Central London property management services are highly sought-after
Investment in buy-to-let properties is growing more popular, particularly for people aiming to augment their pensions or beat poor returns on their savings in the bank. Investing in buy-to-let property can prove an excellent way to make money, particularly in the current climate, with demand at an historic high.
The latest monthly survey from lettings firm LSL Property Services shows that average rents increased by 3.5 per cent in February compared to the corresponding month last year, and look set to rise further in the medium term.
David Newnes, a director of LSL, commented: "Tenant demand is underpinning rental inflation."
However, many people fail to appreciate that becoming a landlord or expanding a property portfolio comes with added responsibility. Effective property assistance is essential, but can prove time consuming, especially for part-time or temporary landlords. A lack of professional organisation can leave some tenants paying high rental prices when securing a property to rent in London, but receiving an inadequate property management service in return.
Is it worth paying for a Central London property management firm to professionally manage a property?
Well, it seems that a growing volume of landlords seem to think so.
"Times are changing and fewer tenants are prepared to put up with bad housing conditions or poorly managed properties", said professional London-based landlord, Reiss Degale.
Mr Degale currently owns 16 homes in London and is regularly looking at property for sale in London with a view to adding to his property portfolio.
According to a survey by property investment specialists Assetz, over three quarters - 76.8 per cent - of UK property investors are considering buying additional investment properties over the next 12 months, in order to take advantage of growing rental demand and yields.
"The yield a landlord's rental property generates is a key indicator of how well the property is performing and is an essential part of the landlord's overall business plan," said John Heron, managing director of Paragon Mortgages.
Like Degale, many more landlords are now taking their residential investments far more seriously by adopting a professional approach to renting, particularly when offering houses to rent in Primrose Hill, Marylebone and Chelsea, among a host of other primary areas in the capital.
Phil Jones of Robert Anthony estate agents remarked: "More landlords appreciate the benefits of providing their tenants with a professionally managed property service. This is due to the fact that they recognise that a property is a major asset that must be carefully managed in order to maximise returns."
A number of Central London estate agents offer a property management service, including leading letting agents Sandfords.
The company report that a growing number of high-end private tenants expect a round the clock service when they rent a home in London and as a landlord it can be difficult to live up to their expectations."
Sandfords states: "To get the best return on their investment in the fiercely competitive London premium lettings market, landlords must offer their tenants the highest levels of service."
John M. Alcorn - About Author:
John Alcorn talks to central London estate agents and finds that more landlords are turning to Central London property management firms to handle high-end homes, like houses to rent in Primrose Hill.
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