An opportunity for landlords
"It's like the same income, minus the headache." - A landlord of ours
Rapidly increasing demand
As things are beginning to go back to some form of normalcy after COVID, the property industry – and shared accommodation space in particular – has had an expected surge in demand. Our market is specifically premium rooms for corporate professionals. As it stands we have little to no extra capacity to house our clients, because of the demand.
In light of this, we have rolled out the arrangement illustrated below as a means of facilitating additional living space for our clients, in exchange for some of our premium maintenance for the manager, at no extra cost.
We believe it’s an incredible opportunity for all parties involved.
Please feel free to explore the details outlined below.
How you benefit as a landlord
Timely payments for rent
every month.
Rigorous tenant screening and vetting.
Conducting viewings and introductions.
A free premium room makeover.
Room maintenance taken care of.
Legal compliance consultation and assistance.
and the best part is...
You don't pay an extra dime for any of it.
What's the catch?
- That the properties you send us fit our criteria, and we agree on the numbers, of course!
How does it work?...
Below is a simplified storyboard or walkthrough of what our collaboration with landlords looks like.
1. We initially meet
We introduce ourselves and have a casual friendly chat.
2. We assess the room(s)
We gauge the state of the rooms and estimate the budget we’ll need to raise it to a premium standard.
Whether the room is furnished or not isn’t a problem.
We comprehensively consider refurbs, cleans, renovations, and interior works.
3. We send you a management contract
If all looks good, we draft a management contract and send it your way. There’s space for deliberation and negotiation if necessary. We do not like to keep our landlords in the dark.
4. We sign and receive the keys
Once we’re both happy, we both sign the contract, and we begin to plan our work for the room(s).
5. We work our magic
We predominantly work off of week’s grace period and make the place look superb before advertising it on our multi-channel advertising platform.
6. The Tenant
After rigorous tenant vetting checks, including credit check, linked address, court & insolvency, bank account validation, salary confirmation, and more, we select the right tenant, conduct a viewing, and we sign an AST contract together with them.
Questions
Below are some of the common questions we get from landlords.
We are part of a network of companies servicing landlords all over UK, with a collective portfolio of over 100+ rooms managed and maintained by us, with increasing portfolios in Leicester, London, Manchester, Cambridge and Birmingham. Birmingham being the most contemporary of the lot, currently has around 20+ rooms, and is one of the fastest growing ones. Talk about demand!
We have internal access to a pipeline of corporate professionals looking for premium shared accommodations. We utilise this network, in combination with proper online marketing, to find prospective and committed tenants.
This is one of the biggest nightmares for landlords when it goes wrong, and it’s probably the single most valuable part of an agreement like this, as we almost completely insulate our landlords from having to deal with this. Realistically, we try to eliminate this sort of issue in the vetting and referencing process. However, should life’s unpredictable waves hit, we have a procedure of cooperating with the tenant within reason, whilst simultaneously keeping the landlord happy and paid. Naturally, consistent non-payment on the tenants behalf would ultimately result in a notice being issued.
Any non-structural damage done to the inside of the rooms we manage will be ours to expense. As we predominantly purchase the furniture anyway, it makes sense to do this.
However, damage to amenities or communal areas is something we may contribute to, up to an agreed amount. The more rooms we manage in a household, the more of a percentage of this we tend to cover, subject to the damage dealt being at the hands of one of our tenants.
Our tenants are also made aware that the deposit they initially pay is secured by DPS, which can potentially be used to repair any unwarranted damage, irresponsibility, and negligence.
Tenants receive warnings prior to a notice being issued. Failure to comply unfortunately would lead to a 2 months notice followed by eviction.
Once again, these are common issues in the traditional renting space which much of our vetting process eliminates. However, if complaints from neighbours or incompatibility among tenants ensue, we’ll initially try to remedy the situation via correspondence, intervention, and mediation. We have not yet had a case where conflict got out of hand and could not be rectified.
Using an internal system, we’ll have alerts set up for compliance. This includes ensuring compliance with Licencing, Fire Safety, Gas Safety, Electrical Safety, Energy Performance (EPC), Right To Rent, Deposits Protection (DPS), Insurance, Planning Permission (where necessary).
We’ll set up alerts according to your preferences. Some landlords prefer a more hands-off, auto-pilot level of involvement. Others find comfort in weekly or monthly status reports. We’ll cooperatively facilitate something that works for you.
We secure all tenant deposits using DPS.
Should any damage occur within the rooms we’re managing, we’ll be responsible for their maintenance, with the exception of structural damage i.e. big hole in the wall, window broken from outside etc.
If our tenants damage any amenities or communal facilities, we’ll happily contribute to the reparation of such damages.
As promised, you can expect no fees, bills, or long-standing invoices from us.
We will ensure continuous payment to you. In the case that something like this happens, either due to a genuine lack of demand, or a drastic change in economy, legislation or otherwise, we’ll either ask you for an extension, or submit our notice to hand the rooms back to you.