There are over 330,000 private tenancies in Scotland. Half of these are managed by letting and managing agents; the other half are managed directly by landlords. We thought it was worthwhile explaining some of the (many) reasons to employ a property management company to manage your rental property. As we’re property managers in Edinburgh we’ll look at this specifically for Edinburgh.
Marketing – Property letting and management companies will have relationships with all the main letting portals so that your property appears on all the main portals (Rightmove, S1homes, Citylets, Zoopla) to maximise its exposure to prospective tenants. They’ll also have things like a wide angled camera and marketing boards and plenty experience writing appealing property descriptions so will increase the chances of finding a good tenant quickly!
Market knowledge – Letting and management agents in Edinburgh will be able to provide you with a very accurate rental valuation for your property. It’s incredible the difference in value between two adjacent streets. Property management companies in Edinburgh should know the intricacies of values within the city. Likewise, as agents are so heavily involved in property management in Edinburgh they will know when rents are moving forward and so can ensure the rent is maintained to the correct level as the years roll on. Property management companies will want to maximise your rental return, without exploiting tenants of course.
Availability/responsiveness – Everyone is busy! Who is not busy! It may be tempting to manage a property yourself but why does the phone always ring with a problem when you’re about to walk out your front door to go out for dinner or to head off for the Christmas holidays?! By employing a property management company in Edinburgh they’ll be on hand to answer the phones instead of you! Property management companies are able to be much more responsive to prospective property viewings and to tenant demands during the course of the tenancy. This will help secure tenants quickly, keep tenants happy once they’ve settled in and ensure that you are not lumbered with an issue at the most inopportune times! Property management companies will also be able to act as a ‘buffer’ between you and your tenant which often makes communication with them a lot easier.
Knowing and understanding legislation – Legislation surrounding letting is growing and growing (this is great as it protects landlords and tenants) but it is very difficult for landlords to access and interpret this information. Property management companies in Edinburgh should know all up to date legislation inside out. This will ensure that your property is ready to let before a tenant moves in (with all the relevant safety certificates and installations fulfilled), will ensure the tenancy paperwork is in order and will make sure notices are served correctly when tenants or landlords serve notice (this can be a minefield!). It’s important to choose an accredited property management company in Edinburgh. Umega Lettings are ARLA (Association of Residential Letting Agents) and Safe Agent approved and are members of The property Ombudsman, Scottish Landlord Association and Council of Letting Agents members so we know ‘how to do’ property management in Edinburgh!)
Contacts – By being involved in property management in Edinburgh, letting and managing agents will have contacts with reliable tradesmen who should offer them preferential rates due to the amount of work they pass to them. Therefore you know you’re getting work carried out by good tradesmen so don’t have to trawl through the yellow pages or google yourself and take a gamble on a tradesmen. A property management agent will also have agreed great rates for the various safety certificates that are required in relation to renting and managing property. Property management companies will also have relationships with insurance providers, utility providers and other relevant parties to make sure your property is taken care of and you get best value. We deal with over 150 HMO (Houses of Multiple Occupants) properties in Edinburgh and so we have a very good understanding of the processes involved and the council’s HMO standards. We’ve done this for over 10 years so we know the intricacies and the individuals involved in property management in Edinburgh!
Dealing with Deposits & property finances – Property management companies will have accounts set up with Tenancy Deposit Schemes and will have a very clear idea of the processes these schemes follow. The inventory is such a key part of property management and we understand how this can be used to make fair deductions from the deposit for properties we manage in Edinburgh. A good property management company in Edinburgh will also have ‘Client Money Protection’ in place. This ensures that client monies are held separately to business monies (or in the case of landlords who go it alone; this ensures rent and property expenses are not soaked up in their personal accounts…this can get messy and a nightmare to untangle one a year when you fill out your tax return!) and are reconciled regularly to give peace of mind for all parties involved.
So, as you can see there is more to renting a property out than just finding a tenant and giving them the keys! There is A LOT to think about and the above information is just a quick overview of some of the main benefits of using a property management company in Edinburgh. With over 10 years’ experience, learning, contact making and process building we are proud of our property management service in Edinburgh. If you’re looking for any help with your property please contact us at [email protected] or call 0131 221 0888 and we’ll provide you with more information on our service and can give you a free no-obligation verbal rental valuation of your property.