Deciding Whether to Manage your Own Rental Property

29 September 2022

When renting a 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.

Keep up with changes to legislation

Landlords have many responsibilities they need to be aware of, especially when it comes to laws and regulations. For example, 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 or 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 registered exemption.

Service from a letting agent

Many factors need to 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. Landlords are required to enter into a contractual agreement with their letting agent, in much the same way tenants do.

Letting agents 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 a rental property

Some landlords are happy managing tenancy themselves and have the time and resources required to do so, whilst others may prefer an agent who handles everything on their behalf. All self-managing landlords should treat being a landlord as running a business, otherwise you are putting yourself at risk of serious issues in the future if you need to evict tenants, challenge an inventory document or rely on documentation that has not been completed properly.