Before you release keys to your tenants, ensure that you have their first months rent and deposit in cleared funds (Bankers Draft, Building Society Cheque or Cash - do not accept personal cheques which can be stopped or bounced). Get them to read and sign the tenancy agreement, arrange with them as to which utilities they will be paying, take meter readings and make sure they set up accounts with those companies. Finally, go through the inventory with them and make sure they sign it to avoid and deposit disputes at the end of the tenancy.

When dealing with a letting agent, bear in mind that you will not receive the rent on the day the tenants move in. The tenants will pay that money to the letting agent who will then deduct their fees and forward the balance to you. Where money is tight, make sure you are clear as to when you will receive these funds from your letting agent. Whether you take the deposit or your letting agent does, it should immediately be transferred to a regulated Tenancy Deposit Scheme such as the one we use, the Deposit Protection Service (DPC).