The following pages are designed to help prospective Landlords understand property leasing in Aberdeen better as well as inform them of their responsibilities both legal and ethical. This information is purely intended as general advice only and it is important that all Landlords seek legal advice before letting.
The Leasing Market in Aberdeen
Aberdeen has a strong letting market, largely due to the regular workforce relocation within the oil and oil services industries. There is also a good market for leasing to people coming to Aberdeen for Aberdeen University, Robert Gordon’s University and Aberdeen Royal Infirmary. The current situation with restricted lending in the financial markets and uncertainty about the property selling market there is a growing market for private rentals. It is important therefore that you know and make sure that your property is appropriate to the market that you’re trying to reach.
What market is my property appropriate for?
The different types of Tenant have different requirements of their leased property. The type of market that your property will appeal to will depend on location as well as size, condition and advertised rental. The oil industry rentals pay the largest rents are mainly focused on the city centre, the West End and around the International School, but quality properties in other well respected residential areas are also in demand. Location if probably key for the university and hospital market, but most areas will have some demand for private rentals. Margaret Duffus Leasing will advise you on what to expect from the different types of Tenant markets.
Deciding whether to lease your property fully furnished, part furnished or unfurnished can often depend on your own situation, but Margaret Duffus Leasing can help advise you on the standard and level of furnishings required and expected. We are also able to assist with sourcing and supplying furnishings.
Is my property ready for letting?
Good quality properties always rent quickly. To stand out from the crowd a rental property should have instant appeal with well-maintained garden or surroundings and with outside paintwork in good condition. The inside of the premises should be clean, free of unnecessary clutter and well maintained. The decor should be appropriate to the type of the house and preferably in neutral style. Wood, wood laminate and tiled floors are popular and plain carpets and wall coverings are preferred to colours and pattern. Curtains, blinds, light fittings and appropriate appliances must be installed and in good working order. Furniture must be appropriate and comfortable and reflect the style and standard of the house. Well maintained properties encourage Tenants to take the same care and attention to detail.
At Margaret Duffus Leasing we are more than happy to give advice to prospective landlords before embarking on any pre-letting renovations.
Assessing rental value.
The rent for a property is only worth the amount placed upon it by the market and will be independent of the amount you paid for the property or the value of your mortgage. Rental values change with property demand and the economic climate in the region. Rents may vary from year to year and do not always increase. It is generally accepted that Tenants might negotiate down on the advertised rental and it is usually better to have your property let at a slightly lower rent than have it sit empty providing no income. At Margaret Duffus Leasing we will give you advice on advertised and expected rental.
Why chose Margaret Duffus Leasing?
The quicker you find a tenant the sooner your property will produce income, and while this is our priority our focus is also on getting you the right Tenant and Lease agreement. At Margaret Duffus Leasing we have access to many sources of tenants including relocation agents specialising in the oil industry market and many companies directly. We advertise on all the main lettings websites as well as our own site, we run regular press ads and listings with Yell.com and Google. At Margaret Duffus Leasing we have no objection to the property being multi listed with other agents, but where the property is being viewed by relocation agents they do prefer to deal through one agent only.
What do I do next?
Read through the information provided on our site and get a feel for the knowledge and experience we have to offer. If you have any further queries or would like to discuss leasing your property in person please use our contact page and we will be please to assist you without any obligation.