Ask the experts: How to get more from your Wembley Park rental property
- Over 70% of private landlords opt to use Wembley Park Residential
- 4 out of 5 tenants look for furnished apartments
- Redecorate and replace every 5-7 years
When it comes to Wembley Park, nobody knows the residential rental market like Lettings Manager Ashley Payne and his team at Wembley Park Residential. Established in 2008 as a subsidiary of British-based developer, Quintain, the team has completed over 500 lets across Forum House and Quadrant Court, two of the core residential offerings of the significant revitalization project taking place at Wembley Park, and is now managing lettings at the current phase, Emerald Gardens.
“We provide a trusted and reliable service that over 70% of private landlords at Wembley Park prefer to use,” explains Ashley. “We take pride in our profession. All our staff are fully trained by the Association of Residential Letting Agents (ARLA) and hold a range of professional qualifications. Our documents are produced by a specialist legal firm and we have a dedicated onsite manager to handle all aspects of property maintenance. We cover all the angles so that landlords and tenants alike can feel relaxed and reassured when using our service.”
With more than 25 years’ combined experience letting and managing residential property across London, the team knows just how to maximize a rental property’s value. Ashley shares his insights into how to get more from your Wembley Park rental property:
1. Find the best tenant
Having a successful rental property relies on your tenants paying their rent on time and wanting to stay in the property for an extensive period. At Wembley Park, along with advertising online (in particular with the ever popular Rightmove), we also have tenants who upsize and downsize within the buildings and who recommend their family and friends to our services. We also benefit from site signage advertising our services. Altogether, this gives us a healthy database of applicants old and new who are interested in renting apartments in Wembley Park, so we know precisely what prospective tenants are looking for from their rental property. Knowing Wembley Park inside out means that we can pair each apartment with the perfect tenant, thus encouraging longer stays by having happier tenants.
2. Think about the furniture
Four out of five tenants are looking for a furnished apartment so modern furnishings that suit the quality finish of the apartment are essential. Plan to purchase (as a minimum) a sofa, dining table with chairs, TV stand and coffee table for the living room, double bed, headboard, mattress, chest of drawers, bedside tables and freestanding wardrobe (if a built-in wardrobe is not in place).
3. Choose the best management company
Using a management company such as Wembley Park Residential, which is actually based on site and knows the properties inside and out, is a smart move for landlords. It means the team is perfectly positioned to manage the apartment compared to an offsite company, which may not be so intricately familiar with elements of the development such as the heating system or the ventilation.
Wembley Park Residential undertakes inspections every six months on behalf of private owners, at no extra cost. This means we can let owners know if any changes are required and ensure that tenants are happy in their homes.
4. Know how to price correctly
Pricing your rental property correctly is essential. If the rent is too low, you will miss out on income. If it’s too high, you may struggle to find a tenant and end up with a void period. With over 500 lettings already successfully completed on site over the past seven years, and being highly aware of current market conditions, we have a wealth of knowledge to drawn upon when it comes to setting rents, whether for a studio, one, two or three bedroom apartment.
5. Be the best landlord you can be
Being a good landlord is about more than just buying a property and renting it out. You can maximize your tenant’s happiness by always responding to queries quickly and ensuring that any repairs are carried out swiftly. Use contractors who are familiar with the development and have been tried and tested.
6. Keep the property refreshed
Remember that rental properties require repainting and recarpeting from time to time, as well as needing their white goods, soft furnishings and other items replaced. We recommend refreshing a property every five to seven years as a minimum. Your tenant will appreciate the commitment to keeping their home looking tiptop and will likely be happy to stay there longer.
With Wembley Park making headlines as one of London’s most desirable lifestyle destinations, accommodation is highly sought after. Tenants can enjoy an onsite, 24 hour concierge, pre-wired fibre optic to all apartments, videophone entry systems, an Envac recycling waste management system and secure underground parking, as well as a location on the doorstep of a huge range of local amenities, from fitness centres to designer shopping and eating at LDO and endless entertainment options at The SSE Arena, Wembley.
Price of apartments at Emerald Gardens, the current residential offering under construction at Wembley Park, start at £366,000. Estimated rents are from £288 per week for a studio, £312 pw for a one bedroom apartment and £390 pw for a two bedroom. For further details, visit http://www.northwestvillage.com/, call the Savills Sales team on +44 20 3151 8601 or call Wembley Park Residential on 0845 201 1205.