Let Your Property

The first step in letting your property is to have a ‘market appraisal’ carried out. This will allow us to visit the property to see what, in our opinion, rental income you should seek to achieve, along with talking you through the basics of the property investment market. We will also be able to make any recommendations as to any advisable works that may be required. If you have not yet purchased your investment property, we will be only too happy to furnish you with a likely income for a property, but this can be a little inaccurate if we cannot see the property for ourselves and is based purely on comparable evidence.

Further to this appraisal we will then begin actively marketing your property in our five Island offices, along with the local press advertising and Internet facilities. Where possible, we will accompany on all property viewings.

Once we have a prospective Tenant, they are required to apply for the property formally, so that we may reference them accordingly. The referencing procedure generally gives us a good indication as to the suitability of a prospective Tenant.

Following this application process, if the application is acceptable to the Landlord, we then prepare the necessary paperwork and ensure that it is correctly completed. For further details as to our levels of service, please see the relevant section below.

We understand that letting your Investment property can sometimes be a daunting prospect and whilst the lettings process is not necessarily complicated, the legislation relating to the letting of residential property is. With the introduction of the 2004 Housing Act, with particular reference to the ‘Housing Health and Safety Rating System’ and also the forthcoming legislation regarding deposit safeguarding, professional management is essential to minimize your risks and liabilities.

It is the aim of Hose Rhodes Dickson to provide you with the confidence that your interests are being protected and professionally managed at all times. Our dedicated Lettings Department offers 100% commitment to the letting and management of your property and our staff have all been specially trained to advise and guide you through all aspects of letting and property management.

The demand for good quality rented accommodation is great and together with short and long term job relocations, a shortage of affordable property for sale, retirement, the desire for mobility and many other demographics all conspire to maintain the buoyancy of the residential letting market.

Marketing and Tenant Referencing

Each level of service includes as standard the following pre-tenancy undertakings:

A rental valuation and letting appraisal.
The preparation and distribution of property particulars.
Weekly press advertising until your property is let.
Marketing from the Island's Hose Rhodes Dickson offices.
Entry onto our dedicated website.
Entry onto Rightmove.co.uk
The erection of one of our stylish “To Let” boards. (optional)
Accompanied viewings with all prospective tenants.
The selection and vetting of all prospective tenants.

Bronze (Tenant Finder Service)

This service is usually charged as a one off fee equal to the negotiated monthly rent, with a minimum of £300 plus VAT. However, for Landlords with multiple properties we are able to offer a discount of 25%.

We will prepare and arrange for the Tenant to sign the tenancy agreement, which will have been drawn up to adequately cover your circumstances and to protect your interests.
Keys to your property will be issued to the Tenant on the commencement date of the tenancy.
The rent collected will be accounted to you less the deduction of our fees and VAT.

Silver (Rental Collection & Legal Administration Service)

(Including above criteria 1-3 as well as the following)
This service affords the Landlord the confidence that the rent account is being correctly maintained, any shortfalls pursued and that the legal administration is professionally managed.

We will transfer mains services accounts into the Tenant’s name using the appropriate meter readings and will arrange for your final account to be forwarded to the Landlord for settlement.
We will undertake rental collection, pursuing any late payments, should they occur.
We will undertake the legal administration of the tenancy, e.g. preparation and service of notices, gas safety certificates, negotiating annual rent reviews and extension agreements.
Two months prior to expiry of any fixed term tenancy, notice to quit will be prepared and served on the Tenant.
A checkout inspection will be carried out and a report forwarded to you.
To transfer mains services accounts back into your name or into the name of any new incoming Tenant.

This service is usually charged on a commission rate basis of 12% of the negotiated monthly rental, plus VAT.

Gold (Full Management Service)

(Including above criteria 1-9 as well as the following)
Our Gold Service provides a complete letting and management service, which provides the Landlord with the peace of mind that their investment is being fully protected at all times.

Hose Rhodes Dickson will investigate any faults reported at the property and will in the first instance advise the Landlord, obtain quotes if required, instruct contractors if required and settle invoices from rental income.
Hose Rhodes Dickson will carry out an inspection of the property every quarter and will forward a written report to the Landlord.
Following the check-out inspection of the property, Hose Rhodes Dickson will provide assistance in mediating on any damages and will arrange remedial works, settling contractors accounts from deposit monies, funds permitting.

This service is usually charged on a commission rate basis of 15% of the negotiated monthly rental, plus VAT. For a multiple instruction a discounted rate of 12% is offered with a 50% discount applied to our sundry fees.

Platinum (Rent & Legal Expenses Guarantee)

(Including above criteria 1-9 or 1–12 as well as the following)
Platinum provides the ultimate peace of mind that your property and tenancy is managed professionally and competently with the added security that rental payments are guaranteed and that any legal expenses that may be incurred will be settled as part of the guarantee.

In the event that the tenant defaults on rent payments, Hose Rhodes Dickson will pay to the Landlord the net sum of rent one month in arrears until vacant possession of the property is obtained, or until the tenant resumes payment or until 6 months has elapsed from the first date of the arrears occurring, which ever is less.
The first payment of rent under the Guarantee will be subject to a sum of £250.00 or 50% of the agreed monthly rent, whichever the greater.
Should the rent be in arrears for two consecutive months Hose Rhodes Dickson will instigate County Court Proceedings on behalf of the Landlord pursuant of recovery of possession of the property and will meet all the costs of said proceedings.
In the event that the Court grants a suspended possession order as a consequence of the tenant resuming rent payments and repays the arrears as ordered either in full or by an sum per month, should the tenant again default on the rent due, the Guarantee will resume and the first payment made to the Landlord under the resumed Guarantee will be subject to the thresholds referred to above in Section 14 and will be paid to the Landlord less agent’s commission, fees and vat due on the sum paid under the Guarantee.
Should the Landlord decide not to instigate action pursuant of recovery of possession of the property, the Guarantee will be void.
The Landlord agrees to compensate Hose Rhodes Dickson equal to the sum of any payments received from the Tenant as a result of a successful claim for recovery of legal or court costs.

Platinum is charged at a commission rate of 2.75% of the negotiated monthly rent plus vat in addition to the commission rate of our Silver or Gold Service.

Please also note that with the Silver, Gold and Platinum services, additional fees are levied for tenancy agreements, inventories & schedules of condition, checkout inspections and tenancy addendums. These are detailed below along with the multiple instruction discounts:-

	Standard	Discounted
Tenancy Agreement	£50.00	£25.00
Inventory/Schedule of Condition*	£60.00*	£60.00*
Preparation & Service of NTQ	£no charge	£no charge
Check-out inspection and report	£25.00	£12.50
Tenancy addendums	£30.00	£15.00
Total per initial 6 month tenancy	£165.00	£112.50

* PLEASE NOTE THAT CHARGES FOR INVENTORIES/SCHEDULES OF CONDITION ARE ONLY LEVIED AGAINST THE INITIAL TENANCY. AN AVERAGE FEE IS SHOWN ABOVE AS AN EXAMPLE.

HRD Lettings - Isle of Wight Lettings and Property to Rent