For Landlords


1Property valuation and lettings fees

The achievable rental value of your property is determined by many factors including location, number of bedrooms, distance from shops and transport, cosmetic appearance and general condition. Our mission at EELEVEN is to achieve the highest possible rental figure that takes all these factors into account along with the current state of the local market. Our fees are charged at 10% + VAT (12% in total) of the annual rent and are paid at the beginning of the tenancy and taken from the monies we receive from your tenant, with any balance forwarded to you. As an example, the fee for a property let at £1,000 per month would be £1,200 + VAT (£1440 in total).

2Consider Property Management

We are not in the business of scaremongering and many rental properties – particularly newly built or recently refurbished homes – encounter zero problems. But when something does go wrong, it rarely happens at a convenient moment for the landlord or tenant. If an appliance breaks down, a leak appears, an accident happens or even if a tenant loses their job, it is extremely useful to have an experienced person taking care of it without disrupting your daily life. Our management fee is 5% plus VAT (6% in total) and is taken monthly – rather than yearly – to ease your cashflow and to give you the chance to keep the service for exactly as long as you want it. As an example, the management fee for a property rented at £1,000 per month would be £50 + VAT (or £60 in total) per calendar month.

3Preparing your property for tenancy

Decide whether to let your property furnished or unfurnished. Furnished properties make better photos and give the best visual impression to potential tenants, making a faster letting more. And if the quality of the furniture is high enough, people will certainly pay a premium. Just remember that all furnishings must comply with fire regulations, and that wear and tear is a fact of life. Even for unfurnished properties, we recommend that white good are supplied with a bare minimum of a washing machine, cooker and fridge-freezer. Buying the cheapest appliances is generally a false economy and often deters better quality tenants, so aim for mid-range upwards. And keep an open mind over what you’re willing to include or take away. It’s often people with the most specific requirements who stay longer and make great tenants.

4Marketing your property

By using EELEVEN as your letting agent, your property will be promoted across a variety of platforms and in a number of ways, from full format photography, plans and descriptions on our website, to listing on the UK’s biggest property portals – Rightmove, Zoopla and Primelocation – to more imaginative posts on our Instagram and Facebook pages. Wherever it’s allowed and physically possible, displaying a ‘To Let’ board will increase your audience: to your immediate neighbours, to their visitors, and to people passing by – all valuable sources of enquiries and viewings. the area. We’ll also contact potential tenants from our existing database with the aim of minimising void periods and getting you the best rental figure.

5Receiving an offer

Every offer received by us on your property will be swiftly communicated to you along with detailed information on the potential tenants – their profession, their position, their preferred moving in date and, wherever possible, how long they’d like to stay. As the Landlord, you have the final say as to whether you wish to proceed and accept their offer. If not, viewings will continue until a suitable tenant is found.

6Offer agreed

At this point, we will take a holding deposit of one week’s rent from the potential tenants and ask them to visit our office with their Right to Rent ID which will be checked and copied. We will also commence the referencing process. During this time, viewings are suspended until all checks have been completed to everybody’s satisfaction. If the letting falls through at any point, we viewings will begin again immediately and the return holding deposit will be returned.

7References checked

All tenants will undergo thorough background checks. We use an independent reputable referencing company to report on their suitability and credit-worthiness, including their payment history on any previous lending and any adverse credit, e.g. CCJ’s or bankruptcies. This information is provided by a variety of sources including credit reference agencies like Experian or Equifax and is compiled into a report which gives a final credit score, and whether they have passed or failed. The tenant’s identity is also verified as is their right to live and work in the UK. EELEVEN will cover the cost of the Right to Rent checks including whether the tenants are subject to any immigration control. And if they have rented in the past, we will ask for a reference from their previous landlord. From all of the above we can make a very good assessment on a tenant’s suitability for your property.

8Tenancy agreement

As soon as the referencing is satisfactorily completed, the tenancy agreement will be prepared and sent to you and your tenants for signing with DocuSign. We'll ask the tenants to pay their first months rent and a further month’s rent as their security deposit, with cleared funds due before they move in.

9Move In Date

We strongly recommend having an inventory taken, even for unfurnished properties. An inventory will include details on the kitchen and bathroom fittings, the decorative condition of the property and any other characteristics you want listed. Without an inventory, it is almost impossible to make any deductions for damage at the end of a tenancy. If an inventory has been taken, the Clerk will meet the tenants at the property to conduct the check in process. The meter readings will be taken, the keys will be photographed and then handed to the Tenant. Within the following seven days, the inventory will be sent to the Tenant for them to agree and sign, with a requirement to highlight any amendments within 14 days or the inventory will be locked down. If you choose EELEVEN to manage your property as well, a further set of keys will be held at our offices.

10Protections and disputes

All rental payments and deposits received by EELEVEN are protected in line with current legislation. Security deposits are protected by the TDS (Tenancy Deposit Scheme) and if a landlord wishes to make deductions from a tenant's deposit, there is a set procedure. Full details are available here: Tenants FAQs Landlords are protected by Moneyshield in the event that EELEVEN either goes into administration or fails to pay any rental monies due. We are also members of The Property Ombudsman (TPO) redress scheme.

MODERN

We’re an approachable and forward-thinking company using technology and marketing magic to give you a clear advantage. Upgrade your moving experience with our fresh, bright and imaginative spirit.

BOUTIQUE

To guarantee your property a unique and unmatched level of attention, we keep our list of available homes to a maximum of eleven. Why get lost in the crowd, when you have the chance to stand out.

ETHICAL

Sellers and landlords are our clients and our duty is to achieve the best possible price for them, but we also treat buyers and tenants with kindness and respect.

EFFECTIVE

Actions speak louder than words, so let’s get specific. We sell more than 95% of the properties we list and over 90% of those reach completion. Not only industry-leading results, but also the best in the neighbourhood.

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Fees

Refundable Holding deposit - Capped at 1 weeks rent

Security Deposit Capped at 5 weeks rent for annual rental under £50,000, or 6 weeks rent for annual rental over £50,000

Rent - The agreed monthly rent

Changes to tenancy - Capped at £50 inc VAT

Early termination charge - Not exceeding the landlord’s financial losses

Late payment of rent - Interest of 3% above BoE base rate for each day the rent is late, once it is 14 days overdue

Replacement keys - Limited to the reasonable costs of replacement

Utilities, council tax, communication services, TV Licence etc - Tenants own responsibility unless otherwise stated in contract

Client Money Protection Scheme Membership details - Money Shield 59788387

Property Redress Scheme Membership details - TPO SALES AND LETTINGS Membership No: D13794

Please call us on 020 8539 9544 for further information.