The Story Behind the “Service Let”

February 27, 2017

At Lavanda, a key revelation has been the extent to which the sharing economy is shaping the future of residential lettings in London. Over the last year we’ve witnessed first-hand just how rapidly homesharing and “serviced living” are becoming the new norm. London renters are increasingly demanding to monetise slack capacity in their rented homes in a hassle-free manner. At the same time they want to free up time, energy and resources to focus on their personal goals.

Our response to these learnings has been to create the Service Let. The Service Let is a unique high-yield rental product that taps into the way people want to live today. The Service Let embraces the needs of tenants and powers a safer, more affordable rental proposition. Most importantly, the Service Let also delivers a higher return for landlords, resulting in a more sustainable and equitable homesharing economy in which everybody wins.

In essence, the Service Let turns any property into a fully-serviced living experience. It has all the benefits of a long-term rental in terms of assured income for the landlord, but with a number of notable enhancements:

Serviced living: Tenants can opt in to a range of luxury Lavanda hospitality services, with Lavanda sharing a percentage of this revenue with the landlord.

Secure homesharing: At the landlord’s discretion, tenants are also permitted to homeshare up to an agreed limit (total number of days in a calendar year) in return for sharing a percentage of their income with the landlord. Lavanda professionally manages the homesharing, enuring it is hassle-free whilst acting in the best interests of the property and its long-term residents. This integrated service includes the most robust vetting and screening procedures possible to ensure guests of the highest integrity.

BENEFITS TO LANDLORDS

  • Maximise yield and outperform the market
  • Attract more tenants with a unique rental proposition
  • Ensure any homesharing is professionally managed and secure
  • Ensure full compliance with emerging UK regulation

BENEFITS TO TENANTS

  • More flexible tenancy agreement
  • Monetise any periods of vacancy (for example, when travelling)
  • Boutique hotel-style hospitality that maximises the value of your home
  • Fully comprehensive insurance
  • Fully compliant and transparent

We welcome all thoughts and comments around the Service Let proposition. Please comment below or contact us for further information.