2. S.Y.S.T.E.M

Save Yourself Stress Time Energy & Money 

So the most important part of the system is after the viewings and while you are on the viewings. It is essential to realise that this is the first contact you will have with your future Contract Holder and its time to start building the relationship. They will not want to know how honest you say you are or how easy going and efficient on repairs you will be - that has to be taken as read - you are licensed with Rent Smart Wales. Ask them about their previous experiences with landlords and agents, reasons for moving, where they are from etc. 

Before you even agree a viewing you should have asked the main questions - Are you working, not working or student? Did you want furnished or unfurnished? When are you looking to move? How long do they anticipate staying in their next property? So on the viewing its all about the property.

And then its down to business -

STEP ONE

So you have advertised and found some prospects and then one or more prospects would like to go forward. 

You must then choose one with whom to proceed as at this point the RHW Act states you must choose one only, withdraw advertising and that prospect will have 14 days to complete referencing.  You should complete the Holding Deposit Agreement and serve the required documents - then take the one weeks rent.

Required documents 

• EPC, 
• EICR, 
• Gas Safety Record, 
• Holding Deposit Agreement
• Draft of the Occupation Contract, 
• RSW Tenants Guide. 
• RHW2

For ease of process all the information is on our Holding Deposit Template. It is important that you must give all the information before taking any money and then sign the Holding Deposit Agreement, in that order.

What else?

The smoke detectors must be in place as per the regulations - linked, as must the Co detector.

STEP TWO

The prospects must complete a referencing process. Do not scrimp on this and think you can do it yourself. Reference like a professional and use an outsourced referencing firm (see our link to referencing firm). Then its making sure that the references are completed within 14 days to enable you to make a decision and apply for a rent warranty. Generally if the prospect withdraws from the process or lies on the application form then the deal will be off and you can keep some if not all the holding deposit. If you withdraw, even if its because they fail referencing, you will have to refund the deposit within 7 days of your decision.

STEP THREE

Assuming all is successful the next step will be to complete the occupation contract, get their signatures and take the remaining money for rent and deposit. 

Immediately protect the deposit with your chosen approved scheme. 

Because a lot of the paperwork has been dealt with at the Holding Deposit stage there is very little to do at this stage so its an ideal time to build the relationship again. 

STEP FOUR

The last step will be to prepare an inventory or get one professionally prepared. If you do it yourself then it will be best to use an app available online as you are not going to be able to remember all that has to be added. The inventory will become an added 'keep yourself safe' for landlords. Send to the prospects before they move in so they can get ahead and most will sign on the day. If they don't sign then they will have 14 days to dispute anything in the document - if the Contract holders do not respond then the inventory is deemed by law to be accurate.

Then its the move in process which will vary from person to person. Cover the essentials like heating, hot water, stop cocks and hand over of keys. (a photograph of the keys you hand over will be on the inventory) and its 'welcome to your new home'.

For a Holding Deposit template please email me on myislandclub@pm.me