Property and tenant Safety – As a landlord you have a legal responsibility to make sure your property is maintained to a safe standard. This includes legislation relating to; fire safety, gas safety, electrical safety and Legionella Risk. Particularly in Scotland (where the government here tends to lead the UK on new safety legislation in lettings) the rules seem to change ever year. A property management company will keep you on the right side of the law!
Changing Legislation – Also relating to changes enforced by the government, a property management company will be on the ball when it comes to the paperwork required for each tenancy. A new Private Rented Tenancy was launched on 1st December 2017 and a property management company will know how this should be used and will make sure everything is dealt with properly. This new PRT will be a blind spot for a lot of landlords who don’t use a property management company. It’s also essential you serve the right paperwork at the end of a tenancy or tenancies can grow arms and legs; leave this to the experts!
Marketing & Credit Checks – a good property management company will advertise your property on all the main advertising portals, will have a tenant database and will advertise on any other relevant platforms (including attending University student fairs, for student properties). A lot of these routes will not be available to the private landlord so trust a property management company to know how to get to the right tenants quickly. Likewise a property management company will have the processes in place to deal with tenant applications; should be able to tell you a good from a bad application and will carry out all the necessary credit checks to minimise the chances of a dodgy tenant moving into your property.
Deposits – A property management company will make sure your deposit is administered properly and lodged correctly with a Tenancy Deposit Scheme (including issuing all the right paperwork to tenants). You don’t want to get this wrong as it can be a costly mistake to make!
Knowing the market – A property management company will know the market inside out. They’ll know the right rent for each area and each street and will be able to maximise the rent you achieve for your property; most of the time when private landlords pass their properties to us after managing the property themselves we almost pay for ourselves as we can achieve a higher rent that the landlord was getting before. It’s a no brainer!!!
Good cop – Bad Cop – By using a property management company they can be the bad guys, holding tenants to the terms of the lease so that you don’t have to! That means if tenants are late paying rent, are making too much noice or are not maintaining the property as they should, your property management company will deal with this so you don’t have to. Also, you don’t want to be the ones getting a phone call at 10pm on a Friday night to deal with a leak. Your property management company will do that for you!
Reputation – A property management company will have a reputation; good or bad. A company with a good reputation will attract good tenants who want a good service from their property management company. Check out reviews online to see what landlords and tenants have to say about each property management company before signing up to one. There’s no hiding from good or bad service online!
So, there you have it. That’s just a few reasons why you should hire a property management company Edinburgh. If you want to find out more reasons why; just contact our office on 0131 221 0888 and our team would be delighted to tell you a bit more about what we do and how we could help you!