How to Ensure Your Trafalgar Square Income Property Doesn’t Sit Vacant
With so many areas of London available as places to purchase an investment property, it can be very difficult to narrow down your choices. If you've decided that Trafalgar Square is the winner for you, then it's time to move forward with your financial plan. Letting out your property means tenants will be the ones paying the mortgage, and you'll get to reap the rewards. Of course, for that to be true, you want to ensure you’ve always got people staying in the property, whether it be a long or short-term rental.
What if there was a way to get a rent guarantee and not have the headache of searching for tenants yourself? That is exactly the role that a Trafalgar property management company plays, which may come as news to you. Here we’ll take a look at how you can ensure your Trafalgar Square income property doesn’t sit vacant, with the focus being on what a property management company can do for you.
What Makes Trafalgar Square Such an Attractive Rental Market?
As an investment property owner or soon-to-be owner, you must research the area you’re looking to make a purchase in. It’s not so much about it appealing to you; instead, you need to consider how it looks to potential renters. So, what does Trafalgar Square have going for it? What would make this area stand out more than others?
Trafalgar Square itself is a public square found within the city of Westminster, making it central London. Because of this, location is a huge factor as many would consider this to be a desirable area. Where you may have a bit of an uphill battle is that, because it’s a public square, people don’t think of it in terms of residential options. They assume it’s just an attraction, a place to visit and explore, but not the area of the city you can live in.
This also means your biggest competition can be hotels, not other flats. You need to give people a reason to opt for a flat rather than staying in a hotel. This can be easier when appealing to business travellers and families who would appreciate the extra space.
This is the first instance in which property management companies in Trafalgar Square can prove useful. They are well aware of this misconception that people can have, so they will understand the best way to market and promote your property.
In terms of public transit, the nearest station is Charing Cross so tenants won't be without transit. They can get all over the city from this station. Also, there is the Trafalgar Square Tube station exit. If you're willing to walk a few minutes, you'll also find other stations such as Piccadilly Circus, Embankment and Leicester Square.
Trafalgar Square is a Happening Spot
Trafalgar Square is home to all kinds of attractions such as the National Gallery, many cafes and restaurants, St-Martin-in-the-Fields Church, the Trafalgar Square fountains, statues, Nelson's Column and more. Another thing the area is known for is a robust calendar of events, festivals and activities. One of the most popular tourist attractions, however, is the Trafalgar Square police box. Did you know it was once the city's smallest police station?
As you take all of this into account, it becomes clear that your target rental market may be younger professionals, singles and couples without kids who like the idea of constant activities, noise and excitement. There is a real energy to the area that can be felt as you explore.
Despite how lively it is, the Square manages to remain quite safe. This means tenants won’t have to worry much in terms of going out. Just like any crowded place, however, there is always the risk of pickpockets, so it’s smart to be aware of your surroundings at all times.
Prices vary considerably here but tend to be on the higher end. This can be reflected in the rent you charge.
Bring In the Experts - Use Property Management in Trafalgar Square
This brings us to the topic of property management companies. This can be your ultimate best tool when it comes to letting out your property in Trafalgar Square. UpperKey is a great example of these types of property management companies that can transform the way you think about your role as a landlord.
UpperKey's Trafalgar Square property management and protection offerings are vast. The company understands that just because there is lots of interest in the London rental market, it doesn't mean it’s simple to keep a property occupied. These property management companies realise they need to offer value and services that make their management fees worth it.
The UpperKey business model is quite simple. They begin by assessing your property so they can put together a fair tenancy agreement. Should you accept the agreement, it means that UpperKey is your primary tenant and therefore you have guaranteed rent for the agreement's term. They even offer up to six months of paid rent upfront, something you’re not going to get with a tenant you’ve found yourself.
Moving forward, it’s UpperKey that does all the work finding and vetting potential tenants.
They Do More Than Act as a Primary Tenant
While it’s great that you don’t have the stress of finding a tenant any time the property is vacant, there are other services UpperKey will offer. They are a property management company, which means they manage all kinds of issues such as cleaning, maintenance, gas and electricity contracts, tenant issues and questions and so much more. They have the experience and know-how that ensures your property is well cared for.
Positioning Your Trafalgar Square Income Property in the Best Way Possible
Investing in a Trafalgar Square income property can be one of the smartest financial moves you make for your future. However, it takes a lot more than just purchasing a property for this to be a win. You need to ensure it remains occupied and in good condition for the foreseeable future.