Short Lets

Short lets are tenancies generally lasting between one and five months. The rent is normally inclusive of utility bills, council tax and TV licence and services such as wifi are also usually included. The rental income as such tends to be higher than for long lets and there is usually an uplift of around 30% to 40%, although this can be higher or lower depending on the length of tenancy and other factors.

If you are looking to rent out your property on a short let then this is something we are experienced in and we would be pleased to assist you.  Further, if you would just like to discuss the differences between a long term let (six months or longer) and a short let and the benefits of either option then we would be pleased to speak with you.   We can be contacted at lettings@thomasmichael.co.uk or you call us on 020 7060 0450.

Our short let service

This includes:

a) Rental evaluation of your property.

b) Marketing your property and advice as to the presentation of it.  We have your property professionally photographed and produce a floor plan. We advertise on our website and on the main property portals of Rightmove, Primelocation and Zoopla amongst others. We will also tweet your property and place it on our agency Facebook page. We will circulate your property to all applicant tenants (including corporate tenants) on our system and to all search consultants we deal with and have relationships with.

c) Making arrangements for prospective tenants to view the property, undertaking accompanied viewings and providing full, comprehensive and, where necessary, candid feedback to you.

d) Introduction of a tenant and collection of a holding payment.

e) Liaising between you and the prospective tenant and managing any negotiations.

f) Full reference check of prospective tenant by a professional agency.  This includes a credit check, employer/income references and also managing agent/landlord references.  We will advise you as to the suitability of any tenant, however, the final decision as to whether a tenant is suitable remains with you.

g) Drawing up the tenancy agreement and organising its signing.  We can advise you on the various tenancy agreements and the various clauses.

h) Conducting the ‘Right to Rent’ checks on the Tenant at the commencement of the tenancy but not to undertake any further checks during the tenancy, as occasionally may be required. The responsibility for checks during the tenancy is yours.

i) Serving on the Tenant the EPC, the Gas Safe certificate and the electrical installation condition report (EICR) of the Property, where this has been provided to us by the Landlord, and the “How to rent: the checklist for renting in England” government guide, as is now required.

j) Collection of the first rental payment and deposit, and transfer to you (less our fees). It is your responsibility to register the deposit with one of the deposit protection schemes.  We can provide further information on these schemes.

k) Organise an inventory and schedule of condition be drawn up and a check-in to take place (at additional cost).

l) Instructing the tenant to arrange for a standing order for the payment of rent to your nominated account.

Please note that whilst we are happy to advise you broadly of the steps to be taken in arranging or undertaking the end of tenancy procedures, you will be responsible for this.  We do not currently offer a management service.

Our fees and terms of engagement

Commission

We take a commission of 18% + VAT of the total rent (inclusive of utility bills and council payable within the rent) and this is payable at the commencement of the tenancy.

Tenancy agreement

We charge £240 (£200 + VAT) to the landlord to draw up and organise the signing of the tenancy agreement (we also charge the tenants a signing fee).  If the landlord provides us with a tenancy agreement drawn up and ready for signing then the fee is £96 (£80 + VAT) to organise the signing of the agreement by the tenant(s).

We request a minimum marketing period of 4 weeks, whether this be as sole agent or on a multi-agent basis, and for 7 days’ notice in writing or by email if you wish this agency to cease marketing your property after the initial marketing period.