The ever-changing regulations in the property industry means Landlords are under more pressure than ever to keep their eye on the ball when it comes to managing their rental property, along with your added expense on extra safety measures needed for renting out your property, new tax levies, etc.
Gone are the days when the Buy-To-Let market would allow you to build your portfolio whilst earning 10-15% plus yields.
Before deciding whether to manage your property yourself, you should be asking yourself many questions, such as; Do I know what costs are involved once I purchase the property-such as maintenance, safety and finding a tenant? Do I understand the legislation? Do I have time to manage everything that comes with renting out a property?
There is a whole load of safety legislation that you also need to be aware of, from electrical and gas safety to legionnaires; again, the list is endless, it really can become very mind boggling.
Then you have the added stress of finding a good tenant. Do you have the resources to do this? Do you have access to tenancy documentation and understand the legal aspect of offering a tenancy in Scotland? Are you aware of the tenancy deposit protection scheme and your responsibilities as a Landlord?
You will also need to try and make sure any tenant living in your property is taking care of it, and being aware that you are their point of contact 24/7; say for example, if there are any issues in the property whilst they are living there, such as repairs needing done, leaks or non-payment of rent, etc. Do you have the time and energy to manage this?
Using a property expert, such as iLet Property Services
Let’s be honest here. Your investment can be the most important thing in your life (apart from family of course, and your career). You want to make sure you are getting a good return on your investment.
Should you choose to work with a professional letting agent, you should make sure they can maximize your investment, that you will be able to have a good working relationship with them, that you can trust them and most importantly, that they can be of value.
Working with a professional letting agent means you have someone who can keep up to date with rules and regulations, give you peace of mind your property is being looked after (regularly inspected), they should also be able to find reasonable and competitive prices for any maintenance work needing done and advise on rent increases, etc.
A letting professional should be someone you can trust. Transparency is also key in working with someone who is open and honest about what they can offer you.
Sometimes the smaller independent agencies can offer a more valued service in comparison to the larger, high street branded agencies; due to the smaller agencies having less overheads, being able to offer a more personal touch and having a better understanding of their own local market.
Depending on what you are looking for out of your investment, always bear in mind, just because an agent may be offering a better deal than the next, doesn’t mean they will add value or a better service. Value should always come first.
Give us a call on 01382 540545 or 07892 891116, or email us today for a free valuation of your rental property.