Ever wondered how long it takes for Knights to establish a tenancy properly?
With over 150+ pieces of separate legislation now affecting Landlords, establishing a compliant tenancy is not as easy or as straightforward as you may like to think. We have created the below in order to spell-out the process for Landlords and Tenants and highlight just how much time and effort this process takes in reality.
See how knights accomplish this below:
| Task | Time Needed |
| Initial Contact and Market Research
Researching and creating evidence for client to educate and guide on price, market climate, legislative requirements and overall strategy. |
1.5 Hours (Prior to appointment) |
| Attend Property and Present to Client
Visit property, assess condition, assess possible areas for improvement, advise client accordingly. Present Knights services advise on Legislation, price, market conditions and all steps required to let property safely, compliantly and efficiently. |
2 Hours+ |
| Create and Prepare Marketing Material and Launch to Market
Prepare photography, create full property video tour, take full measurements, draw up floorplan, write the description and launch to the respective Property Portals: Rightmove.co.uk and Zoopla.co.uk. Contact all Tenants presently registered, email and send out particulars. Contact any and all possible corporate interest. |
3.5-5 Hours+ |
| Receive Enquiries, Screen Applicants and Booking Viewings.
Responding to each individual enquiry, speaking with the prospective tenants, screening their interest, and understanding their respective profiles. Sending Video Tour and then booking the best candidates in to view in line with Landlords brief. |
8-10 Hours+ Based on fielding 20+ enquiries properly. |
| Attending and Conducting Physical Viewings
Driving to site, conducting physical viewings with prospects. |
3-5 Hours. (This can fluctuate greatly).
Based on four/five viewings on two/three separate occasions. |
| Agreeing a Tenancy and Completing Reservation
Receiving/Extracting interest/offers and going into detail with the prospect as to better understand their profile, time-frames, and intentions to establish the absolute best candidate. Negotiating the best outcome for client and complete formal reservation with completed paperwork and documents required to meet Legislation under law. |
2-3+ hours |
| Taking the agreement from Reservation Stage through to compliant Move-in
Extremely delicate and crucially important administrative process that forms the bedrock of the tenancy for years to come. This is a 47-step process that must comply with all 150+ separate pieces of Landlord Legislation currently in force. |
10-15+ hours |
| Moving the tenant into the property and processing the file and paperwork accordingly
Attend site, check the tenant into the property showing them around and making sure they know how to operate any items or appliances, check and test Smoke and CO Alarms ensuring in correct positions throughout the property and fully functional (if instructed) and ensure the inventory is co-signed by the tenant at handover. |
2-3 Hours |
| In this example we are moving straight to End of Tenancy however, in reality the time needed increases accordingly with each management issue or advice required at each separate point of contact with Landlord or Tenant. | |
| End of Tenancy
Correspond with tenant three months prior to expiry of tenancy, agree Exit Procedure with tenant and write accordingly to ensure full understanding is maintained. Book the professional checkout, receive, and review checkout send to client with advice and guidance. |
1-2+ Hours |
| Deal with any Deposit Damages for client
Liaise with Landlord and Tenant over Deposit Damages as highlighted in the professional checkout, if required. Claim on landlord’s behalf, liaise with the DPS and enter claim, submitting all required evidence to the Deposit Protection Service. |
2-3 Hours |
Total Time 50 Hours+ (conservative estimate) |
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