Property in 7 days

• There are many ways a landlord can rent out their property these days in 7 days or less, without the use of a traditional letting agent.

• There are many platforms online where one can do this. OpenRent, SpareRoom, HomeRenter, and Gumtree, to name a few. This is a cost-effective way to let your property out without the costly fees that a normal agent would charge.

• You have to bear in mind that you would have to manage the onboarding and offboarding of tenants and do the vetting process; that’s if you have the time to do so.

• You could let an agent or property management company manage that for you if you want to be totally hands-off; however, I believe it’s good to manage the process yourself to get a good feel of things.

• Yes, there may be the odd horror tenant, but with no risk there’s no reward. I’d say the best way to try to mitigate this is always trying to look for professional tenants, get references, even a guarantor if need be, and interview them first so you get a good understanding of what they’re about and can gauge their personality. 

• Yes, there will be the odd anomaly but that’s life. Not even an estate agent can always stop these things happening.

• There are a few ways you could let your property out, you could market it as a standard buy to let which would mean you let it out to a couple or family, also another very popular way these days is serviced accommodation which means you could rent it out on a nightly basis. This could work really well if your property is in a central location close to amenities etc. 

• There are a lot of people that do this these days, either firms who have contractors in the area would be a good option to market your property to or just to the general public on platforms such as AirBnB, Booking.Com etc. 

• You would have to ensure your mortgage is apt for this strategy though and be aware of the 90 day rule which is present in London.

• You could also rent it out as an HMO size dependent as HMOs are normally shared properties with a minimum of say 3 lettable rooms, you also need to ensure you have the right mortgage for this or adapt it to accommodate this strategy. 

• There are also the regulations you need to be aware of such as the right alarms and fire doors and also you would need a licence if it’s over 3 floors and would also need more than 1 bathroom if there are more than 3 people staying there. It is also worth checking with your council as you may need a licence regardless of the number of rooms you are letting out. 

• Also, you need to be aware of the article 4 direction which is a regulation which restricts the number of HMO’S in an area.

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