A Short Guide to Property Management in Bruntsfield & Morningside
Bruntsfield & Morningside is a charming Edinburgh neighbourhood that’s home to an eclectic range of vintage shops, food specialists, and restaurants. Renting out property in this area can bring in a relatively high revenue stream, but having plenty of experience and expertise in the industry will help take this to the maximum potential. A property management service can help you do this.
Bruntsfield & Morningside Overview
There are plenty of attractions in Bruntsfield & Morningside, which makes it ideal for short and long lets. For example, you will find the world’s oldest golf course, Scotland’s only family-operated movie theatre, and the “best pub”, which is known for its fine beer and quirky style - this only scrapes the surface when it comes to entertainment.
This area of Edinburgh is deemed safe, with UK Crime Stats rating it 7.5 out of 100, which puts it in the lowest percentile. Nearby, there are plenty of quality primary and secondary schools, which will help bring long-term families into the area.
Long Term or Short-Term Letting
Before choosing a property management service, you need to decide whether you’ll be accepting short or long-term lets. There are pros and cons to both options, and the choice will largely depend on your lifestyle and goals for being a landlord.
Long-term letting will allow you to build a stronger positive relationship with fewer tenants, who will help take care of your home because they’ll have respect. Additionally, your rent will be covered for a longer period, which can make it easier to plan your life. However, it’s not all good news because there’s an 84-day notice period for eviction, and some tenants may react negatively.
Short-term letting has an appeal because it gives you the flexibility to use your home during the years, which will save paying for additional accommodation for a weekend away. As well as this, short-term tenants don’t view your property as their home, meaning they’re not likely to start decorating.
Making Property Management Work for You
Whether you’re new to hosting property in Bruntsfield & Morningside or you’ve been in the game a while, you’ll understand the challenges that come from having to seek appropriate tenants, fulfil regulatory requirements, carry out property maintenance, and any other tasks expected of a landlord. If your property is full 100% of the time, which is highly unlikely, the regular income makes the work feel worthwhile. However, in many cases, the amount of work isn’t satisfied by the rental price or consistency of pay.
If this sounds familiar, you should use UpperKey, a Bruntsfield & Morningside property management and protection expert. The remainder of this article will tell you how using such a service will work for you.
No Need to Communicate with Tenants
Managing tenants involves effective communication and the ability to build strong relationships. However, many landlords don’t have this natural ability, which can invite complications when attempting to deliver a high level of service. Fortunately, by using property management companies Bruntsfield & Morningside, you’ll never have to speak to tenants, which is a win-win for some people.
Manoeuvre New Regulations
After a couple of harsh years bought on by the Covid-19 pandemic, 2022 was the light at the end of the tunnel that saw restrictions lifted for the entire year. Despite the positive implications of lockdowns and restrictions ending, the Scottish government introduced new short-let regulations. Under the new rulings, the majority of landlords wishing to let out their property on a short-let basis will need to apply for planning permission, which remains in place and is passed to future owners.
Navigating these new regulations can be confusing for newcomers. However, if you allow a Bruntsfield & Morningside property management service like UpperKey to become your primary tenant, you won’t need to worry about this.
Mandatory Regulations
As well as new rules imposed on short-let landlords, there’s a catalogue of regulations all properties must meet. For example, gas safety, fire/carbon monoxide checks, PAT testing, and much more. Completing work to pass all of these tests can become expensive and will take some time. However, if you choose to use UpperKey, you’ll receive 100% of the rent and won’t need to worry about arranging regulation checks.
Top Tier Client Vetting
Having the right tenants is important for any landlord, as the wrong match can end up costing a fortune in repairs. A great way to ensure that your property is only used by 100% vetted tenants is by using UpperKey, which has access to a wealthy database of international clients.
Income Guarantee
When your property is sitting empty, you’re not receiving any revenue, but you still need to sink money into it, which is counterintuitive. To mitigate the costs of no-rent periods, you can simply rent to UpperKey, who will take care of your property management Bruntsfield & Morningside as well as guarantee your rent for a maximum of three years. This partnership works for you because you’ll receive maximum income while having time to spend on other ventures.
Increased Rental Price
Deciding on a price for your property can be challenging, and there are often steps to take that can increase the price. For example, installing new hardware, sealing cracks, and painting cabinetry will allow you to charge a higher rental price, but you may not have the foresight to make these changes yourself. Fortunately, UpperKey brings its industry expertise to achieve the highest price for your Bruntsfield & Morningside property.
Greater Customer Care
Short-term let landlords often don’t have the time to fulfil all customer needs, like answering queries in a timely manner. However, UpperKey has the manpower to provide all guests with outstanding concierge service, which will allow you to compete with hotels and other properties. If your guests have queries or require maintenance, they can reach out 24/7 and a qualified team will fulfil their needs; providing this service allows you to charge higher rent.
Letting a property in Bruntsfield & Morningside has huge earning potential, but every aspect has to be managed efficiently. Renting to a property management service will give you greater security and peace of mind that your assets are being cared for properly.