Strong demand and limited supply helps landlords survive and thrive

Currently on the market for rent is Cordlean House, in the Scottish Borders. Situated in an elevated position, the property has lovely rural views and offers easy access to the historic village of Stow...

Property is a secure investment that will offer capital growth, and high demand among tenants is pushing rental prices up, despite recent Scottish government interventions. Major cities, county towns and rural locations all posted positive annual price growth according to the latest Office for National Statistics rent inflation index. Scotland recorded the highest average rent increase in the UK, up by 4.5 percent in the year ending January 2023.

It remains to be seen whether the next leader of the Scottish government will relax the cap on rental price increases, but it’s likely that demand will continue to exceed supply by some margin. So what can you as a landlord do to attract the best quality tenant and make your property work for you?

Troublesome tenants can be a real headache for a landlord, so choose carefully. Late payers and tenants who don’t look after the property during their tenancy should be avoided. A suitable tenant is someone who pays on time, preferably by standing order and is willing to look after the property to a good standard, including the garden.

Credit checking, contacting employers and seeking references from previous landlords can help determine if someone is right for your property. A lettings agent can undertake all the necessary reference and financial checks and many landlords are opting for a fully managed lettings service. All prospective tenants are fully referenced by Galbraith through an independent company, including anti -money-laundering checks, prior to proceeding with any tenancy agreement.

If you are opting to manage your rental property yourself, the best advice is to meet the prospective tenant in person, as instinct alone can often put your mind at ease.

Routine property inspections are also important to ensure that the property is maintained throughout the tenancy by both the landlord and the tenant. This also provides detailed proof if there is any dispute over the property deposit return at end of tenancy.

Bear in mind that the prospective tenant will also be judging you and your property and trying to decide whether it’s the right property for them and whether they can trust you to be a good landlord.

Making the right impression in those first few seconds is vital. The property should look at its best from the approach and any front lawns or driveways should be well kept. Give the potential tenant confidence in you as a landlord too by developing a good relationship with the potential tenant as quickly as possible – gaining their confidence at this stage will help reinforce that you will be fair during their tenancy and will deal with any problems swiftly and effectively.

The property must be of a high standard to attract a good quality tenant. Imagine it’s you renting the property and ask yourself what you would expect from the property? As a landlord it doesn’t have to cost a fortune to upgrade your rental property. Nice bathrooms and kitchens are priorities on tenants’ wish lists, whilst painting the walls and fitting new carpets needn’t be too expensive. Along with energy efficient measures including good insulation and a modern heating system, these improvements are the best way to attract a reliable tenant, who is willing to pay a monthly rent that reflects the quality of the property.

Clients who have upgraded their property to include, for example, a more efficient heating system and a new kitchen have been able to secure a tenant who will remain for several years and have been able to charge a higher rental fee. This investment in the property will pay off in terms of higher rental revenue, fewer complaints from the tenant, and will also ensure your asset is kept in good condition for the future. Galbraith has a team of highly experienced lettings agents on hand to advise on what you need to do to make your property more attractive in a competitive market place. We can manage the whole process of advising on compliance regulations, marketing the property, finding tenants, carrying out credit checks, legal documents and the full tenancy cycle through to deposit return.

Currently on the market for rent is Cordlean House, in the Scottish Borders. Situated in an elevated position, the property has lovely rural views and offers easy access to the historic village of Stow, with its train station and local amenities, while Edinburgh is just 23 miles away.

Cordlean House is an impressive detached family home, presented in immaculate condition. There is a cosy lounge complete with woodburning stove and Boudoir grand piano; superb open plan dining kitchen; separate utility room and boot room. The four double bedrooms each have an en-suite bathroom. Outside, families will enjoy the spacious patio and large garden with children’s adventure play area.

Susan Guthrie is lettings manager for Galbraith in the Scottish Borders with over 17 years’ experience providing a comprehensive service for landlords and tenants. n

Susan Guthrie 01573 224 244 susan.guthrie@galbraithgroup.com