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How to Make Additional Income from Your Chelsea Property

How to Make Additional Income from Your Chelsea Property

Chelsea is one of the most desirable locations in the city of London, with amazing houses and mansions, modern apartment blocks, and converted villas to choose from. Buying a property in Chelsea can cost you upwards of a million pounds or more; however, it can also be a very lucrative business investment. Chelsea is a popular area of London with wealthy people from Spain and France who will often look to rent a property for several months at a time when staying in the UK. In addition, it is also a popular student area with several prestigious universities located close by, making this an ideal area for landlords to consider for student HMOs.

Make Additional Income from Your Chelsea Property with Chelsea Property Management:

Whether you’re renting out a home that you used to live in or have invested in a Chelsea property specifically for the purpose of buy to let, a Chelsea property management company can help you make an additional income from your property and get the most from your investment. Working with a property management company is an ideal choice for many Chelsea landlords, especially those with a large portfolio of properties that they would struggle to manage on their own, or landlords who do not live in or near the Chelsea area to get to the property quickly to deal with any problems.

Asset Property Management in Chelsea: How Can a Chelsea Property Management Company Help?

A Chelsea property management company will typically charge around 10-15% of your monthly rental income as a fee for managing your property, finding tenants, and helping to ensure that you are getting the best return on your investment. One of the main ways that a property management company in Chelsea can help you make additional income from your property is by pricing the rent competitively. The property management company will be able to carry out an evaluation of your property to determine how much it’s worth in rent. However, they will also point out any areas for improvement that you may want to consider, which could ultimately allow you to raise the rent price and attract wealthier tenants.

What to Expect From Kensington and Chelsea Property Management:

Along with setting your rental price and helping you get off to the best start as a landlord in Chelsea, it’s worth investing in a property management company for a range of different reasons. Self-manging a property can be stressful and sometimes difficult, which is why many Chelsea landlords prefer to rely on a property management company to take care of the bulk of the work on their behalf. A good property management company in Kensington and Chelsea will offer the following services:

·      Tenant Vetting:

Whether it’s your first home or a property that you have invested a lot of money into, the last thing that you want is a bad tenant who does not look after your property or causes financial issues by failing to pay their rent on time. A good property management company will have a range of tools at their disposal that they can use to vet tenants thoroughly before any tenancy agreement is signed.

·      Property Preparation:

Many property management companies will also be able to help with preparing your property to go on the market and getting it ready for tenants. Services could include decorating the property in a way that is most likely to be appealing to your target market, conducting all necessary repairs and checks, cleaning the property, and sourcing furniture if needed.

·      Legal Requirements:

As a landlord, you will need to comply with a range of legal requirements that are in place to ensure that properties are safe and habitable for tenants. A property management company can take care of all these for you to ensure that your property is above board and has everything that is necessary including smoke and carbon monoxide alarms, gas and electric safety checks, and more.

·      Emergency Repairs:

Unless you live around the corner from the property, dealing with an emergency situation like a burst pipe or a broken boiler can be a major headache for landlords. But these are things that can happen at any time. Instead of worrying every time the phone rings, you can pass the responsibility over to a property management company who will be able to deal with any issues swiftly and get contractors in to carry out the work.

Property Management in Chelsea: What’s the Benefit of Hiring Chelsea Property Management Ltd?

For Chelsea landlords, it is often worth the additional fee to have a property management company look after their Chelsea property. Some of the main benefits of investing in the services of a property management company in Chelsea include:

·      Dealing with Rent Problems and Evictions:

Chasing tenants for rent and going through the eviction process is something that the majority of landlords would rather avoid. While good tenants don’t tend to cause these issues, the fact is that there is always a risk. When you work with a property management company, you can leave them to do this stressful work, liaise with tenants, law enforcement and courts when needed and ensure that all processes are carried out in the appropriate way.

·      Save Money:

Ultimately, you may be able to save money in the long run by hiring a property management company in Chelsea. Not only will a property management company be able to help you maximise your chance of getting paid the rent on time and in full every month by vetting tenants and selecting good ones, but they will also often have partnerships with contractors who may be able to do the work for less compared to hiring somebody as an individual. In some cases, contractor work such as small repairs or emergency repairs could be covered by your property management fee.

·      Fill Your Property Faster:

Any landlord wants to get the property filled as quickly as possible in order to start collecting rent payments and earning money back from their investment. When you work with a property management company, there is often a lower risk of your property standing empty for a prolonged period of time since they can use a range of strategies to attract the right tenants and get tenants moved into the property quickly.

·      Peace of Mind:

For many Chelsea landlords, peace of mind is one of the main benefits of hiring a property management company in Chelsea since they can rely on the company to take care of anything that might come up suddenly. Unlike self-management, there is no need to worry about being woken up in the middle of the night because of an emergency as the property management company will have dedicated staff who can deal with it instead.

How to Find the Best Property Management Companies in Chelsea:

Whether you own one or more properties in the borough of Kensington and Chelsea, finding the right property management company is often the first step in your journey towards investment success. Working with the right property management company will help you find the best tenants for your property and increase your chance of tenants staying for longer, maximising rental income and reducing the risk of the property standing empty. Some of the main things to consider when choosing a Chelsea property management company include:

·      Client Satisfaction:

It’s important to find a property management company that leaves both landlords and tenants satisfied with the service that they provide. Getting recommendations from others is a great way to find out more about whether the property management company you are considering has a good customer satisfaction rate. It’s also worth checking online reviews on Google, Trustpilot and other sites to find out more about what both landlords and tenants have had to say about their experience. Along with reading reviews and comments from landlords, pay attention to what tenants think as ultimately, satisfied tenants are likely to stay and pay rent to you for longer.

·      Experience:

How much experience a company has with property management is often a major factor for landlords to consider when it comes to deciding who to work with. Ideally, you will want to work with a company that has been around for at least a few years and has lots of experience managing properties like yours. A company that manages a lot of properties for the same landlords, or has properties that they have managed for a very long time, is often a good sign as it shows satisfaction.

·      Cost:

Finally, consider your budget for property management and how much you are willing to pay for any additional services that are provided. It is also worth finding out more about the fee structure and determining how your fee will be collected. Most of the time, property management companies will collect rent on your behalf and take a percentage as a fee for their service.

Kensington and Chelsea is one of the most popular areas in London for affluent rental properties. A good Chelsea property management company can help you make an additional income from your Chelsea property.

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