Hundreds of letting agents and property managers across the country are scratching their heads trying to fathom the perfect business model for the future but while many are procrastinating, one organization has stole a march and reinvented the traditional agency model.
Lyvly has been described as ‘part letting agent, part property manager and part tenants’ club’, influenced by operations in America. So far the company manages 100 high end furnished apartments in London under an all-inclusive rent arrangement, but is striking close relationships with fund managers and build-to-rent developers to increase income and reduce voids.
The spin comes in the form of the tenants’ club, with Lyvly specifically aiming itself at 25-35 year olds who don’t traditionally use portals or high street letting agents. In return, tenants will join a community of like-minded individuals with similar cultural and professional backgrounds. Social events and exclusive deals will also be offered to those in Lyvly’s managed blocks. The duo behind the new concept – Philip Laney and Dario Favoino – have positive form too, helping establish Realstar, one of America’s leading property management companies.