a tenant damages my property?
Generally, Brock Taylor will hold up to a maximum of 5 weeks deposit in a bonded client account on the landlord’s behalf. Some landlords prefer to set up a deposit with the government scheme the DPS in which case we would ask to see the relevant certificate. This helps protect the landlord from incurring costs due to damage caused by the tenant. If we are aware of any damage during tenancy, either due to the tenant informing us or through one of our routine visits, we will speak to the tenant to get the damage repaired immediately. Alternatively, should the damage emerge at the end of tenancy then it may be necessary to propose a deduction against the deposit held to cover costs.
Do you offer a no deposit option and if so, what does it cost?
Yes, we do offer a no-deposit option from our partners Reposit. Although a relatively recent option this is becoming increasingly popular with tenants’ as, rather than pay 5 weeks deposit they can instead pay a fee of one weeks’ rent, plus VAT, and then an annual renewal of £30 per person. This then provides the landlord with up to 8 weeks end of tenancy and rent protection, which is 3 weeks more than the maximum deposit that we can now take, since the introduction of the Tenant Fee Acts 2019. This service is offered at no additional cost to our landlords and negates the need to pay a deposit protection fee.
Are there any legal requirements that I need to be aware of?
Legislation is always changing in the Lettings Industry which is why most landlords take one of the Fully Managed options. This also then puts the emphasis on Brock Taylor to be compliant with the various changes as and when they occur. We have created a landlord’s guide that does highlight a number of recent changes, as well as indicate some important recent changes that landlords should be aware of.
If you would like a copy of our guide you can download a free copy here: