A blog containing news about Western Lettings (an award winning letting agency in Glasgow) as well as useful information and resources for landlords and tenants.
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We attended the ESTAS awards in London last week and Western Lettings won gold for both Letting Agent Landlord Scotland and Letting Agent Tenant Scotland. This was an incredible achievement and very successful trip away! As Phil Spencer said at the awards “The ESTAS are special because shortlisted and winning firms are selected purely […] The post ESTAS winners 2018! appeared first on Western...
We attended the ESTAS awards in London last week and Western Lettings won gold for both Letting Agent Landlord Scotland and Letting Agent Tenant Scotland. This was an incredible achievement and very successful trip away!
As Phil Spencer said at the awards “The ESTAS are special because shortlisted and winning firms are selected purely on the service you deliver to your clients. Real feedback from real customers experiencing real service, I don’t think there can be a greater honour in the industry than to receive an award based on that mantra.
Whether you are an inexperienced first time landlord or a go it alone landlord who is fed up with the hassle of dealing with weekend maintenance calls, hiring a property management company to take care of your property and your tenants can be the perfect solution. Here are 8 great reasons why making the move […] The post 8 Reasons Landlords Need a Property Management Company appeared first on Western...
Whether you are an inexperienced first time landlord or a go it alone landlord who is fed up with the hassle of dealing with weekend maintenance calls, hiring a property management company to take care of your property and your tenants can be the perfect solution. Here are 8 great reasons why making the move to this style of property management can make really good sense.
1. Better screening of tenants
First impressions can be deceptive and even the most plausible, honest looking people can prove to be difficult tenants. This is why property management companies or letting agents always take screening of potential tenants very seriously. A good company will carry out credit checks and evaluate references to make sure the chances of taking on responsible, reliable good quality tenants is as high as possible. After all, a tenant who pays their rent on time and takes care of your property is not only good for you, but is also a lot less hassle for a property management company.
2. Ensuring legal safety requirements are met
There are a number of safety regulations that need to be met before a property can be let e.g. electrical inspection (EICR), energy performance certificate (EPC), landlord gas safety inspection, Legionella risk assessment and the correct number of carbon monoxide and smoke/heat detectors. A property management company will advice on all current safety regulations and can arrange the necessary checks to be carried out to ensure that your property is fully compliant. They can also coordinate any work required to resolve any issues that are found.
3. Quicker occupancy rates
It is the job of a property management company to help you achieve the best financial return on your property. To do this they need to ensure that your property has quality tenants in place, paying rent, as quickly as possible. This means they will work hard to help you get your property ready for the rental market. They will ensure that it meets all legal requirements and is presented to its best advantage. They will then advertise it on a number of popular letting sites so that it is seen by as many potential tenants as possible. At the end of a tenancy a good property management company will also have a set of processes in place to check tenants out of a property quickly and efficiently, ensuring that it is left in tip top condition, or if required, brought back up to standard quickly, ready for the next tenants to move in.
4. Higher rental values
Letting agents understand and keep a close eye on market conditions and property demands in your local area. They will quickly be able to establish the current rental value of your property. They can also offer advice on easy ways to maximise your rental income e.g. freshening up the rooms with a coat of paint or replacing worn out carpets or flooring. They can even arrange tradesmen to carry out this work for you.
5. Better maintenance of your property
When there is a problem in your property e.g. the heating stops working or the washing machine breaks down, action is needed quickly. This can be difficult if you are working, on holiday or just plain busy and it can also be difficult finding the right person to deal with the problem. A property management company will have access to a network of fully qualified tradesmen they can get in touch with to fix the problem. They will also take on the task of liaising with the tenants to agree a suitable time when the property can be accessed in order to carry out the repairs, saving you a whole lot of time and hassle. They will also carry out periodic inspections to check that the general standard of your property is being maintained throughout the length of the tenancy.
6. Not having to deal with tenants face to face
Having a property manager as the point of contact for tenants can take away a lot of the stress of being a landlord. All tenant interactions can be dealt with professionally without you having to deal with uncomfortable or confrontational conversations about late rent payments, evictions or unreasonable damage to your property.
7. Ensuring rent is paid on time
Ensuring that rent is collected every month is a key concern for many property owners. This is where a property management company can be useful as a buffer between you and a late paying tenant. They will be very familiar with this type of situation and can usually employ tactics to resolve the situation in a professional manner before it escalates further or becomes personal. On the very rare occasion that no resolution can be found they will start legal proceedings on your behalf, to get the tenant evicted.
8. Providing a robust tenancy agreement
A tenancy agreement is a contract between you and your tenants and is required by law. It protects your property, sets out your obligations and that of your tenants and prevents potential disputes happening in the future. A property management company can help you draw up a tenancy agreement for your property. It will contain standard items e.g. the start date of the tenancy, when the rent is due, the notice period etc. but it can also contain items pertinent to your particular property e.g. whether pets are permitted. New tenants will not be allowed the keys to your property until they have signed this document.
Choosing to go down the route of a property management company is a big decision and it is not for everyone. But if you do decide that this is for you, then it is important to remember that not every company will offer the same level of service. Take your time and do your homework because when you do find the right property management company, you may wonder why you ever considered managing your property on your own.
Western Lettings is a small independent Property Management Company in the West End of Glasgow. We are ARLA accredited and specialise in letting and managing property throughout the city. Please feel free to contact us for more information about our landlord services.
The post 8 Reasons Landlords Need a Property Management Company appeared first on Western Lettings.
The countdown to the results has started. Look out for the results! The post ESTAS 2018 Results appeared first on Western Lettings.
The countdown to the results has started. Look out for the results!
Western Lettings is well known as the letting agent of choice for many Glasgow landlords and we wanted to explain why our company values appeal to many. This infographic explains our culture, values and aims and we think it can give you a good idea of who we are and what we believe. The post Western Lettings: Our Company Values appeared first on Western...
Western Lettings is well known as the letting agent of choice for many Glasgow landlords and we wanted to explain why our company values appeal to many. This infographic explains our culture, values and aims and we think it can give you a good idea of who we are and what we believe.
What a great start to March! After entering the 2018 ESTAS last year, we have just found out we have been shortlisted for both landlord and tenant awards. We will be attending the awards ceremony in London on the 20th April 2018. Keep an eye out for the results! […] The post WE HAVE BEEN SHORTLISTED! appeared first on Western...
What a great start to March! After entering the 2018 ESTAS last year, we have just found out we have been shortlisted for both landlord and tenant awards. We will be attending the awards ceremony in London on the 20th April 2018. Keep an eye out for the results!
If you are considering renting your property in Scotland there are two obvious routes to go down. One is to manage the rental yourself and the other is to have a letting agency manage it for you. If you decide to manage the rental yourself, then there are many regulations that you need to know […] The post Letting Agents: The Good, the Bad and the Ugly appeared first on Western...
If you are considering renting your property in Scotland there are two obvious routes to go down. One is to manage the rental yourself and the other is to have a letting agency manage it for you. If you decide to manage the rental yourself, then there are many regulations that you need to know about and adhere to. This is quite an overhead and it may be simpler to outsource the headache to professionals who know the industry inside and out.
If you Google for “letting agents” in your town or city, you’ll see many companies listed and it is a daunting task to choose one that is right for your property and budget. So how do you choose?
The Good Letting Agency
A good letting agency is one which is there to serve its landlords and tenants fairly and professionally. It should be able to answer your questions quickly and knowledgeably. Does it know current legislation? Does it train its staff? Here are a few points which we believe are essential when choosing the best letting agency for your property:
- Staff should be fully trained and have professional industry qualifications. Ideally all should be Members of the Association of Residential Letting Agents (MARLA). Having professional qualifications means that there will be no gaps in knowledge and all queries can be responded to quickly and knowledgeably.
- Staff should be continually trained and developed to maintain that knowledge – the industry changes regularly as a result of new legislation.
- Your letting agency should take care of all tenant issues before escalating any issues to the landlord. This is why you pay them a monthly fee.
- Their fee should include all aspects of property management including inspecting the property regularly, checking out tenants properly and maintaining the property for new tenants. We have collated a list of what we consider best property management practices.
- Ideally the letting agency wouldn’t be involved in other business areas like sales, factoring, development, mortgages, investment as that would possibly mean distractions and perhaps some business conflicts.
- A good letting agent will be your partner. It is in their interest to get a high rental return and to keep the property in good condition. They should be able to advise you on possible issues and protect your investment.
A bad letting agency is one where there is:
- A high turnover of staff leading to gaps in knowledge and possible confusion around current legislation.
- Few of the staff is trained due to lack of investment in this essential area.
- There may be no checks on properties from one rental to the next leading to deterioration of the property and a drop in rental value.
- The office is understaffed and your calls don’t get returned.
We don’t want to be too cruel, but if their vehicles are dirty and their property managers turn up unkempt and disorganised to meet you – you’ll imagine that their business might not run as slick as you’d want!
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