You have found your dream property and got it looking ship-shape. All you need to do now is find the perfect tenants! If you have decided to manage the property yourself, here are a few tips to consider when you are ready to let your property:

• When it comes to setting your rent, a little bit of research goes a long way! You should aim for your gross rent to cover above the 130% mark to cover your monthly loan repayments and still have a good profit on your rental. Check out the windows and websites of local estate agents to get a feel for what is being charged in your area. You don’t want to price yourself out of the market, but you don’t want to sell yourself short, either!

• An Assured Shorthold Tenancy Agreement is a must and will allow you to keep part or all of your tenants deposit if they damage your property. This document is legally binding and can be bought ‘off-the peg’ or can be drawn up by your solicitor.

• Ask your solicitor to draw up a binding inventory for your property.

• Get names of trusted tradesmen like plumbers from personal recommendations. This list will be invaluable to you, but will also be invaluable to your tenants. Draw up the reference guide for your tenants, including numbers for the local council and other service providers, so your tenants have a good list of people to contact when things need sorting. This way, you will avoid always being the first port of call!

• Leave instructions with your tenants on how to operate the washing machine, the heating and other such items. It will be a good reference for them, but will also avoid needless calls to you.

• Keep a record of your tenants contact details. As well as their mobile number, be sure to get an email address and works number. It will make it much easier to contact them when you need to.

• To ensure you receive your rent regularly and on time, ensure your tenants set up a standing order. This will help avoid issues such as late payments.

• Try not to rent your property to your friends or family. It could end up putting a strain on your relationship if there are any issues such as late payment of rent, or damage to the property.

• Arrange to visit your property and tenants from time to time. It will help you to notice any jobs that need doing, and will help protect your investment. Be sure to have items such as the boiler regularly serviced. Remember to contact your tenant to agree a mutually convenient time for your visit. If you do not get verbal confirmation, your tenant can legally refuse you entry.

• Keep the master set of keys to your property – it is better to get copies of the original set than copies of copies! Be sure to have a couple of extra spares cut so you can replace any keys lost by your tenants, as well as have a set for any visiting contractors.