A leading Scottish letting firm has launched a new service to help landlords earn more income from their properties.
Braemore Property Management has launched its new property maintenance and refurbishment service, which it says can help landlords earn up to twice as much rent per month.
The Edinburgh-based firm, which has a portfolio of 800 properties worth more than £250 million, has created the service to help landlords achieve the maximum rental yield possible for their properties – by carrying out kitchen and bathroom refurbishments and furniture and interior upgrades.
And they say that the service is already proving popular with overseas investors, who do not want the hassle of hiring contractors to carry out the work themselves.
Colette Murphy, Director at Braemore Property Management, said: “The rental sector has been very busy of late but this does not mean that the landlord can rest on their laurels. Tenants demand high standards if they are to pay premium rental rates and landlords need to have the best properties in order to let theirs over their competitors.
“Many landlords don’t know the exact amount of work required in order to bring their property up to a competitive level they also require to know what to upgrade or add in order to achieve more rent and what upgrades will simply not increase their rental income. Our service is designed specifically for landlords and as such we take a pragmatic approach when assessing what works is required and we use our own team of experts and contractors to do the work.”
Colette adds that, as Braemore has expert knowledge of the Capital’s rental market, their staff are able to determine excatly how much landlords will need to spend in order to achieve the highest level of rent for their property.
She adds: “The benefits are obvious for this kind of service. Depending on what exactly is required, a job can cost between £5000 and £50,000 but whatever the spend, it is an investment which will be recouped in the long run – usually you will be able to charge more rent per month and in many cases increase the value of your property.
“We’ve had a lot of landlords over the last few years asking us about introducing a service like this, but we’ve only recently been able to implement it as part of our business. It isn’t something that you can simply introduce overnight, and we wanted to ensure our core business of property management was more than meeting our customer expectations before introducing new services.
“However, this is a service that benefits everyone in our business. Not only will landlords increase the overall value of their properties, but it means they can maximise their rental yields – which, in turn, means that the monthly management fee we collect increases. By carrying out the work ourselves, it also means that we know when it will be finished and we can line up new tenants to move straight in, which minimises void periods and subsequent costs.
“We hope that that this will become a major part of our business and is part of our drive to offer an all encompassing professional property service.”