Overview of Our Services for Letting & Management

Our Landlords

Offering Peace of Mind for Landlords

Southside has an ethos of “Property Made Simple” to make the Letting and Management of your rental property as straight forward and stress free as possible.  If you are looking for help to keep you and your property legal and compliant, obtain a high net rental, maintain your property to a good standard and increase the long-term value of your investment, SouthSide is here for you.

Why Work with SouthSide

  • No set-up fees or marketing costs for long-term landlords.
  • We advertise on ALL major letting portals for maximum exposure at no extra cost.
  • Simple transfer of management if you are not happy with your current agent, along with a reduced management fee of 6%+VAT if you have a tenant in situ.
  • Our landlords benefit from excellent rates negotiated with local tradespeople with no mark-up on cost for arranging maintenance and works.
  • Monthly rental payments to landlords with 5-7 days accompanied by a detailed monthly rental statement.
  • A designated Property Manager as main point of contact for you and your tenants.
  • Arrangement of HMO renewals including in management fee.

We are happy to arrange a free, no obligation appraisal where we will meet you at your property to advise on what is required to make your property compliant for renting.  We will also give you recommendations on any works required to achieve the best return on your investment.

To arrange a visit simply click below or, to discuss further, you can call our office on 0131 510 0051.

We offer 3 simple options to manage your property:

Full Letting and Management 9%+VAT (10.8%)
min £67.50+VAT (£81) – applicable if rent below £750

This is an all-inclusive option where the cost of letting your property is absorbed by us, on the basis that you are looking for long-term management of three years or more.

We do everything for you from start to finish, from initial tenant enquiries, until a tenant checks out and the cycle begins again. We always do what we can to match the right tenants to the right properties and therefore, we do not work on a first come first served basis, we summarise each application with you and you will then have the opportunity to make the final decision.

What’s Included?

Letting

  • Marketing video and photographs
    (we typically take photos Monday to Thursday so that properties can be advertised on all major letting portals by Friday to catch the weekend traffic).
  • Creation of advert
  • Marketing your property on all major letting portals
  • To Let board outside the property
  • Enquiry management
  • Viewings
  • Application process to vet potential tenants
  • Reference and credit checks
  • Preparation and signing of legal documents on your behalf
  • Issue of keys
  • Tenant welcome packs

Management

  • Dedicated Property Manager to look after your property and your tenant
  • Managing safety certificates and renewals
  • Tenant liaison
  • Routine property visits (after 1st month then 2-3 per year) – includes a photographic report
  • Arranging maintenance and repairs of your property
  • Ordering replacement items (i.e. furniture, white goods etc.)
  • Handling complaints (i.e. neighbour)
  • HMO renewals
  • Small claims administration, where applicable (legal fees not included)

Accounts

  • Deposit collection and protection
  • Collecting monthly rental payments – includes arrears management (where applicable)
  • Processing invoices for renewals and works
  • Transferring rental payments
  • Monthly rental statements for all properties

Landlords that opt for this service also benefit from reduced management fees once a tenant has stayed in the property for 3 years or more which, is applicable until the end of their tenancy and would just revert to the standard fee thereafter.

3 years 8%+VAT – min £57.50+VAT (£69)
5 years 7%+VAT – min £47.50 (£57)
7+ years 6%+VAT – min £37.50 (£45)

Full Letting and Management 6%+VAT (7.2%)
min £37.50+VAT (£45)

This is essentially a pay as you go option for landlords looking to reduce their monthly management fee. We we would still do everything for you however, you would simply cover any letting costs prior to a new tenancy.

Letting Costs

  • A fixed charge of £165+VAT (£198) for creation of advert, marketing your property on all major letting portals and arranging a To Let board outside your property.
  • Marketing photos £36+VAT (£43.20) – initial cost
  • Marketing video £150+VAT (£180) – initial cost
  • 45%+VAT (54%) of the standard monthly rental (for 1 month only).

Once initial photos and videos have been taken, we will retain these for future use until new photos are required.

In order to keep your costs down further, if you have your own good quality, up to date photographs and a video of the property, we can use these instead for marketing purposes.

Full Management with Your Own Tenant 6%+VAT (7.2%)
min £37.50+VAT (£45)

If you have a tenant in situ, for example if your property is managed by another agent or you manage the property yourself, we can take over the management of your property and liaise with your existing agent where required.

There would be no additional advertising or letting costs to you, given that there is no advertising or letting involved.

The reduced management fee also applies if you find your own tenant to move into the property.

Maintenance and Works

Being landlords ourselves and having used other letting agents before, we know how frustrating and costly it can be to carry our repairs and maintenance.  To assist with this, we have negotiated prices on behalf of our landlords with excellent local tradespeople and we do not add any fees within or to the total of any invoices.  For example, we have negotiated a rate of £39 incl. VAT with several gas engineers for the annual landlord gas safety certificates, ensuring landlords make a saving while maintaining the highest of safety standards.

Many of our competitors add a percentage to the cost of the invoice, resulting in much higher costs for landlords which, we simply feel is not ethical.

Where repairs or maintenance need to be arranged, landlords are notified of this in advance (unless the situation is deemed an emergency) and any associated costs will be detailed on the monthly rental statement and supported by invoices.

Below is a list of our negotiated service rates with partner companies which is updated each calendar year.  We can also organise for works to be carried out by your own contractors if you prefer.

Summary of Maintenance Services 2019

Rental Payments and Statements

Rental payments are collected from tenants at the start of each month and transferred to landlords within 7 working days of us receiving them.  Our monthly management fee, along with the cost of any works or renewals will be deducted from the rental payment before being transferred.  Deductions for any higher costs can be split to make the payments more manageable if required.

Landlords will receive a monthly rental statement for their records, detailing the rental and where applicable, any deductions that have been made.

Deposits

Deposits are collected from tenants prior to the start of their tenancy and lodged with Letting Protection Scotland (LPS) where the funds are retained until the end of the tenancy.

If deductions are required at the end of a tenancy LPS are notified of this prior to returning the deposit to the tenant.  If tenants dispute the proposed deductions, LPS will investigate and determine a solution that is deemed fair for the landlord and the tenant.

Over the years we have developed a very effective and efficient letting and property management service and are pleased to continue to build long term relationships with landlords

Should you decide to work with us, all we require are two simple forms to be returned by you: a Legal Requirement Form and a Landlord Preference Form both of which are provided during the property appraisal or by email on request. As soon as we receive those, we can begin to advertise your property.

Please note that in order to advertise a property we require, by law, the Landlord Registration Number and EPC (Energy Performance Certificate).

Should your property already have tenants in place with another company or you’re managing it yourself, we can take over the full management at a reduced rate of 6%+VAT (7.2% incl VAT) of the monthly rent for the duration of that tenancy, it would then revert to our standard fee when we are required to re-let the property.

If you would like SouthSide to take over the management of your property from another agent, please see our 3-Step Process and complete our Transfer of Management Form .

Our Let Only service is designed for landlords who are looking to manage their property themselves but require initial assistance to find the right tenant.
We offer 4 levels to our Let Only service, all of which require an initial fixed charge of £198 inc VAT for advertising the property on all the major letting portals including:
City Lets, RightMove, Letting Web, Zoopla, s1Homes, Gumtree, Find A Property, Nestoria, Prime Location and SouthSide Management.

This costs also includes a ‘To Let’ board outside the property if required. If you do not have marketing pictures/description of the property please add £36 incVAT for this, which is payable upon instruction to market your property.

The level of involvement is then up to you:
Level 1 (Bronze) 15%+VAT (18%incl VAT) of the achieved normal monthly rental – 1st month only
Includes: Marketing, Creation of Advert and Enquiry Management

Level 2 (Silver) 25%+VAT (30% incl VAT) of the achieved normal monthly rental – 1st month only
Includes: Marketing, Creation of Advert, Enquiry Management, Reference Checks/Credit Checks

Level 3 (Gold) 35%+VAT (42% incl VAT) of the achieved normal monthly rental – 1st month only
Includes: Marketing, Creation of Advert, Enquiry Management, Viewings and Reference Checks/Credit Checks

Level 4 (Platinum) 45%+VAT (54% incl VAT) of the achieved normal monthly rental – 1st month only
Includes: Marketing, Creation of Advert, Enquiry Management, Viewings, Reference Checks/Credit Checks and Preparation and Signing of Lease/Legal Documentation

If you have your own tenant and don’t require any Advertising, Marketing, Enquiry Management or Viewings we would not charge the fixed advertising charge and the fee for Reference/Credit checks or Lease Signing would be 15%+VAT (18% incl.VAT) for one service and 25%+VAT (30% incl VAT) for both services.

Please note that in order to advertise a property we require, by law, the Landlord Registration Number and EPC (Energy Performance Certificate)

Inspection Only Service

Occasionally landlords require, as part of their insurance, a property check or inspection to be carried out if their property is vacant for a period of time. We offer an inspection service inclusive of photos and a detailed report at a cost of £27 incl VAT per visit if the property is in Edinburgh.

Short term lets, many of which are marketed on Airbnb as rooms in residential homes and entire properties, are not affected by the legislation that surrounds long-term rentals in Edinburgh.
Although SouthSide is predominantly a long-term rental company, we can provide a short-term let service to our landlords if it is deemed to be beneficial, for example, during the Edinburgh Festival, if tenants give notice to leave just prior to August, between tenancies or where landlords are awaiting an HMO licence to be granted.

Short-lets can be very lucrative however the costs can also be much higher in terms of cleaning and turnaround and therefore profit is very much dependent on the occupancy rate and location is a huge factor. Not all properties are suitable for short-term lets and if the intention to let a property on a short-let basis is for an extended period of time, planning permission may also need to be sought.
Below is some information relating to short lets in Edinburgh that may be useful when considering renting your property on a short-term basis along with some articles.

Pro’s and Con’s of Shortlets

Pro’s

  • The gross rental can be higher
  • Properties are regularly cleaned and maintained
  • The flexibility for landlords to use the property themselves
  • Fewer legal requirements as currently no significant regulation
  • Can offer a good temporary solution between tenancies

Con’s

  • Cost of cleaning, turnaround and supplies are high
  • Bills and utilities covered by the landlord
  • Issues with neighbours due to large groups
  • Damage due to it being a temporary place to stay and not a home
  • Issues that arise must be dealt with immediately as if an emergency – no reasonable lead time for contractors etc.
  • Occupancy rate must be high to get a good return
  • Higher wear and tear

Scottish Government – Short Term Lets Consultation

Short Let Articles

Scottish Government to fast-track laws to crackdown on Airbnb-style short term lets.

Four Airbnbs in one single Edinburgh tenement told to stop operating by the council – Edinburgh Evening News

Short let owners publicly subsidised by taxpayers

Thousands of Edinburgh’s Airbnb properties are potentially unlawful

Scottish Government to fast-track law to crackdown on Airbnb-style short term lets – 25/07/2020

We believe that investment is very much for the long term and next to your own home, one of the biggest investments you are likely to make. The main reasons property owners fail to gain sufficient monthly cash flow from their investment property to cover taxation and mortgage costs is because they overpay for properties and do not maximise potential. This is particularly true for refurbishment projects. With our expertise, we can help to find the right property for you and advise on the best ways to maximise layout and return on investment.

We understand that property investment can be both time consuming and stressful without the right skills, knowledge and experience. We systemise this process for you using our experience to minimise these risks to help you make the best decision in line with your investment goals. If you are looking to buy investment property to get good yields or for capital appreciation, we can assist you in your search and acquisition of these properties in a transparent and effective way.

Pre-Purchase / Rental Survey

  • For landlords that are looking to purchase a buy-to-let property, we offer a Pre-Purchase Survey for a fixed cost of £80+VAT (£96 incl VAT) to advise landlords on the viability of the investment. The cost is just to cover the time involved however, should we subsequently manage the property thereafter, the cost of the survey will be refunded with the first monthly rental statement (as detailed below).

The full survey includes:

Site visit to the property
Detailed description of property (including access and points to note)
Legal obligations to put in place for letting
Rental appraisal
Recommendations
Conclusion

  • For landlords that are just looking for advice on the market rent of the property we can offer you a Basic Desktop Appraisal for a fixed cost of £40+VAT (£48 incl VAT).

Following a purchase and if required by you, we offer a full or let only management service as detailed above. Please note that we will refund the cost of the Pre-Purchase Rental Survey for owners looking to let their property with SouthSide on a full management basis for the long term (3 years or more) which would be refunded with their first monthly rental payment and included on their monthly rental statement.

To arrange an appraisal, simply fill out this Pre-Purchase Property Appraisal Form. Further information can be found on this form, with options for payment.

Purchasing

Upon successful search and acquisition and appraisal of an investment property, for new clients, SouthSide charge a simple 1.2% + VAT acquisition fee of the purchase price for search, negotiation, acquisition and professional advice. For existing clients, this is reduced to 0.9% + VAT. Should you find a property yourself and we advise during the process and provide basic appraisal costs, we only charge 0.3% + VAT of the purchase price.

Finding the right property to get the best return on investment can require patience however once the right property comes along it really is a great way to invest.

Why Edinburgh is a Great City to Own an Investment Property

Zoopla – Edinburgh House Prices 2020

As SouthSide are ARLA Propertymark registered agents, we are approved for providing a mortgage consent letter for your property. The cost for a desktop appraisal, which will enable us to complete the letter, is £48 including VAT.

Alternatively, if you prefer to have a site visit (formal appraisal), the cost is £96 including VAT. Please note, should you bring the property on for long-term full management with ourselves within 12 months of us creating the letter, the cost will be refunded to you with your first months rent.

We will issue a report, along with a mortgage rental valuation letter for either options along with any recommended items.

To request a Mortgage Consent Letter, please complete this form, which can be done online.

What is an HMO?

A House in Multiple Occupation (HMO) is an entire property rented by at least 3 unrelated tenants (who are not from 1 household, e.g. a family or a couple), with shared kitchen, bathroom or toilet facilities.

How can SouthSide can help to manage a HMO?

Keeping our tenants safe and landlords compliant are among our main priorities at SouthSide and we have an experienced Property Management Team who specialise in managing HMO properties for landlords. For long term landlords we include HMO management and the renewal service as part of our standard management fee and we would only charge for managing an HMO if a licence was not yet in place and a brand new application was required – any future renewals however would be included as part of our service.

What are the benefits and drawbacks of owning an HMO property?

Owning a well-maintained HMO property can have huge advantages for landlords in terms of rental income and tenants are rarely in short supply however, applying for an HMO licence can be a lengthy and complicated task and general wear and tear can be higher.

What’s Involved in applying for an HMO?

Due to the time and level of regulation involved, many landlords choose to use a management company to take care of their HMO property. There are several steps to go through before a licence can be granted to ensure that a property meets the required standards.
To assist landlords with the rules and regulations Edinburgh Council have put together an HMO Application Flowchart to cover the process step by step.

How long does a licence last for?

An HMO licence is granted initially for 1 year and then providing there are no issues and the property has been managed well, a licence is typically granted 3 yearly thereafter.

What are the penalties for not complying with HMO regulations?

Failure to meet any of the conditions of an HMO licence once it has been granted could result in the licence being revoked or a fine of up to £10,000 and if a landlord lets out an unlicensed HMO property, the fines can be even higher, up to £50,000.

SouthSide is a team of hardworking, driven and fully committed individuals. We respond quickly and work with our landlords and tenants. We are proud to be one of the leading agents in Edinburgh which is reflected in the reviews we receive on Google and AllAgents.

The people we serve, lead busy lives and so with this in mind, we are continuously adopting new ways to improve our service and make things easier for landlords and tenants with extended office opening hours, including Saturdays and Bank Holidays, a 24-hour on call Property Manager, flexible viewing times and more online systems which, our team goes the extra mile to provide. In the past 2 years we have introduced new online systems to make it easier to book viewings, apply for properties and report issues and maintenance out of hours. Having outgrown our previous system, we have also invested in a purpose build database to streamline our operations and procedures which allows us more time to focus on the things that matter the most, our clients.

We also understand that times are tight and therefore, do what we can to make the services we provide affordable and inclusive.

Landlords often contact us when they are not happy with their current agent and they are looking for a reliable and transparent company to take over the management of their tenanted property or portfolio. We are always happy to work with and build long term relationships with good landlords that need our help to get things back on track and provide a great service.

Arrange a no obligation visit to your property

In order to arrange a no obligation visit to your property please complete the Property Appraisal form below.
SouthSide Property Management is registered with ARLA (Association of Residential Letting Agents) and LARN (Scottish Letting Agent Register). Information regarding Client Money Protection and Requirements can be found HERE