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Spaces Property specialises in offering fixed, guaranteed returns to property investors. We do this by leasing your property on a long term contract and letting the rooms individually to carefully screened young professional and selected student tenants. Full management is handled by us and there are no hidden costs to you. You simply receive a fixed, guaranteed monthly income giving you consistent returns, 100% occupancy and no headache.
Guaranteed rental income Working with Spaces Property means that your rental income is guaranteed. That is, we'll pay you the full agreed amount each and every month for the duration of the lease, irrespective of whether or not the property is occupied. You therefore experience 100% occupancy over the lifetime of the lease. The length of the lease is flexible and typically ranges from 3 to 5 years, although shorter terms are possible. We understand that your primary concern is over the quality of our guarantee, so we have created a dedicated section covering our guarantee.
Up to 100% market rent Our unique model of providing serviced rooms to young professionals enables us to guarantee rents at a far higher rate than anyone else we've come across. Guaranteed rents often come at a price, usually accepting around 80% of the true market rent for your property. With Spaces Property, we are able to guarantee up to 100% of the full market rent for your property, with most landlords being guaranteed around 95% of the market value rent. Remember - that's the amount you receive from us every month. There are no fees deducted from the gross rent. The gross rent we agree with you is the amount we will pay you every month. In many cases, our clients are in fact better off by working with us because they no longer have management fees deducted from their income.
How we make our money On the tenant side, Spaces Property specialises in providing high-quality, fully-inclusive urban living for young professionals. Once we've agreed a deal with you, we'll fill the property with carefully selected tenants, with no more than one inhabitant per room. The service we offer our tenants is one of quality and convenience, for which they pay a small premium. In addition, by renting rooms individually we are able to capture a higher income versus renting the property as a whole. The difference in the rent we achieve from our tenants and the rent we guarantee to you is the margin we make on the property.
Full management included with no fees We cover the full management of the property at no cost to you, which includes:
* Marketing of the property and tenant-finding * Screening of tenants and arranging all tenancy paperwork * Protecting of tenant deposits * Handling all tenant queries, including maintenance requests * Moving out tenants and preparing the property for viewings
We handle all maintenance requests from tenants. If the works are our responsibility, we will take of everything at no cost to you. Any maintenance works arising as a result of the action of any tenant we place in the property is not attributable to you. It remains our responsibility to recover the cost of such works from the tenants with no recourse to you.
If the works are your responsibility and you have preferred maintenance contractors who invoice you directly, we are happy to liaise directly with them and no charges will apply. On the other hand, if you would like us to handle these matters on your behalf, we will invoice you at the end of every month during which maintenance tasks arise.
We are also able to cover almost all maintenance issues on your behalf at a fixed monthly cost. Please contact us for more details on our Fixed Cost Maintenance plan.
The areas for which you remain responsible as the Landlord are, broadly, outlined below. We can handle all of these matters on your behalf if you so request.
* Annual gas safety certificates * Energy performance certificates * Periodic electrical inspections * Maintenance issues such as heating, hot water, electrics, plumbing, ventilation and general upkeep of the property.
For example, we'll notify you that your annual gas safety inspection is due and we can arrange this on your behalf. We will instruct our gas safety specialists to conduct the appropriate inspection and invoice you directly with no hassle to you. Furthermore, if you opt for our Fixed Cost Maintenance plan, gas safety certificates are included free of additional cost.
Only screened private tenants We only accept carefully screened, individually selected tenants. Tenants are either young professionals or older students, such as those in their final year or undertaking postgraduate study. Our screening process varies according to the status of the tenant in question. The credit screening service we use is a specialist product provided directly by Experian.
Professionals with a UK credit history are screened by Experian and we require a minimum one month security deposit from them. Professionals with no UK credit history will be asked to either provide a UK-based guarantor (who will then be screened by Experian); or rent will be payable a full three months in advance in addition to a one month security deposit.
Typically our professional tenants are recent graduates working in industries such as law or banking. All professionals are required to provide proof of employment, identification documents, previous landlord references where possible and recent bank statements - all of which are held on file by us.
All student tenants are required to have a guarantor. If the guarantor is UK-based, they are screened by Experian; otherwise the tenant is also required to pay a full three months in advance. Students are also required to provide proof of student status and any student funding they may receive.
Managed by landlords, not agents Spaces Property is a professional landlord. This means that the end-user tenants occupying your property are our tenants, and we are their landlord. We therefore have a much larger duty of care than any managing agent:
* If our tenants damage your property, we are liable to you. This means we go out of our way to select high calibre tenants, to minimise the risk of damage, and to hold accountable our tenants for any damage they may cause.
* If our tenants default on their rent payments, we are still liable to you. This means that irrespective of what our tenants do, you will still receive your guaranteed rent every month from us. It is therefore in our interests to ensure our choice of tenants is credible. For more information, read more about our rental guarantee, and why it's less risky and more diversified than renting directly to end-users or via agents.
* We also own a portfolio of properties, so we understand that as a Landlord you are concerned with caring for your assets and managing any legal liabilities you may have. We apply the same rigour of management that we do to our own properties as we do to those that belong to you. Remember, the fact that we guarantee your rental income means that we have a bias towards prioritising your properties. This is because the mortgages on our properties cost us less than the rent which we guarantee to you; and because we remain accountable to you.
This alignment of interests, created by our professional landlord model, makes Spaces Property the perfect strategic partner for managing your property portfolio.
Proven track record with excellent results Spaces Property is a young company created by a young investment banker turned entrepreneur. We've been in this specific business for a number of years, while our experience as a Landlord goes back over 25 years. We've pioneered intriguing new business models that have enabled us to achieve benchmark-beating investment returns, offer superior guaranteed returns to investors and provide a higher standard of urban living to tenants.
Catchment area Our current catchment area can be approximately described as anywhere that's within 10 to 15 minutes walking distance from any of the following tube stations: Waterloo, Southwark, Borough, London Bridge, Lambeth North, Elephant & Castle, Kennington, Vauxhall, Oval. The highlighted area on the map below approximately marks this area. You can also see a more detailed version by interacting with our Spaces Property Catchment Area map on Google Maps.
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