Rent Smart Wales
Cedar Properties is a member of the Rent Smart Wales and we ensure that all our staff members are fully up to date on all legislation as and when new laws and industry standards are introduced. Half our team have passed the NFOPP Level 3 Award in Residential Letting & Property Management (QCF).
Tenants
One of our main duties is to find quality tenants for your property. We will extensively market your property using both internet advertising and direct contact with a wide range of companies as well as our mailing list
We reference every tenant who is to be named in the tenancy agreement. To ensure this vital process is carried out as objectively and thoroughly as possible we use an independent professional referencing company.
This process full referencing will include various financial references such as current employment references, current lender, present Landlord reference and credit checks. To further strengthen your position we may decide to also take a Guarantor to back up the tenants’ ability to meet their commitments to you. The guarantor will also be referenced.
The referencing company will report back to us once they have carried out their checks. If they confirm that the applicant will be a suitable tenant then you will qualify for access to a rental guarantee insurance. Link to a scheme http://www.tenantref.co.uk/insurance_rent.aspx
Tenancy agreement
We will prepare the tenancy agreement for you and will normally create an Assured Shorthold Tenancy (AST) which entitles the Landlord to seek possession of the property at the end of the fixed term. With all tenancies the minimum initial period is normally a six month let and the maximum we would advise at any one time is twelve months. Tenancies can be renewed if the landlord and the tenant so wish, or they can go periodical.
The tenancy agreement details the areas of responsibility between you, your tenant, and us as your agent. It confirms to all the parties who is liable for what in connection with the property under almost all eventualities.
The execution of all documents both initially and on any renewals is part of the service we provide on your behalf, including signing such documents for you as Agent of the Landlord.
The signing of a tenancy agreement is not sufficient in itself to regain possession of your property. Cedar Properties, as a managing agent will prepare suitable Housing Act notices which must be served in the correct format and at the appropriate time should you wish to regain possession of your property.
Security deposit
All deposits taken by landlords and letting agents must be protected by a government authorised tenancy deposit protection scheme to safeguard tenants deposits/bonds.
When a residential tenancy is agreed through Cedar Properties we take a bond from the tenant to cover any rent arrears or damage caused to the property. This sum is held by the DPS (www.depositprotection.com) throughout the tenancy.
In addition, and with regards to rental collection Cedar Properties is a fidelity-bonded member of ARLA, the professional body which ensures that all landlords’ monies are held in separate, fully protected client accounts.
The inventory
As part of our comprehensive management service we arrange an Inventory and Schedule of Condition – even if the property is unfurnished. Unless the condition of the furnishings and interior décor is properly documented, you will be unable to claim recompense for any damage at the end of the Tenancy.
With the tenancy deposit protection schemes now in place the tenant’s consent is required if money is to be withheld from the security deposit for any reason or the dispute will have to go into arbitration to get any security deposit monies released.
Routine visits and check outs
Every three months during a letting period, one of our experienced staff will conduct a routine visit of your property. Following each visit, a report will be produced and communicated to you.
When tenants are checked out of a property an assessment is made, by comparison against the original inventory. We will negotiate with the tenant the amount that may be withheld to cover for dilapidation. We will arrange for any necessary work to be carried out prior to installing the next tenant. We will also report to you any recommendations concerning the up keep of your property.