When you first start out as a property investor or as an accidental landlord, it can be daunting. There’s a lot to consider, and it can be difficult to know where to invest your time and money into the property to guarantee the best return.
Clan Gordon offers a bespoke service for property investors and landlords, providing expert advice based on years of experience. This approach pays dividends for our clients, as this case study demonstrates.
The landlord, who we recently helped with a portfolio of properties, got in touch after the vendor of her first purchase recommended us. We'd been managing his property portfolio for some time and clearly made an impact, so she was keen to see how we could help.
When our new client got in touch last July, she was buying her first property. She went on to purchase two more during the pandemic. All three properties were very different and came with their own unique challenges. We were able to provide advice and support along the way to ensure the client presented the properties in a desirable condition so she could secure good tenants.
Starting Out – Property One
With her first property, our client chose a desirable apartment close to the city centre and within easy walking distance of Haymarket Station. She decided to do most of the refurbishment work herself, repainting walls and installing new appliances. She then asked us to take on the management and find her a good tenant.
As we'd previously managed the apartment, we knew it was in good condition, so she just needed our assistance to sort out all the safety certificates ready for letting. The apartment was successfully let within six weeks. However, handling the refurbishments by herself later left the client with unexpected problems to address. When the new oven went wrong, the installer refused to honour the warranty.
This was a tricky situation for the client, who found it challenging to resolve without the support of a property management company. When she subsequently bought more properties in quick succession, she used our property management services to ensure the process was hassle-free.
More Of A Challenge - Property Two
Our client's second property couldn't have been more different from the first, and this time she entrusted the whole project to us. An apartment on the city's outskirts in Duddingston, this one needed far more work and proved more of a challenge to let, but we worked with her, and she trusted our advice every step of the way.
A Legionella inspection found the property's boiler and cold store tanks needed replacing. Our team organised the work, decorated throughout, and sent a handyman to do some basic repairs and box in the new boiler to make the kitchen look neater.
The property was part-furnished, with a good quality sofa, bed and dressing table. But including the furniture actually proved more of a hindrance than an asset. Most tenants generally prefer either a furnished or an unfurnished property. Part-furnished is neither one thing nor the other. However, our client was willing to be open-minded and completely furnish the property if we were unable to secure a tenant quickly. She trusted us to guide her make the right decisions.
Make your property photographs work for you
When a property has a great selling point such as 'walking distance to the city centre', it's far easier to get potential tenants interested. So this one, some way out of town, took a bit more work. Photographs of the exterior showed the building covered in moss, which people thought meant the property was damp, so we sourced an earlier picture that made it look more attractive and added new interior photos with the boxed-in boiler and fresh coat of paint.
We recorded new virtual tours and reviewed the rent with our client to ensure it remained competitive and would attract interest. Within a few weeks, we had managed to secure a tenant. The key was working with the client and having honest conversations about what was needed. She followed our advice, and together we achieved the desired outcome. But before we let property two, we'd actually already found tenants for property three…
Nice And New – Property Three
The third property in our client's portfolio was another significant change – a new build closer to the coast in Portobello, which was the easiest of all three to rent. We were inundated with enquiries as soon as it went on the market and it was let within two weeks. New build properties are always desirable and attract a lot of attention.
The property needed no work – there was just a small mark on the wall that we knew wouldn't deter would-be tenants, so we got it on the market straight away. We were still trying to source tenants for her second property, but we knew this one would fly, and we could get people in almost immediately.
So from the first contact in June 2020 to buying and letting out three properties during the pandemic, we've helped our client make the right decisions with her new property portfolio, and she now has tenants in all three.
Trust The Experts
There was a considerable difference between the three properties in our client's portfolio, which is why a bespoke approach was needed to find tenants for each one. This is an excellent example of why Clan Gordon's years of experience and knowledge of the Edinburgh lettings market make us the obvious choice for landlords.
We know the most desirable areas, the rents tenants are willing to pay and the attention to detail required when refurbishing a property. Plus, we can organise all the safety inspections, certificates and tenancy agreements in line with Government regulations.
After using a DIY approach for her first rental property, this client opted to hand the following two properties entirely over to us to manage because she realised how much easier it was when we looked after every aspect. We have our own tradespeople and trusted suppliers, so everything runs smoothly, and there are no issues with broken appliances or unfulfilled warranties.
If you're a landlord looking to let property in Edinburgh, make sure you download ‘The 7 Pitfalls To Avoid When Letting Your Property’ from our website and check out the bank of useful blogs here.
You can also get in touch for a no-obligation chat about how Clan Gordon property management can take the pain out of letting your property in Edinburgh so you can ensure maximum rental yield from your property. Schedule a call today with our professional team today.