If your looking to let your property yourself, you need to be clear about what you ultimately want, for example if your looking for one tenant, professional couple or a family, will you be near the property or living away, how long do you want to rent the property for. Try and consider what you need to spend on presentation prior to renting plus the ongoing maintenance costs.
The housing market covers a whole spectrum, consider who is your target market? This is very important to know what sort of tenant you want and are those realistically the people who want to rent your property?. Try to find similar properties in the area to gauge the market price, catchment area of either a town or city centre, universities etc..
What is so important is to 'Get legal' as you will need documents to be signed between you and the tenant and these can vary considerably depending on what you want to agree on. You must consult you mortgage lender as they may ask that you let on an Assured Short-hold basis. Let your insurance company freeholder know! if you don't then you may not be covered in the event of fire or damage. Plus take advice from an accountant or financial advisor for you personal tax returns.
Its important to build a good landlord-tenant relationship as you may be dealing with your tenant for many years to come, so make sure that you are available to deal with any issues and problems that may crop up, listen to the tenants concerns, be prepared to negotiate and discuss problems quickly. Don't forget to visit your tenant on either a 3 to 6 month basis (do this by prior arrangement only), arrange for your rent to be paid by standing order on your preferred date and always arrange for repairs to be carried out as soon as necessary.
Don't forget that a Do-It-Yourself landlord is on constant call, so you many find yourself leaning over someones else's blocked sink on a Sunday morning with a plunger, sorting out a flood or frozen pipes on Christmas morning. It's understandably not to everyone's taste so make sure you consider all the options.