Property Management Companies 101 – Make Letting Your Westminster Property a Breeze
Do you have a recently acquired Westminster income property that you want to find a tenant for? Do you have big plans to ensure it makes you money, not just in the short term, but the long term too? To succeed in your goal, the key is to keep the property occupied at all times so as not to eat into your profits. This is exactly the reason why you’ll want to look into what a property management company can offer. For those who have never rented out a property before, this can be the single most important decision you make. Below we take a look at how professional property companies in Westminster make letting your property a breeze.
What is a Property Management Company?
If you’re under the impression that the best way to let your Westminster property is to put it on the market yourself and hope for the best, then you’re probably mistaken. A property management company can be a game-changer, since they take on all the responsibility.
UpperKey is a Westminster property management company that can change the way you define your role as a landlord. The way it works is they will carry out a complete assessment of your Westminster property, factoring in the size and state of the property, the location, as well as features and amenities, and then come up with an offer of tenancy. Simply put, it means UpperKey will act as your tenant and ensure you are guaranteed rent.
How long will the property management in Westminster rent your place for? Agreements differ, but UpperKey will sign a tenancy agreement for up to three years. That insurance for rent guarantee will be included in the agreement. Many of these management companies also offer great advice when it comes to letting a property.
What Happens Next?
So, let’s say you like the sounds of this setup, and you’ve agreed that using Westminster property management and protection makes sense, so what happens next? Well, that’s the best part; what happens next won’t be your worry or concern as this is when a company like UpperKey takes over. The company will immediately take over maintenance, repairs, cleaning, contracts and more. It's as though you've wiped your hands clean of all responsibility, yet you still enjoy that guaranteed rent. Even if tenants have questions and concerns, they will be directed to the property management company, not you.
Why Invest in Westminster?
Just because you’re convinced a property management company is a smart route to take, doesn’t mean you’re fully sold on Westminster being the area to invest in. So, what makes Westminster a prime location? It's located right in the middle of central London, so it can’t be beaten location-wise. Properties tend to be quite pricey and luxurious, and there tends to be a lot of interest. This will all work to your advantage.
Comparing Westminster to other areas, it's often labelled as one of the most expensive areas, not just in London, or the UK, but also in the world. This means you're going after a specific target market. Another aspect of the market is that, because it’s so popular, there isn’t always enough inventory to go around, which puts landlords such as yourself in the driver’s seat. Generally speaking, this is an area that is popular with singles, professionals and couples without kids. That doesn't mean it's not family-friendly, but families likely won't be your target market here.
Just How Expensive is Westminster?
As of 2022, the average one-bedroom studio apartment was selling for £335,000. Meanwhile, the average house price was much higher at £1,059,618. That's a whole lot of room in between, which is important to note when investing in income property.
Impress Them with the Furnishings
When it comes to furnishing your property, once again, you need to think of the market. If your property is worth a lot, the furnishings have to reflect that refined and luxurious lifestyle that the tenant is probably expecting. Opt for a soft, neutral colour palette so as not to turn renters off, and make sure the place feels modern and elegant. All too often landlords don’t give furnishings the credit they deserve and end up picking lower-end pieces that don’t match up with the property.
Don't Get Too Caught Up in Long-Term Rentals
It can be tempting to only look for a long-term tenant but then you close off an entire market of mid-term tenants. They can still be a great option and it means you have less turnover than a short-term tenant. But if you’re using a property management company like UpperKey, it’s not your concern, but they can discuss the pros and cons of each type of tenant.
What are the Big Draws of Westminster?
Some of the standout features of living in Westminster include:
A wide array of restaurants
Plenty of shops to explore on Oxford Street
Big Ben and the Houses of Parliament
It’s the kind of area that is perfect for living and exploring thanks to its friendly vibe and safe atmosphere.
Dispel the Myths
For all its pros and benefits, there can also be a bit of a misconception about Westminster. Because it is filled with so many popular tourist attractions and hotels, people often get the impression that no one lives in Westminster. They see it more as a tourist destination than a residence. This can sometimes impact your ability to let the place. A seasoned property management company like UpperKey will know how to get past this obstacle and make sure the property is seen.
There’s No Reason Your Westminster Property Should Sit Vacant
By using these tips and advice, and considering a property management company, the odds of your Westminster income property sitting vacant will be almost zero. Letting a property isn’t always easy or quick, but it’s important to keep your eyes on the rewards – which is the wise investment that you’ve made in Westminster.