3 Reasons Why Property Management in Blackfriars is Great for Landlords
Blackfriars is a high traffic area of Central London. There are lots of attractive prospects here for property investors or prospective landlords seeking to rent out their flats in a range of ways. It is one of the more well-known places to go in the City of London and somewhere that crops up on many bucket lists for visitors as well. A hub for business, a heart filled with culture and history, and plenty of recreational outlets too, it is easy to see the major appeal for landlords within Blackfriars. So for property owners looking to let out their flat, how do you get started? One supportive route is to engage with a property management company like UpperKey who can provide high levels of input and guide you step by step into efficiency. Read on to find out more.
What Makes Blackfriars Interesting to Property Investors?
Why is Blackfriars such an interesting prospect for property investors in the first place? Well, there are lots of answers to this question. Blackfriars has a long history dating back most noticeably to centuries ago when its name found its origin. Beyond that, it has grown into one of the more affluent business areas and has excellent transport links to the rest of the city too. With green spaces, intriguing properties, and multiple eateries, it is simply one of those places where people want to live.
Average Rental Prices
The average rental price for a one bedroom flat in this area is around £2,100. This climbs steadily upwards the higher the bedroom figure increases, and while steep, it is still an attractive price for Central London tenants. The flats and other property types tend to exude quality as well, which is harder to find in other areas but generally boosts the appeal. This means that of the thousands upon thousands of renters seeking tenancy contracts within the London area, Blackfriars could well be high up on their search list.
The history of the name Blackfriars stems all the way back to 1278. This is when the Dominican friars moved in and established their presence. They wore black robes, and this sparked the name to take hold and history was made. While in modern times the significance is not the same, the history will always be true and the name lives on. There are lots of historical sites to be discovered and some breathtaking walks around as well. This makes it a big tourist spot, which opens up the Airbnb and similar holiday lets market but also draws in people who want to live in an enriched area as well.
The Family Appeal
Blackfriars has a relatively attractive range of schools for any families hoping to move into the area including both primary and secondary. Pair this with the parks, green spaces, and plethora of activities in and around the housing areas, and you get a space that is ready-made for families. There is a higher crime rate than some areas of London, but still, a fairly low one overall as Blackfriars is generally classed as a medium crime area, possibly owing to the high volume of people in and out on a daily basis.
The Blackfriars station is well-known inside and outside of London, but this is not the only transport link in the community. There are strong bus routes that lead everywhere you could want or need to go, and it is fairly close to other stations too. There are also great walking routes to key parts of the city and much to be discovered along the way.
The Advantages of Property Management Companies
So, now you know why this is a great investment area, it is time to learn about the many benefits to be found in Blackfriars property management companies. Creating a business relationship with a property management Blackfriars company means a peaceful endeavor from start to finish, something that is unattainable when you operate independently.
Helping You Get Started
The first thing UpperKey can help you with is the actual getting started part. For new landlords exploring letting out their flat, it is a daunting process. There are a lot of factors to navigate with everything from finding a tenant that won’t let you down, to upkeep, occupancy, and insurance factors. By outsourcing the landlord duties you are able to find peace of mind that any tenant entering an agreement with your flat will be properly vetted to ensure they can and will pay the required rent and look after the flat to an expected standard too.
A Positive Tenant Model
UpperKey can also take care of all other tenant connections such as onboarding, eviction notices, maintenance and repair requests, and general communication. One of the biggest risks you take on as a landlord is a late or missing return on your investment from the tenants living in your property. Rent arrears are a very real thing and regardless of why they happen, they are a major liability. UpperKey helps to protect you, the landlord, against rent arrears and other forms of gaps in income such as empty properties and beyond. This all adds up to an increasingly positive tenant model which is what any landlord wants really for their flat or property. When your tenants are looked after, and your property is kept to a certain standard, there is a definite correlation to a decrease in tenant turnover which means higher retention rates and fewer risk factors in this respect.
Legal Peace of Mind
Every landlord has to follow certain legislation in order to operate legally. Some landlords that fail to adhere to government standards are liable to be fined or investigated further within a legal framework. There are lots of questions that may spring to mind in this context, but Blackfriars property management and protection means that you don’t have to think about it too much. The experts will take care of the legal side of things and ensure you are always above board with your tenants.
Blackfriars is a lower population area with strong potential for landlords to find long-lasting tenants and viable property options. There is lots of on offer with the right property management company by your side.