Why Property Management Is Important For Landlords

 

Property Management Dundee Property management Edinburgh is a vital service for landlords. Letting agents can take the hassle out of managing a rental property, ensure compliance with legal requirements and standards, maximise rent and keep tenants happy.

They can also deal with any maintenance issues that may arise. Read on to find out 5 reasons why you should consider using a letting agent to manage your property.

1. Take the hassle out of lettings

There is a lot to take care of when it comes to managing your property investment, especially as a go-it-alone landlord. From ensuring you’re on the right side of the law to maximising your rent and keeping an eye on your tenants there is a lot of responsibility involved in lettings. Using a professional Edinburgh property management company takes all the hassle out of lettings.letting agent Dundee

Legislation - the laws surrounding lettings are constantly changing and keeping on top of what you’re required to do as a landlord can be time consuming. Property management companies have a team of experts who can keep you up to date with the latest requirements.Dundee Letting Agents

Maintenance - when something goes wrong at your property it’s important to deal with it promptly to avoid it escalating into a bigger issue. A good property management company will have a list of contractors and even an in-house team to deal with repairs, saving you time and money.Dundee Property Management

Tenant liaison - handling tenant enquiries can be a stressful task, especially if it’s over late rent payments, unreasonable damage or evictions. A property manager can take this stress out of lettings by dealing with any tenant issues and acting as a buffer between you and your tenants.

For those considering becoming a landlord, or if you already have an Edinburgh investment property that you’d like to consider renting out, contact us to arrange a free rental valuation for your property. We offer guaranteed rent for three or five years through the Private Sector Leasing scheme, which is ideal for long term landlords. Contact us to find out more about this and how it can help you achieve a great return on your investment.

2. Save time

Property management is a time consuming business, especially for landlords who own multiple properties. There are a lot of different elements to the job including rent collection, tenant vetting, gas safety checks and electrical systems tests. Plus, there’s a stack of legislation to comply with like licenses, rent agreements and deposit protection laws.

Letting agents will take care of many of these things for you and you’ll be able to use their local knowledge of the Edinburgh area when finding tenants. They’ll also be able to complete the referencing and Right to Rent checks, create tenancy agreements and compile inventories. Using a letting agent can help you avoid costly mistakes such as accidental damage to your property or unpaid rent and deposits.

Even if you’re an experienced landlord, it’s hard to find the time to deal with every aspect of your portfolio if you have a full-time job and other commitments. That’s where a good property management company comes in, they’ll have the time and experience to manage your properties for you and keep you updated with the latest changes in the market.

In addition to day-to-day activities, a property management provider can save you money on maintenance by negotiating deals with contractors and having an in-house team who can take care of minor repairs such as tap leaks. They’ll also regularly inspect your property to prevent issues from escalating. They’ll also provide your tenants with regular maintenance reports so they can report any problems to you. This keeps you informed and ensures that your properties meet the latest safety standards. It also helps to minimise the risk of fines for non-compliance with regulations.

3. Maximise your rent

With Edinburgh’s thriving property market, landlords can expect to make a steady stream of income from their rental properties. However, it’s important to understand how much to charge for your property in order to maximise rental yield.

A professional letting agent can help you determine the best price for your property by conducting a local market analysis. They’ll know what your competitors are charging for their homes and can help you set a competitive rate that will attract tenants but still make you a profit.

Landlords often have to deal with maintenance issues, and it can be difficult for them to carry out regular inspections when they live far away from their rental properties. When you use a professional letting agency, they will take care of any necessary maintenance work, so you don’t have to worry about it. This will allow you to get the maximum return on your investment and keep your tenants happy.

Another way a lettings agency can improve your returns is by helping you secure the highest rent possible. By following the latest tenancy legislation, you can ensure that your tenants have a fair and reasonable tenancy agreement that is protected by law. They’ll also be able to negotiate the rent when it comes up for renewal.

Landlords can also benefit from having a lettings agency handle tenant screening. They have experience assessing tenants and are more likely to spot red flags than an untrained eye. This can save you a lot of time and money in the long run. The right lettings agency can ensure that you have the best possible return on your investment, and help you avoid any costly mistakes in the future.

4. Keep your tenants happy

Keeping tenants happy is a key part of the landlord business. Rewarding loyal renters with perks like a reduced rent or new furniture can be a great way to attract and retain them. It’s also important to set clear policies regarding pets, quiet hours and whether walls can be painted so that everyone has a consistent experience. This helps to avoid issues and disputes and it’s also crucial that rules are enforced fairly for all tenants. Discriminating on the basis of race, gender or other factors is illegal and can leave tenants feeling abandoned and excluded.

Often, problems with property maintenance can arise at the most inconvenient times and this is where being responsive to your tenants can help keep them happy. Being available on the phone, email or text and providing a quick response to any maintenance issue shows that you value them as a tenant and are willing to listen to their needs. Tenants can then feel confident that any problems will be dealt with swiftly, preventing them from becoming escalated.

Letting agents and property management companies can also save time by dealing with a lot of the admin for you, including finding tenants, carrying out referencing and Right-to-Rent checks, preparing a tenancy agreement and creating an inventory to ensure accurate deposit deductions at the end of the tenancy. This will help to reduce void periods and minimise any potential losses. They also have a wealth of local knowledge and are able to provide accurate rental valuations so you can be sure you’re getting the best return on your investment. They’ll also be able to recommend maintenance contractors and negotiate good rates for you.

5. Take care of your property

Property management companies have a wide range of expertise in finding tenants, screening them and ensuring they are able to pay their rent on time. They will also be able to help you with any legal issues that may arise. For example, if a tenant becomes unable to pay their rent they will be able to manage the process of applying for a court order and serving a notice to evict them.

In addition, they will be able to advise you on any safety regulations that need to be met. This includes arranging landlord gas safety inspections, electrical tests, energy performance certificates and fire risk assessments. They will also have a comprehensive list of reliable tradesmen who offer great rates as they often work with them regularly. This means you don’t have to trawl the internet or the yellow pages and take a chance on a tradesman.

They will be able to deal with maintenance issues promptly so that tenants remain happy and so that problems do not escalate. They will have a network of contractors and may even have their own in-house team to handle emergencies. They will also be able to offer advice on the most cost-effective way to maintain your property and make any necessary upgrades.

Hiring a property management company to oversee your Edinburgh investment can be a real life saver. They can maximise your rent, keep your tenants happy and take care of all the legal aspects of the lettings process so you can sit back and watch your profits grow. Just be sure to choose a professional, ARLA Propertymark regulated agent with good reviews on sites like Google and Allagents.