Southside Landlords: 5 Brilliant Ways Property Management Works for You
Quirky Southside is one of the many gems of Edinburgh. With a fairly high occupancy of student residents thanks to the nearby University of Edinburgh, and an almost constant flow of tourists, this area has a lot to offer both residents (whether permanent or temporary), and holiday-goers too. So, while the main property market may be ever so slightly dominated by student renters, there are the usual numbers of families, professionals, and tourists looking for a range of lets in the area as well. This post explores why property management services are the preferred option for so many Southside Landlords, with the top five reasons listed below.
Southside Landlord Common Challenges
What are the big challenges that all Southside landlords come up against? Given the status of the area as a high-ranking tourism spot in a city that is famous for its culture, community, and recreation retreats, there are a few things to mitigate from the landlord perspective:
Navigating student renters.
Successfully managing short-term rentals.
Property upkeep.
Keeping property secure.
Mitigating the constantly shifting property market inflation, instability, and influxes.
How a Property Management Service Will Help
With these five common problems in mind, how is a Southside property management company able to navigate these issues sufficiently?
Navigating Student Renters
Edinburgh has a great university, and therefore a high student population within the city. While Haymarket might be the most popular choice for student housing, there are definitely a lot of renters looking in Southside as well. For landlords, this might feel challenging. Breaking into the student market brings a lot of risks, and it can also decrease the value of your property over time. There are bound to be mortgage factors to consider and insurance ones too.
So, if you are going to dive in, you have to understand the engagement. Students only expect to pay rent during term time, moving out in the summer either back home or onto a new property. Some groups may sign on for another year and stay; it all depends on who you get and how long their course is. This is a lot to navigate on your own, especially if you lack experience in this demographic. Property management services Edinburgh will understand this market in as much detail as you need them to. They are used to student cohorts and are experts in how to navigate this particular type of rental contract, all the involved legalities, and how to protect your asset.
Successfully Managing Short-Term Rentals
Short-term rentals are highly regulated in Edinburgh. There is a lot to process in this particular area, and finding property management Southside based is going to really lend support where support is greatly needed. Learning the rules alone can take up most of your time and sanity. Lean on the experts instead and allow them to take the lead comprehensively, ensuring that both you and your asset are fully protected moving forward.
Property Upkeep
It is always the responsibility of the landlord to uphold any repair jobs that are reported, or at least fully investigate them to find an amicable solution. This is not always possible because you might not live in the city, or similar. Property management services are always based in the city they represent, and are fully on board to liaise and implement essential maintenance and repair jobs whenever they are needed.
Keeping a Property Secure
There are unique challenges to keeping a property secure in not only an area where burglaries are higher than others but also where you are a landlord of a short-term rental property that is sometimes left empty in a high-traffic part of town. It feels more vulnerable, and there is definite call for strategic input. Therefore, property management companies Southside operating are the clear choice in this area. There will be performance focused regular checks on your property, regardless of whether there is a tenant occupying it or not. So, if it is sat empty for whatever reason, the agents will ensure that everything is secure and looked after on a regular basis.
Further to this, they have great advice to offer around successfully boosting security around the property and external areas to deter thefts and the like. For short-term rentals, things like key management services are all taken care of in a professional and safe way so you don’t have to worry about anyone gaining access to your key without your consent too. All of these factors are clear advantages not to be ignored.
Instability, Influx, and Inflation
It is old news that the housing market has seen its fair share of woe in recent years. Even before the pandemic, rent prices were on the rise at an alarming rate, and renters were revolting. The working relationships between a tenant and landlord have taken a dive again with exposure to abysmal rental conditions, most noticeably an increase in harmful black mould and all that entails thereafter. Landlords are often painted as the bad guys, but this is a business after all. For every landlord that operates outside of the scope of what’s moral or acceptable, there are a hundred who play by the rules and look after their tenants (and therefore, their properties). It is all there to be kept in context, which of course, media sensationalists never do.
That being said, Southside property management and protection allows for a little more security for the landlord looking to stay above board and navigate this turbulent time for the rental market. Buy-to-lets are basically becoming defunct, and there is a lot of pressure in terms of tax and other stipulations on second home owners, but there are still ways to make this business a reliable channel of income if you have the right advice and management team working with you.
Southside landlords have a great area for investment in the heart of Edinburgh, but they have to understand what’s on offer and how to tap into the most reliable routes available. To make your asset valuable and retain investment viability, a property management service will be your best tool now and always. It is always helpful in a big city like this to have an expert on your team to boost your confidence, your profile, and your capacity.