Edinburgh Property Management Company
As a new landlord with a property to let out you may wonder what you can expect from an Edinburgh Property Management company, so we’ve set out the main things that will be covered as part of a property management service.
Rent and marketing advice – A property management company will have the knowledge and experience to provide landlords with an accurate rental valuation, comparing each property with their knowledge of other properties that have let nearby. They will also offer advice on any improvements to the property or furnishings required to maximise the rent and to make the property as attractive as possible to prospective tenants.
Property advertising – A property management company will advertise each property on the main rental portals so that they reach as many prospective tenants as possible. They will also normally arrange a marketing board (unless a development prohibits this) and may circulate property details around registered tenants on their database. Tenants are more aware than ever of the varying reputations of Edinburgh property management companies so it’s important to choose a property management company with good online reviews and positive tenant feedback.
Tenant screening & Deposit handling – A property management company will carry out credit checks and references on prospective tenants. If tenants have only recently moved to the UK (so don’t have a UK credit history) a property management company may request a larger deposit (up to 2x monthly rent allowed) or a larger portion of rent upfront to give the landlord additional security and peace of mind. They will also make sure Tenancy Deposit Scheme (TDS) obligations are fulfilled and that the deposit is transferred to a TDS scheme and all appropriate notifications are served.
Property compliance – a property management company will ensure a property meets all the legal safety requirements prior to a tenant moving in and on an ongoing basis (including keeping landlords updated with any new legislation). They should also have a good network of tradesmen to ensure any checks or installations are carried out satisfactorily and at a fair price.
Tenancy paperwork – a property management company will take care of all tenancy paperwork including a Private Rented Tenancy (PRT) in Scotland and an inventory.
Property maintenance & upgrades – A property management company will keep on top of any maintenance issues that arise during the course of a tenancy, dealing with them promptly to keep tenants happy and to avoid problems escalating. They will be able to take care of any larger upgrading projects on the landlord’s behalf.
Property management & Rent collection – During the course of a tenancy a property management company will deal with all rent receipts, rent chasing and rent payments to the landlord. They will also take care of any tenant swap over and any other work relating to maintaining a positive relationship with the tenants.
Serving notice papers & checking tenants out – once a tenant is ready to vacate or a landlord needs to take a property back, a property management company will ensure all the correct paperwork is served to allow this to progress smoothly. A property management company will carry out a checkout inspection to compare the condition of the property from how it was prior to the tenancy and, if necessary, will make any subsequent claims to the TDS for deductions from the tenant’s deposit. If the landlord does not need to take the property back (for their own use, to sell, or for any other reason in line with the grounds set out in the PRT) a property management company will re-advertise the property in order to minimise any void periods before a new tenant moves in and the whole process starts again!
An Edinburgh property management company will take care of the whole property letting and management process end to end on landlord’s behalf. It’s worth looking for a property management company who is ARLA Propertymark accredited and has good customer reviews to ensure you chose a company who will take care of you, your property and your tenants.