Frequently Asked Questions – Landlords We have tried to cover the questions we are asked on a regular basis, but if you have a question not listed, please do not hesitate to ask. Our details can be found on the Contact Bradford Property Rental page. Q. How much do you charge for managing my property? A. We charge an initial setup fee of £150 + Vat. This includes the cost of advertising your property in local papers, advertising on the internet on our website and another high profile website shared by many estate agents and property management companies, transportation expenses incurred in showing prospective tenants the property, drawing up a tenancy agreement, general administration costs and the protection of our legal umbrella. Once suitable tenants have been found and with your agreement we notify them of a date they can move-in. After this our management charge of 12.5% + vat is charged on a monthly basis in advance. The management charge is deducted from the rental income. Q. I want to manage my own property, can you find me a suitable tenant(s)? A. Yes. However, there is a fixed charge for BPR finding suitable tenants. Our current charge is £300.00 + Vat. This charge covers the cost of advertising your property in local newspapers, advertising on the Internet, transportation expenses incurred in showing prospective tenants the property, drawing up the tenancy agreement, general administration costs and the protection of our legal umbrella. The charge is normally deducted from the first month’s rental income. Q. How is my rental income paid to me? A. The rental income collected by BPR, less BPRs commission rate, is paid monthly to the landlord. BPR currently offer the following payment methods: The Landlord can collect a cheque at the office, A cheque can be posted to the Landlord, or A Standing Order / Direct Debit mandate can be set-up to transfer money from BPR’s account to the Landlords account. This requires that you select the Rent Guarantee Scheme Q. Do you provide any financial reports or statements of my rental income? A. Yes. We provide you with a Profit/Loss statement which you can forward to your Accountants for annual tax purposes. The statement details the rental income you have received, the expenses you have incurred i.e. property maintenance and repair costs, and our property management expenses you have incurred. Q. What do I do if I require my property back? A. As a general rule of thumb, it is necessary to give the tenant/s two months written notice. In this case BPR would help the tenant/s move on to other suitable accommodation without delay. Q. What happens if the tenant doesn’t pay the rent? A. If a tenant is having financial difficulties due to personal reasons, such as loss of job, poor health, we work with them to help them to move on so that we can re-rent your property without delay. Our aim is to avoid income loss to you whilst taking care of the tenants. In the event that an eviction notice has to be served on the client, BPR will manage this service professionally within the legal boundaries. Q. What happens if my property is damaged? A. We recommend that you take out Property Insurance. We work with several Insurance companies who provide very competitive quotes. We are happy to forward you a leaflet containing all the information you will require, alternatively, you can pop into our office to collect one. Both Landlord and Tenant have statutory responsibilities to property repairs and maintenance. Q. What happens if the furniture or fittings are damaged? A. The furniture and fittings damaged would have to be replaced, or the damage repaired and paid for by the tenant. Information for Landlords