If you are looking to invest in London property to rent, then Westminster is an ideal choice of location. With some of the lowest council tax prices for the city of London, and a location that is in the centre of all the action and close to major attractions, transport links, restaurants and more, it’s no surprise that this is a top choice for many renters who want to live in the capital city. Westminster property is mainly flats and apartments, although there are some houses available that are suitable for both family residence and HMOs. With many professionals living and working in and around Westminster, renting out to professionals can be a lucrative venture.
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Why You Need Property Management in the City of Westminster:
No matter what type of Westminster property you decide to invest in, getting a property management service is a wise move. Landlords in Westminster tend to prefer to use a property management company for a wide range of reasons including help with marketing their property to rent, finding ideal tenants and dealing with routine maintenance, repairs, and other issues. Working with a property management company is also an ideal choice for landlords who do not live in Westminster or the city of London, as the management company can deal with any problems with the property, so you don’t have to travel.
Why Westminster Property Management?
Landlords in Westminster invest in a property management company for a range of different reasons. Some of the main benefits of working with a property management company for your Westminster rental property include:
· Pricing the Property:
Setting your rental price attractively for the area will help you attract more tenants and get your property filled faster. A good property management company will be able to inspect your property and carry out an evaluation to let you know how much it is likely to fetch as a monthly rental price. They can also give you ideas for improvement and let you know if there is anything you can do to potentially boost the rental price.
· Legal Compliance:
When you invest in a rental property in Westminster, there are several legal requirements that you will need to ensure the property complies with. Landlords throughout the UK have a legal requirement to ensure that the property is safe and habitable for their tenants, which includes performing gas, electric and water safety checks on the property. A property management company will be able to take care of this for you.
· Tenant Vetting:
Westminster property does not often come cheap and when you’ve invested a large amount of money into a house or flat in the city of London, the last thing that you will want is a bad tenant. Working with a property management company puts you in with a better chance of getting the right tenants in your property since the company will be able to perform a range of background and vetting checks before handing over the keys.
· Tenancy Agreements:
A good property management company will be able to advise you on what to include in the tenancy agreement. They can also draw up and have the tenant sign the tenancy agreement on your behalf. This document should include everything that the tenant needs to know about living in the property including the cost of rent, when rent is due, how long the tenancy will last for and anything that they are not permitted to do in the property.
· Collecting Rent:
Westminster landlords can also trust a good property management company to collect rent payments on their behalf. In addition to collecting regular rental payments, the property management company will also be able to deal with any issues that arise in regards to the rent payments such as tenants struggling to pay on time or non-payment of rent.
· Maintenance and Repairs:
While being a Westminster landlord is a good investment, there is a downside – which might be that there’s a leak in the early hours of the morning that you’d need to go and fix if you were self-managing the property. With a good property management company, you can rest assured that your property is in good hands and that anything that goes wrong will be swiftly dealt with, without interrupting your day.
Finally, evictions are a process that most landlords would like to avoid but sometimes cannot be helped. If a tenant needs to be evicted from your Westminster property, the property management company will be able to handle the entire process, making it much less stressful for you to deal with. They will be able to communicate with the tenant on your behalf including sending all necessary documentation and notices.
How to Find Property Management in Westminster:
Finding a good property management company for Westminster will help you get your investment off to the right start. A good property manager should know the area well and have a solid understanding of the type of tenants your property is likely to attract and how much they will be willing to pay in rent. If you are considering investing in or have invested in property in Westminster, a property management company will help you ensure that everything runs smoothly. Generally, you can expect to pay around 10-15% of the total monthly rental price for a fully managed property management service, allowing you to get on with your life while your property investments bring a profit in.
To get started with finding the right property management company for you in Westminster, it’s a good idea to ask for recommendations. Speak to anybody that you know who has dealt with a property management company in the area, whether that’s fellow landlords or even tenants who can help you get a better idea of how tenants are treated by the property management company, since that’s important for their satisfaction and ultimately keeping them in your property for longer. Some of the main things to look out for when choosing the best Westminster property management company include:
Ideally, you will want to work with a property management company that has a lot of experience. A company that is trusted and has been around for quite some time will be one that you can trust when handing over the keys and control of your property. Be sure to find out more about the number of properties that the company manages, how long they have been managing them for and what type of properties they have the most experience with managing. A company that has been managing the same properties for a long period of time is likely to be a safe bet, since this clearly shows that they are trusted by landlords in the area.
Bear in mind that any company can make themselves look excellent on their website, so it’s always worth doing some additional research to find out more about the real reputation of the property management company. One of the easiest ways to do this is to search for Google reviews. While all five-star reviews is unrealistic and there are likely to be some bad reviews from disgruntled tenants, what others have said about the company will give you a clearer idea of what to expect.
Typically, a property management service will cost around 10-15% of the rent each month, but this can vary between companies, so it’s important to make sure that you are clear on the fees that you will be charged and how you will pay them. Some property management companies will collect rent on your behalf and take their fee directly from the payment, while others will collect payments from you. Along with the regular fees, check any additional fees that may be chargeable for certain services such as preparing the property for tenants or vetting potential tenants. It’s also worth finding out more about how fees are charged if the property is empty. Some companies will continue charging and offering a service when the property is vacant, while others only charge a fee when there are tenants in the property.
Since the property management company will be in charge of carrying out maintenance and repairs on your property, they are likely going to have certain contractors that they are partnered with to work on the homes that they manage. As a landlord, it’s important that you can trust anybody who is working on your property, so make sure that you are aware of the contractors that are used by the property management company and that you are happy with them.
· Additional Services:
It may also be worth finding out more about any additional services that are offered by the property management company. Some companies will only offer tenant vetting, move-in and maintenance services while you have tenants in the property. Others can take charge of everything for you including renovating and decorating homes ready for them to be put on the rental market. Other services can include deep cleaning and sanitation, landscaping, and more.
The city of Westminster is becoming increasingly popular as a residential area and is ideal for buy to let landlords looking to invest. Working with a property management company is ideal for your success with Westminster property investment.