As a landlord with an Edinburgh rental or a portfolio of properties to let in the city, it might feel like an unaffordable luxury to take out a property management contract. Why part with valuable profit to get someone else to look after your investment?
A property management service is often viewed as an unnecessary expense. After all, isn’t it easier to do everything yourself and reap the financial rewards? At Clan Gordon we know that’s not quite true…
Stay on the right side of the law
Managing your own rental or portfolio of properties can be a headache, especially if you don’t live close by. Plus, there are legal requirements and safety guidelines that must be met to prevent you falling foul of the law.
Property letting is far from simple. As well as making sure you comply with all the rules, there are repairs and inspections to take care of and tenants to keep happy. Sometimes it can feel like a full-time job.
Benefit from a letting agent’s experience
While a property management service might seem like a considerable expense at first glance, it can actually pay for itself in the long term – and even save you money. A reputable letting agent will ensure your property isn’t left empty for long periods of time and has access to reliable local tradespeople who offer an excellent service at competitive rates.
The experience and expertise of a letting agent shouldn’t be underestimated. At Clan Gordon, we’ve been looking after rental properties for Edinburgh’s landlords for almost 20 years so you can be sure your property is in safe hands.
Finding reliable and reputable tenants means conducting a detailed vetting process, requesting financial details and references from previous landlords. Failing to carry out adequate checks means you risk taking on tenants who may not be able to afford your property or who won’t take care of it as if it is their own.
Sit back and relax while your property is managed for you
Taking out a complete property management service means everything is covered from start to finish so you can sit back and relax. At Clan Gordon you can rest assured your tenants will be carefully vetted and your property manager will handle the ongoing relationship – which means they’ll also answer the emergency call at 3am when you’re fast asleep!
It’s hard to know what rent to set when you don’t have extensive experience of the market, but a letting agent can make sure you get it just right. That way, you don’t miss out on valuable income, but equally, don’t set it so high that you don’t attract any tenants.
Get the legal stuff right when letting your property
Drawing up a contract is another challenge that will be sorted for you with a property management contract. The Scottish Government provides a draft model tenancy agreement for landlords but it’s a ‘one size fits all’ approach. Your letting agent will ensure the contract is tailored to your property and covers any specific issues that need to be included.
It’s also crucial to make sure that you meet all the legal requirements of being an Edinburgh landlord. This includes registering with the local authority to rent out your property and ensuring you carry out all the necessary safety checks such as a gas inspection and legionella check. These need to be regularly updated throughout the tenancy.
Check, check and check again
As well as safety checks, it’s important that your property is regularly inspected to pick up any issues early before they turn into major problems. Good maintenance is essential, and a letting agent can ensure your tenants are taking good care of your property and alert you to anything untoward.
If repairs are needed, most letting agents have access to a bank of tradespeople who they rely on to carry out work for their clients at competitive rates – often much better value than you could secure yourself, and with the added reassurance that they are reputable and reliable.
The biggest benefit of a property management contract is the expertise and experience of the letting agent so it’s important you choose wisely and look for an agent who is well respected and has excellent reviews.
At Clan Gordon, we have won multiple awards for our customer service and all our agents are registered with Arla Propertymark, the leading professional body for property agents. We believe in providing an exceptional service to our landlords and tenants every time so if you’re considering a property management service, talk to us first.
To find out more, book a call with one of our expert property managers.