Investing in Soho How a Property Management Company Can Help
‘South of Holborn’ or Soho, as it’s more well-known, is a popular London neighbourhood known for cultural diversity and a rich history. It’s located in London’s vibrant West End and is a popular destination among both locals and tourists.
Soho was originally developed in the 17th century as a residential neighbourhood. Later, it became a centre for the fashion and entertainment industries in the capital. Today, the area is known for vibrant nightlife, a diverse food scene, and thriving culture and arts.
Soho is a very popular area among young professionals, students, and artists. It’s renowned for being one of the trendiest and most fashionable areas of London, with several trendy boutiques, restaurants, and cafes. It’s also home to some of London’s notable historic buildings including the Soho Theatre and St. Anne’s Church.
Why Renters Pick Soho
Soho is a lucrative option for property investors. If you’re considering renting out a Soho property, there are several reasons why tenants love this area of London.
Location: Being a central, convenient location, Soho is an excellent choice for professionals working in the capital. There’s easy access to public transportation and vibrant areas of London such as the West End, making it easy to get to work and go out for some fun.
Culture: Soho is well-known for a vibrant, buzzing cultural scene making it a popular choice with young people and creatives from around the world. Here you’ll find a huge range of restaurants, bars, clubs, historic buildings, tourist attractions and cultural events. People renting here will not run out of things to do in a hurry.
Lifestyle: Those looking for a lively, cosmopolitan atmosphere to live in will not be disappointed in Soho. It’s a very popular choice among London renters who enjoy a fast-paced, social lifestyle.
Soho has a population of 24,639 and most people living here are in their early thirties. Over half the population has a degree, and there’s a low unemployment rate of around 3%. Crime rates are also low, making it an attractive option for anybody looking for a safe place to live.
Rental properties in Soho fetch from £1,557 for a studio flat to £7,653 for a 4-bedroom house, per calendar month.
Why Work with a Soho Property Management Company?
If you’re considering investing in a flat to rent in Soho, or already have a Soho property and want to take advantage of the high rental demand in the area, a Soho property management company can help.
What can a property management company in Soho do for you? You’ll get access to a range of services designed to make landlords’ lives exponentially easier. These include:
Advertising the property: Standing out in a crowded market can be tough. A good Soho property management company will know exactly where to advertise your property, and who to market it to, in order to find the ideal tenants. They’ll also have access to professionals such as photographers, videographers, and copywriters who’ll be able to make your listing stand out and get noticed.
Tenant screening: It’s every landlord’s worst fear – to find a tenant that seems great, only to find that they don’t actually earn enough money to cover the rent, they damage the property, or they’re known for changing the locks and sub-letting the property without permission, while failing to pay the rent. With a good property management company in Soho, you can ensure that your tenants are who they say they are. Your Soho property management company will conduct background checks and affordability checks, confirm your potential tenant’s employment and get references from previous landlords.
Collecting rent: Unless you are lucky enough to have a reliable tenant who pays the rent like clockwork, collecting rent can be a big job for a landlord. With a good Soho property management company, you’ll be able to rely on them to ensure that rent is paid on time each month. They will not only set up a rent payment schedule that works for everybody, but they can also chase late or missed payments and deal with any other rent payment problems.
Safety and maintenance: You can rely on a good property management company in Soho to keep your Soho property safe and well-maintained. They’ll take over any regular jobs that need to be done such as cleaning and re-decorating in between tenancies. Plus, they’ll make sure that all the legal checks and jobs are done, like the EICR certificate or getting a Gas Safe Engineer to check the boiler every year. What’s more, many Soho property management companies also provide an emergency response service. That means that if the tenant has a problem that needs addressing urgently in the middle of the night, they can call a dedicated number to get through to property management – rather than getting you out of bed.
Legal compliance: There’s a lot to keep up with when it comes to the changing laws regarding rental properties and landlords in the UK. How much deposit are you allowed to charge? Can you say no to pets? How much notice do you need to give tenants if you need them to move out? It can be overwhelming to say the last, especially if you’re working full-time, run a business, or have a family as well. A good Soho property management company will take care of your property full-time, and it’s their job to keep abreast of these things so you don’t have to.
How Can Soho Property Management Benefit You?
If you have or are considering investing in a property in Soho, there are many worthwhile benefits. One of the main advantages is that you can earn more. A well-maintained, well-managed property often commands a higher rental price. And it’s less likely to see empty periods, meaning more rental income paid into your pocket.
Are you looking for help or advice with renting your Soho property? At UpperKey, we’re the experts in all things property management. We’ve been working with landlords like you in the Soho area for years, and we’d love to help you succeed. Get in touch today to discuss what we can do for you.