Because property in the capital is such an excellent investment, you may be considering joining the ranks of Landlords who live elsewhere but own London property. If so, you'll need a plan in place for dealing with local council regulations and local markets from afar. Here are our 5 top tips:
1. Find an agent you can rely on.
When you buy a property to let, it's important to do your research and understand the local market. Each of London’s many neighbourhoods has its own identity and amenities, which attracts a unique audience.
Setting a fair rent for the local market will help you appeal to good tenants, so be sure to have a local expert on your side.
We recommend you start by booking a Foxtons Property Valuation.
Read: Who is your next tenant?
2. Find a property management team you can rely on.
You want vetted local contractors on-hand when your tenant’s boiler runs into an issue in the middle of the night. You’ll want to remain compliant with the local and national legislation, through all its changes. And if you choose a fully managed service, it’s probably because you want all this to be quickly and accurately taken care of by a team of experts.
Even if you don’t let with Foxtons, you can instruct Foxtons Property Management to protect your asset, so if you’re in the market for a reliable team, get in touch.
3. Use technology to your advantage.
The right technology can help you stay organised and compliant from afar. Our landlords have access to My Foxtons, where they can upload documents, manage maintenance, get real-time rent confirmation, agree tenancies and so much more.
Read: Why self-service tools are essential for today’s landlord
4. Be proactive.
Check-in and check-out reports, regular inspections, quick action on maintenance issues and punctual renewals of your property certificates can save you time and money down the line. Make sure your tenant is heard and responded to when they notify you of any issues, so they continue to do so efficiently. The goal is to resolve problems before they escalate.
Landlord who use our fully managed service can rest assured we protect their asset and keep an open line of communication with their tenant through My Foxtons. We have all the tools to sort maintenance quickly, all they have to do is confirm the course of action they want us to take – just a click of a button.
Read: It's that time of year for London Landlords, Storm watch: how to prepare for summer flash floods and How much can Landlords charge for professional end-of-tenancy cleaning?
5. Choose comprehensive insurance.
With Foxtons Rent Protection, you'll always get the income you expect. It will also support you if you need legal representation to recover your property. Especially when you’re managing a tenancy from afar, you’ll want the peace of mind that you’re protected.
Read about Foxtons Rent Protection & Legal Expenses
London lettings made easy:
Get in touch with our lettings team if you have a property to rent.
If you want more support with a tenancy, speak to Foxtons Property Management.
If you’re looking to invest and become a London landlord, learn more about our opportunities.
