Page 67 - ESPC Magazine Oct 2020

LETTING ADVICE

SHOULD I MANAGE MY OWN

RENTAL PROPERTY?

Nicky Lloyd, Head of ESPC Lettings, offers some advice about whether to manage your own rental
property or ask a letting agent to do it for you.

When deciding how to manage your rental If you choose to manage your property
property, many factors need to be considered. yourself, you will need to take care of
The cost of a full management service may many of the above tasks. All self-managing THE HOME
seem significant, but it should bring you peace landlords should treat being a landlord as
of mind that your tenants and property are running a business; otherwise they are putting
being properly taken care of. themselves at risk of serious issues further
down the line if they need to evict tenants,
The COVID-19 pandemic has also resulted challenge an inventory document or rely on OF PROPERTY
in changing guidance and legislation around documentation that has not been properly
renting a property, with stricter rules on completed.
viewings, landlord visits, end of tenancy
cleaning and inspections. If you are planning You will have to commit time and effort
to manage your own property, you will need to make sure you know your rights and
to ensure you stay up-to-date with the latest responsibilities. Managing your own rental The latest properties for sale
guidance. If you are using a letting agent, you property is not necessarily complex, but it will
should ensure you use an agent you trust to take up a fair amount of your time.
be compliant with new regulations.
ESPC Lettings offers property marketing, let Free home valuations
Letting agents will typically offer two levels of only and full property management services
service: full management or let only. The full to Edinburgh landlords. Visit espc.com/lettings
management service is an attractive option to find out more or contact the team on Local experts
for many landlords, especially if they don’t live landlord@espc.com or 0131 253 2847.
near the property they are renting out. It is
a comprehensive service and will take much
responsibility off your hands.

With a full management service, the agent
will photograph and market the property,
handle enquiries and conduct viewings, screen
potential tenants and carry out referencing
and provide a Private Residential Tenancy
agreement. They will also take the rental
payment and handle deposit protection, carry
out inventory checks and handover, issue the
relevant certificates, carry out safety checks
and manage communications with the tenants
throughout the tenancy.

66 ESPC.COM