Top tips on short-term letting this summer

The Association of Residential Letting Agents (ARLA) today issued top tips for landlords who are aiming to let their properties out on a short-term basis this summer.

Short-term lets can be a great way for landlords to fill rental voids or make use of vacant properties, and usually last anywhere between one week and one month.

Short-term lets are particularly attractive in the summer, and with events like the Henley Regatta, a host of music festivals and Wimbledon coming up, now is an ideal time to think about short term lets.

Forward-looking landlords in London not only recognise these immediate opportunities but are already thinking about the likely increase in demand for next year’s Olympics.

Ian Potter, operations manager for ARLA said, “Short term lets, if managed correctly, can be a great opportunity for both tenant and landlord to benefit from a let that is simple to set up, and is suited to short periods of increased demand.”

To help landlords take advantage of these upcoming opportunities, ARLA advise tenants and landlords to follow a few, key, short-term let tips:

• Pre-agree bills- Tenant payment of utility bills over a short term can be problematic; therefore it is best to set a price to cover costs at the start of the rental period. This avoids the occasionally tricky issue of recouping or disputing costs.
• Prepare the property for rent- As with long-term lets, it is wise to thoroughly clean the entire property and insure the small details, such as replacing light bulbs and clearing outside areas are done before prospective tenants visit or move in to the property.
• Be aware of tenants expectations- With short-term lets, tenants often expect amenities that are not usually offered in the private rental sector;  a common example is the assumption that the landlord will a provide cleaning and laundry service for bedding.
• Be careful over payment- Offering a variety of payment options, where possible, can encourage prospective tenants. It should be noted, however, that taking cards can often represent an unacceptable degree of risk for the short term landlord. Regardless of payment type, it is always worth ensuring funds have cleared ahead of the start of the tenancy. If funds are being transferred directly to your bank account, it is always best to use a dedicated account.
• Meet the incoming tenant- Do not arrange for keys to be collected through a third party other than a reputable agent. It is far safer to meet and hand over keys in person, explain the workings of your property and agree when you will collect the keys at the end of the let.

Ian Potter said, “If these tips are followed, it should be possible to strike a balance between remaining flexible with your rental offering and being a responsible short-term let landlord.  Any potential tenants must use an agent with experience in this area – to ensure a transparent and flexible arrangement.”

“As the tenancy is unlikely to be an Assured Shorthold Tenancy, tenants will not benefit from Tenancy Deposit Protection.”

“In areas that are particularly competitive around seasonal events, it is often the small details that will allow your property to stand out from the crowd. Preparing a schedule of your property with good photographs, which can be downloaded from the internet, can be key in securing a good deal.”

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