Frequently asked questions

• What are the advantages of using an agent?
• Why employ Ian Peat Property Management?
• How much will I pay?
• How do you work out rental value?
• How will you market my property?
• How do you select a tenant?
• When will I receive my rent?
• What are my legal obligations to the tenant?
• What am I responsible for maintaining in the property?
• Who organises any repairs?
• Do I need insurance?
• How much notice do I have to give?
• What happens if there is a dispute over the deposit?

What are the advantages of using an agent?

Managing a property can take a great deal of time and attention, particularly in the early stages. Using an agent frees you from having to find a suitable tenant and checking references, drawing up legal documentation and ensuring safety checks on the property are completed. You will not have to collect rent every month or chase it if it is overdue. An agent will draw up an inventory and statement of condition and make regular inspections on the property, and will organise all repairs. It is helpful to have someone in close proximity to deal with these issues, so an agent is particularly useful if you do not live nearby.

A professional agent has extensive experience in letting properties, knowledge of the local market and well established marketing channels. This allows them to set a property value which will ensure maximum rental income and minimum time without a tenant. They are also well placed to answer tenant queries and provide advice, and are used to mediating between tenants and landlords to ensure the tenancy procedes smoothly. Tenants are also more likely to apply through an agency they can trust rather than through an unknown individual, so primarily using a professionally accredited agent provides peace of mind for both the landlord and tenant.

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Why employ Ian Peat Property Management?

There are many reasons our landlords have chosen us, leading to us now holding the major market share of rental property in South Notts villages. See what we can offer and why you should employ us too.

How much will I pay?

A market appraisal of your property is free and without obligation. Our initial marketing fee for a managed property is £175 (+VAT) with a management fee of 10% of the rental income. There is a further fee of £150 (+VAT) for subsequent re-lets. Quotes for our 'let only' service or portfolio management will be supplied on request.

How do you work out rental value?

Using our market expertise we can compare your property to similar ones in the area to calculate the 'going rate' at any time. The key factors in assessing rental value are size and condition of the property, the area and amenities nearby, and what is included in the property such as furniture and appliances.

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How will you market my property?

Through our weekly newspaper advertisement in the 'Nottingham Property Guide', our distinctive 'To Let' boards, our website which is regularly updated (see property list) and through which users can request to be alerted to every property added to our list, by maintaining and regularly updating a mailing list of prospective tenants and by efficient service to people telephoning or visiting our office.

How do you select a tenant?

All viewings are accompanied by ourselves so we can gain an initial impression of the prospective tenants. For each applicant, an independent referencing company will then make enquiries to their employer/accountant and existing/previous landlords, carry out a credit reference check and check the electoral roll. The choice of tenant will then be made in consultation with you, taking all these factors into account.

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When will I receive my rent?

Rent is paid monthly in advance by the tenant, and will be forwarded to you approximately 10-12 days after we receive it. Any unpaid rent will be chased by us should it become overdue.

What are my legal obligations to the tenant?

Landlords must legally provide a safe living environment for tenants. Gas supplies, electrical equipment and soft furnishings must all comply with regulations and appropriate safety certificates must be held. From our records we will advise when these are due for renewal and with your authority, will arrange for the appropriate checks to be made.

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What am I responsible for maintaining in the property?

Any repairs required to the structure of the building or the fixtures, fittings and appliances provided with the property.

Who organises any repairs?

With your authority we will orgainise repairs through our reputable, locally-based tradespeople.

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Do I need insurance?

Landlords must insure the property and their own contents, although tenants are advised to cover their own possessions. We can recommend a Landlords' 'buildings and contents' policy by Homelet, and our insurance page has more information.

How much notice do I have to give?

Landlords must give two months notice if they require a tenant to vacate the property, provided the vacation date is after the initial assured six months.

What happens if there is a dispute over the deposit?

We will act on your behalf in any dispute that arises, explaining to the tenant why the deposit has not been returned. If the tenant does not accept the decision the matter will be referred to the Tenancy Deposit Scheme under whose terms the deposit is held. Full details of the scheme can be obtained from our office.

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