Located in the affluent London borough of Kensington, Bayswater is a diverse and densely populated area that is popular with professionals working in the city. Bayswater is an ideal location for buy to let landlords since it is very culturally diverse and attracts people from all over the world. There is a large American and French population in the area along with the largest Brazilian population in London. The area is also popular due to being on the border of Westminster with excellent transport links into the city.
Landlords will often look to invest in apartments or large houses to rent as HMOs in Bayswater, as the location has a long history for being the arty part of the capital and the diverse influence of the area makes it popular with young people. In addition, Bayswater is home to some of the most well-known local London pubs, making this area the heart and soul of the London party scene. With apartments and houses available, there’s a lot on offer for those looking to invest and start making a profit from property here.
Investing in Bayswater Property:
Popular with young people, the best types of properties for investment buyers in Bayswater include apartments, apartment blocks and large houses that can be occupied by multiple tenants. Due to its close proximity to Westminster and the excellent transport links into other key areas of London city centre, Bayswater is a popular choice of area with young, single professionals working in London. Family homes are not quite as common here, although renting to a family in Bayswater is not completely out of the question with more families looking to live in or nearby to Kensington and Chelsea due to the excellent schools in the area and cultural attractions.
Renting to Overseas Visitors:
With large cultural influences from around the world, Bayswater is an ideal location to choose in London if you want to invest in a property for short-term lets to overseas visitors. With large populations of Americans, French, Arab and Brazilian people living in the area, Bayswater gets a lot of visitors from around the world looking for somewhere to stay for a few weeks or months at a time while visiting with family and friends or working in the UK, making this type of rental property a worthwhile investment to consider.
How Bayswater Property Management Can Help:
Whether you’ve already purchased property in Bayswater or are considering a property that is currently on the market, a Bayswater property management company can help you make the most of your investment in a range of different ways. Working with a Bayswater property management company can help you get your property filled faster and make sure that you are charging the best rental price for all parties. Property management companies can market the property on your behalf and ensure that it is seen by as many prospective tenants as possible. If you do not live in Bayswater or close to the area, they can also help make the process of finding tenants for your property easier since they will be able to arrange and conduct viewings on your behalf.
What Services Do Bayswater Property Management Companies Provide?
Property management companies in Bayswater provide a range of different services that landlords can use to ensure that they are getting the best return on their investment. They will ensure that you find the best tenant for your property by conducting background and financial checks along with checking tenant references. In addition, some property management companies can also help with a specialist service if you are considering short term lets for overseas visitors in your property rather than a long-term contract.
Once a tenant has been found and moved into your property, you can continue to benefit from the services of a property management company in various different ways. Many landlords choose to continue working with a property management company after a tenant has moved into the property, since they can leave the company to take care of things like rent payments, maintenance, and any issues that arise. Some of the main services that Bayswater property management companies offer include:
· Emergency Repairs:
When you work with a good Bayswater property management company, you don’t need to worry about having your weekend interrupted or having to go out late at night to deal with emergency situations like burst pipes or flooding in your rental property, since the property management company will take care of it all for you. They will be the first point of contact for tenants who are experiencing any kind of issues, and have staff available to rectify problems quickly.
· Rent Payments:
A Bayswater property management company will collect rent payments from tenants on your behalf, before transferring the money to you minus the property management fee. This can be peace of mind for landlords who don’t want the extra responsibility of making payments to the property management company. In addition, this also makes it easier for property managers to track rent payments and make sure that any issues with rent like late or missed payments are dealt with quickly. Rent issues are often one of the biggest problems that landlords face, so working with a property management company will give you the peace of mind that comes with knowing that it is all being handled, whether strategies are put in place to help the tenant make payments on time or the eviction process is started.
· Legal Compliance:
Making sure that your property is compliant with all legal regulations and requirements is another responsibility for Bayswater landlords. This is often something that will need to be done on a regular basis since safety certificates expire after a certain amount of time and safety equipment like fire alarms may need to be replaced. In addition to safety requirements, you may also be required to get the correct licensing for the type of home that you are renting out, such as an HMO.
· HMO Management:
Investing in a large property to turn into a home of multiple occupation or HMO is a popular option for Bayswater landlords, since the area is popular among young professionals who will often prefer to live in this kind of home. However, renting out an HMO is often different to renting out other types of properties. You will need to register the property as an HMO and get the appropriate license. In addition, with an HMO, the landlord is required to make council tax payments rather than the tenants. In most cases, HMO landlords find that it is easier to simply include all bills in the rental price. A Bayswater property management company can take care of this for you, ensuring that the council tax for your HMO is paid on time and that you are getting the most competitive deals when it comes to the energy, internet, and other services you provide for tenants in the home.
· Eviction Process:
At some point, most landlords will need to deal with a tenant being evicted from the property. This could be due to non-payment of rent or another issue such as causing criminal damage to the property. Evictions can be stressful to go through, especially as most landlords are not collecting rent payments during this time and cannot move another tenant into the property until the current one has left. A property management company will thoroughly understand the eviction process and be able to get it started as quickly as possible to avoid delays and help you get your investment property moving in the right direction once again. They will be able to communicate with tenants as a third-party and work together with the courts and law enforcement when needed to help you get the best and fastest results.
Is a Bayswater Property Management Company Worth the Cost?
Property management companies in Bayswater may differ when it comes to the services that they offer and the price that they charge for each one. For a complete property management service where the company takes on the entire responsibility of managing the property on your behalf, you can usually expect to pay around 10-15% of the rental payments that you collect each month. For many landlords, this is worth the expense as it provides them with complete peace of mind when it comes to their property and ensures that tenants are satisfied with a high level of service, often leading to tenants that stick around and pay rent for longer.
Bayswater property management services are an ideal choice for any landlord, but they can be particularly beneficial for landlords that would struggle to self-manage their property for any variety of reasons including living some distance away, working full-time, or having a large property portfolio in the area.
Popular with professionals working in London and known for its arty, fun, and culturally diverse vibes, Bayswater is a great location to consider if you want to invest in buy to let property in London. Properties here are often highly sought-after due to the great area and excellent transport links into the centre.