Property Management For Landlords

Are you estate agents?

No. Absolutely not.

London Shared has only one line of business: we rent properties from landlords and provide accommodation to corporate and professional tenants. Our service maximises your property’s value through effective, ongoing management.

So you're property managers, then?

Yes, something like that. We sign a fixed term commercial contract with you (usually 3-5 years) to take charge of your property, effectively becoming your tenant.

• During that time, we pay you a guaranteed rent, every month, regardless of the property’s’ occupancy.
• We organise the maintenance of your property.
• Finding and checking references of our corporate and professional tenants, keeping them happy in their homes, and collecting their rent, becomes London Shared’s responsibility.

This is why, from the landlord’s perspective, we believe we’re your perfect tenant.

Why did you choose to focus on shared accommodation and not regular lettings?

In cities like London, shared accommodation is practically the norm among corporate and professionals – especially those who have relocated to London on work contracts.

We saw a gap in the market and decided it was a part of the industry that needed professional attention. Thousands of people enter into shared accommodation on a daily basis however there are almost no companies focusing purely on this sector. So here we are, making shared accommodation easy for both landlords and tenants.

What types of properties do you deal with?

We manage a range of properties from studios to 6-bedroom houses, and everything in between.

Is there a certain time of year when you won’t take on new properties?

We will generally take on properties on any day. We have tenants looking for accommodation at all times, and as far as we are concerned, just because it is December or some other famously quiet period doesn’t mean your property should sit empty.

How do you value properties, and how quickly do you make an offer?

We can rent your property directly from you for a fixed-term tenancy, paying you a guaranteed rent in-line, if not higher, than market rates. We value properties based on lots of different factors; location, conditions, size...the process is simple and straight forward -

• We will arrange a convenient time to visit your property to conduct a valuation. During that time we can answer any questions that you may have about how we work.
• We will send you a formal written offer within 24 hours – we will arrange a time to talk through the over the phone.
• Once everything is agreed will send a contract to you on the same day.

What type of contract governs our relationship?

We provide a commercial agreement which has been tailor-made for our business.. Effectively, this makes London Shared your sole tenant for the period of your contract (typically 3-5 years) and gives us the authority to manage the property on your behalf.

As for our tenants, they typically sign a 12 month tenancy agreement with a 6 month break clause, and extend from there (our running average tenancy is 13 months). On rare occasions we may negotiate a shorter tenancy with a tenant if they are on a temporary work contract, but we prefer long-term tenants who will form a tight knit household.

Commercial tenancy agreements usually allow tenants to stay longer than the agreed term. Is this true?

London Shared have opted out of certain sections of the 1954 Tenant Act which means we waive this so-called “security of tenure.” Therefore, we cannot stay in occupation longer than our agreed term, unless of course you wish to renew with us – which 96% of our landlords do.

Once I’ve signed a contract with London Shared, do I have to wait for you to find tenants before you start paying me rent?

No. We’re your tenant so we pay you rent whether or not the property is occupied. Of course we anticipate being able to find tenants quickly, but you receive full rent from us month in and month out, regardless of the property’s’ occupancy.

What happens if London Shared goes under during the contract period?

We hope this is hypothetical, but it’s an extremely fair question.

The answer is: according to the contract we have with you, if we go out of business, the rent the tenants in your property have been paying will revert to you directly, and their deposits will remain with the Deposit Protection Service in case there are any damages or unpaid rent.

Will there be an issue with my mortgage provider in signing a commercial agreement?

As we have no security of tenure, there should not be an issue here.

Still, we recommend that you seek authorisation from your lender before entering into any contract, just to be sure. We have specific documentation that you can give to your lender along with our contract that will appease any concerns they may have.

So you pay the rent directly?

Yes. Contractually, we’re your tenant, so we pay the rent. The money goes directly from our bank account to yours. We generally prefer to pay on the fifth of each month unless you specifically ask otherwise.

What are the charges associated with your service?

We charge nothing to our landlords for the service we provide. We make our money on the differential between the rent we pay you and rent we collect from tenants. We charge our tenants a slight premium for providing high-spec rooms that are inclusive of utility bills and have weekly cleaners. (Though some maintenance expenses are passed through; see below).

What if one of the residents doesn’t pay, or pays late?

That does not make any difference to the rent we pay you. When a tenant pays rent late or fails to pay then that is our problem.

Once I’ve signed a contract with London Shared, do I have to wait for you to find tenants before you start paying me rent?

No. We’re your tenant so we pay you rent whether or not the property is occupied. Of course we anticipate being able to find tenants quickly, but you receive full rent from us month in and month out, regardless of the property’s occupancy.

And what if the property market falls? Will you try and renegotiate our rent?

No. Whatever we agree at the start of our tenancy we will honour for the duration of our contract. From the landlords perspective, of course, that is one of the virtues of a long-term contract.

Do you pay a deposit?

But naturally we take a deposit from every tenant which is registered with the Deposit Protection Service (www.depositprotection.com).

Do you send me monthly statements?

Yes, we can send you monthly statements if you wish.

What about property inspections? How can I be sure that everything is always in order?

We conduct formal inspections every six months and send photos directly to your inbox.

However, our cleaners keep us informed of the state of the property on a weekly basis and if they voice any concerns we follow up immediately. And of course London Shared’s staff carry out informal inspections every time they visit a property, whether it is for a viewing or to check a gas meter. If you wish, we can arrange for you to periodically inspect the property yourself to make sure you are happy with the way we are managing things.

How is property maintenance handled?

As the landlord, you will be responsible financially for the usual things a landlord is responsible for.

However, as the manager of the property, we’ll do most of the legwork. We will always provide you with a quote prior to carrying out any work and we will arrange access so you do not have to get involved. Routine and anticipated things like gas safety certificates shall be organised by us; we’ll handle the logistics, and pass through the expense (currently £80 + VAT).

I have a plumber I love. Can you use him?

Absolutely. If you have a tradesman or builder that you know or trust, we are happy to use your contractors to carry out works on your property; all we ask is that they are legally certified and fully insured.

What if residents cause damage?

Yes. Remember, we’re your proxy tenant.

So if something happens at the property that is deemed to be the fault of our tenants (e.g., a broken window) then we will cover the cost ourselves. If we believe the problem is beyond the scope of our responsibility (e.g., the boiler breaks down), we will call you and let you know the problem and propose options for solving it.

How much wear and tear can I expect?

Significantly, after three years of being managed by us, a property tends to be in better condition than it would have been had it been let by an estate agent. This is due to our regular maintenance regime (including weekly cleans) as well as the upgrades we make to the property at the time we take over its management (e.g., the installation of flat screen televisions and the replacement of furnishings).

How do you find and evaluate potential tenants?

For over a number of years we have built relationships with well- known companies, relocation agents and recruitment consultants who approach us to find accommodation for their staff.

We advertise via our website, online and in print and also receive many referrals via previous and current tenants.

We also conduct thorough reference checks which include;

• Previous landlord reference
• Proof of employment (including their employment contract or pay slips)
• Sight their passport in the office (in line with right to rent regulations)
• Visa check (if applicable)
• Proof of address via bank statement or utility bill

Though we consider references from previous landlords and employers very important, we feel that gut instinct is even more vital. Someone can have impeccable references however if we do not feel they are suitable we will not accept them.

Aren't most of your tenants just irresponsible students?

No – but we get that question a lot. Our tenants are professionals usually in their mid-20s and 30s - we also have some postgraduate and mature students.

If you’re afraid we’ll turn your house into a dormitory, we can promise you that won’t happen - we limit the number of tenants living at a property. (See the testimonials and case studies for further assurance).

What if someone moves out?

It is completely our responsibility to keep properties occupied.

Whether full or vacant we still pay the full rent on time every month.

What if a resident locks himself out or loses her keys?

That will not be anything you will ever have to deal with while we manage your property.

Tenants will call us if they are locked out or lose their keys and we will organise replacements. Again, this is a primary benefit of having London Shared as your sole tenant rather than having to manage the property yourself day to day.