How to decide whether to manage your own rental property
When it comes to renting your property out in Scotland, it’s important that you are aware of every step of the process so you don’t end up with any nasty surprises.
Keeping up with changes to legislation
There are many responsibilities that landlords need to be aware of, especially when it comes to laws and regulations. For instance, in April this year the Scottish Government brought in new laws that state it is a breach of legislation to enter into a new tenancy of re-let your property if the Energy Performance Certificate (EPC) rating is below a D.
All rental properties must have an EPC rating of D by 31 March 2025. Local councils may give a landlord a civil penalty if their property does not comply with minimum standards and does not have a registered exemption.
Service from a letting agent
There are many factors that should be considered when making the decision to rent out a property. The level of service you are looking for will largely be determined by how much time you have to dedicate to being a landlord. As a landlord, you will enter into a contractual agreement with your letting agent, in much the same way your tenants do with you.
Letting agents will typically offer two levels of service: full management or let only. 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 be your tenants point of contract throughout the tenancy and handle any maintenance issues and inspections and deposits.
Managing your own rental property
Some landlords are happy to manage a tenancy themselves and have the time and resources required to do this, whilst others may prefer an agent who handles everything for them. All self-managing landlords should treat being a landlord as running a business; otherwise you are putting yourself at risk of serious issues further down the line if you need to evict tenants, challenge an inventory document or rely on documentation that has not been properly completed.
ESPC Lettings
ESPC Lettings is a letting agent based in Edinburgh. If you're interested in entering the buy-to-let market, the team can offer expert advice on your buy-to-let properties and portfolio and also provide a fully managed letting service for landlords. Get in touch with the team on landlord@espc.com or 0131 253 2847 to find out more.