The business of short term lets for the Olympics

It is estimated that in the next three months over 100,000 home owners in London will be cashing in on private letting of rooms, flats and whole houses. With rents running up to 35 times the norm, is anyone surprised?

Not that renting a property is straightforward. There are legal obligations, finance, tax, insurance and safety issues to consider. For many this can be daunting - which is where Olympic Short Let hope to help.

Jeremy Lee, CEO of Olympic Short Let (OSL), points out that Olympic rental websites only go so far as to list properties, find tenants and hold deposits. They do not provide managed tenancy services. A recent customer stated their situation like this...’We were surprised to find a tenant - now we have to learn how to be a landlord’.

Jeremy says "We created OSL to simplify the process and offer common-sense advice, templates and essential services all in one package. To demonstrate, OSL provide a free rental agreement and advise on the cheapest way to secure public liability and contents insurance through existing policies."

OSL began by securing service agreements with London’s best property service partners. We realised that our reputation stands or falls on the quality of service that people receive. We elected Aspect to provide 24hr Emergency Call-out Services, and BLC property services for testing and inventory services.

OSL have distilled their range of services into three service plans (from £95.00) created to suit typical landlord types - from low budget DIY to a comprehensive plan for those who prefer to leave everything to the experts. Unique to OSL, all three Service Plans automatically calibrate to the customers property profile - made in just a few clicks. Jeremy says "This is one way we can help people quickly assess products according to their budget and needs".

OSL claim to make every effort to remove jargon from copy - it is important you know; what each service does, what it costs, and a guide to whether it is essential or merely an optional extra. This distinguishes OSL from other property management services - where products can be complicated, inflexible and expensive - especially for shorter lets. "I believe the 2012 London Olympics will kick-start a trend for ongoing private home rentals and for this reason OSL plan to continue long after 2012" Jeremy is a property consultant with 15yrs experience and a personal interest in simplifying home rentals. He says "OSL is an idea started by friends and family who are all renting homes - our collective experiences helped shape this business."

So will the London Olympics create part-time landlords as a new breed? Olympic Short Let certainly believes it will - and their views are shared by the leading Olympic letting agent www.AirBNB.com whose bookings in the UK have increased by 748%. Only time will tell - but it is good to know that OSL are here to help Londoners through this stage.

Olympic Short Let (OSL) is a trading name of Art & Industry (UK) Ltd. 5 Albemarle Way, London ECIV 4JB. Tel: 0800 298 7061.

Struggling with crippling rents? Good news! You have a retail champion!

Britain’s struggling High Street shops have been thrown a lifeline with a new way of reducing crippling rents.

A retail champion is saving companies around 50% a year in charges so they can carry on trading and landlords don’t have to board up stores.

Financial experts believe the shopping landscape could be obliterated as rising rent reviews and poor sales force shop-owners to hand back the keys.

But an organisation is rescuing firms from the brink by negotiating new rent deals that give hope for landlords and the shops that are vital to national recovery.

“Everyone knew there was a lot of pain out there on the High Street but up until last year there wasn’t much blood. Now it is starting to flow,” said David Abramson, Managing Director of Rent Reform Ltd.

“Up to half of all shop rents are overpriced because they are held in long-term leases with upward-only reviews which make no allowance for the challenging economic climate. Firms are coming out of five-year terms and finding their rents going up just at the time they need the most help.

“Landlords don’t want properties empty so it is a question of finding a reasonable path so that our High Streets can keep going. We need retail to thrive to drive the economic recovery.”

Rent Reform has been deluged with retail giants and smaller shopkeepers keen to lower their costs and carry on trading as more High Street shops are boarded up.

“There needs to be a national review of the lease structure,” he added.

“Landlords are out of touch with the financial climate if they fail to grasp the simple fact that there is no longer as much money in the kitty for rents as there used to be. Without realistic reviews of rent rates we will see increasing numbers of High Streets die."

Rent Reform has negotiated rent savings for High Street chains, La Tasca, Subway and Walmsleys as well as a string of small businesses.

“We save businesses in the short term between 40-60%. It might just be for a few years and the landlord doesn’t have to suffer long term but it gives struggling firms room to breathe.”

Many retailers are simply unaware they can renegotiate rental agreements through third party experts and so are losing thousands of pounds in unnecessary costs as a result, claimed Rent Reform.

High Street fortunes have been devastated by the recession with lingerie retailer La Senza, the Peacocks chain and nostalgia gift retailer Past Times the latest firms to bite the dust and 30,000 retail jobs are estimated to be under threat in 2012.

Simon Wilkinson, chief executive of the Oxford-based La Tasca restaurant chain, said Rent Reform had protected the future of some of his outlets.

Aroma oriental restaurants saved £300,000 from its rent roll with 25 per cent reductions across three of its six sites.

“These are tough times and they allowed me to keep them going,” said owner Colin Aroma. “I employ 200 plus people and without Rent Reform we would have probably had to shut three restaurants putting 60 to 70 people out of a job.”


www.rentreform.co.uk

Accommodation for 2012 Olympic Games to be provided by new service

A new service, providing accommodation during the London Olympic Games, has been launched by London Property Rental 2012. The properties provide accommodation for both families and groups and are located within fifteen minutes by train of Central London.

Set up by experienced property professional Carol Fox, London Property Rental 2012 provides a home-from-home experience by offering fully vetted, high quality private homes in highly desirable areas of London – all within walking distance of excellent transport links. The properties, owned by affluent families who have chosen to be away from the capital during the games, are comfortably furnished, well-equipped and provide added benefits of free parking, fast broadband and digital TV.

According to Carol Fox, Director of London Property Rental 2012, “We were approached by a friend in the United States who asked if he could rent our house during the Olympics. We saw immediately how families and groups would benefit by renting a quality family home during the 2012 Olympics rather than standard hotel rooms - especially those groups who need multiple rooms and have arranged their own travel and tickets to the London Games.”

Up to 350,000 foreign tourists are expected to visit London during the eight weeks of the 2012 Games, estimates the European Tour Operators Association, while Lord Coe has talked of up to ‘a million’ extra visitors. This far outstrips London’s estimated capacity of 100,000 hotel beds.

Says Fox, “Families and groups who want to stay together may find it difficult to find accommodation during the Olympic Games that offers the benefit of an intimate environment but which is also cost-effective. In setting up London Property Rental, we will provide a quality ‘home-from-home’ experience where guests can relax and unwind away from the games yet still be in the centre of London within a 15-minute train journey, to explore tourist attractions or access the Olympic venues.”

She added: “It’s not too late for Londoners to put their property with us for rent during 2012 Olympic Games. We are always on the look-out for high quality family homes in excellent locations with good transport to add to our portfolio.

“We are finding that a large number of London home-owners are opting to go away during the Olympics and are accessing our service to earn money by making their property available for a 2012 managed let during July and August next year. And, in a lot of cases, the rental income generated will more than cover the cost of their summer holiday.”

FACTFILE:
London Property Rental 2012 offers private homes available for rent near the Olympic venues in Dulwich and across South London for visitors to the 2012 London Olympic Games.

London Property Rental 2012 is part of the Fox Vision family, a privately owned company run by Carol Fox and her husband Nick that has been trading for over 10 years. Based in Dulwich, Fox Vision provides a range of services including London property rentals, Home Energy Inspections, floor plans, lease plans and Energy Performance Certificates.

Fox Vision has launched London Property Rental 2012 to showcase private houses available for let in Dulwich for visitors to the London Olympic Games during July and August 2012.

For further information visit www.London-Property-Rental-2012.com