Home Property London-Monaco luxury property company expands property management services

London-Monaco luxury property company expands property management services

by Archit Chopra Journalist
27th Nov 19 6:10 am

REDD, the London-Monaco luxury property company, is expanding its Property Management services in London, providing landlords and private owners with an innovative range of App based services, alongside luxury brand tie-ins and other โ€˜Members Clubโ€™ services, covering property management, building maintenance and lifestyle; tailored for young affluent tenants who are letting homes in luxury apartment buildings, private houses, rental portfolios and build-to-rent schemes.One of the reasons that REDD is bringing a fresh new approach to Londonโ€™s Property Management sector, embracing new technology, services and interior design looks, is to enable property owners to be meet the needs of affluent young executives, couples, families and overseas students. These โ€˜millennialsโ€™, in their 20s and 30s, now comprise a large proportion of private tenants in Mayfair, St Jamesโ€™s, Belgravia, Knightsbridge and Marylebone. By utilising and developing Prop Tech, this means higher rents, improved tenant retention and lower voids, therefore enhancing the investment value.Figures from theย City of Westminsterย show that 46% of property in Mayfair and St Jamesโ€™s now consists of privately rented dwellings, with 33% comprising owner occupied homes and 21% social housing. In neighbouring Belgravia and Knightsbridge 39% of homes are private rented, 46% are owner occupied and 4% are social rent properties.ย Data from Dataloft/Wetherell shows that almost 60% of Mayfair and St Jamesโ€™s residents are aged below 44 with almost 45% of residents now aged between 25 to 44; over 60% are now born overseas and 55% of young bachelors or bachelorettes choose to privately rent rather than buy. This can be compared to the 1950s when Mayfair and St Jamesโ€™s were both dominated by owner occupier residents aged between 50 to 70. The neighbouring addresses of Belgravia, Knightsbridge and Marylebone have undergone similar changes.REDD say that these demographic and lifestyle changes in Londonโ€™s best addresses are driving the need for a rethink and fresh approach to developing, dressing and managing rental property. To deliver this, alongside the usual 24-hour property maintenance and emergency line, REDD has launched an innovative purpose-designed REDD App for tenants enabling them to control every aspect of their tenancy from their phone or tablet, with services including contacting a shared concierge, ordering lifestyle services, a local events calendar, as well as paying rents and bills. Via theย REDDย App tenants will be able to access services including cleaning, refreshing bed linen and home deliveries. As part of the App offeringย REDDย are also launching theย โ€˜REDD Members Clubโ€™ย where tenants will gain access to exclusive deals in local restaurants, bars and other lifestyle businesses.REDDย have already agreed brand partnerships withย Secret Spa, Bloom & Wild, Body Corporate, Brockley Paws, Heat and Eat Leanย andย Mint.ย Over the coming monthsย REDDย plan to expand their brand partnership offering for tenants, introducing other brands including luxury motorcar, department store, retail boutique and lifestyle firms, all of which will be accessible via the newย REDDย App.REDDโ€™sย private owner and landlord clients will also be able to benefit from the App, getting updates on items such as client accounts, service charge collection, cost reports, staff management, building insurance and reactive maintenance.Russell Smithers, Managing Director of the REDD operation in London said,โ€œOur Property Management business provides Private House Management, Block Management, and Rental Portfolio Management services as standard, but brings this all together in our App to provide improved customer communication and user experience.

“This is becoming an expectation of the younger generation of affluent tenants. Our โ€˜REDD Members Clubโ€™ also adds value to tenants lifestyles by giving them exclusive deals and offers in local premises where they live. Prime Property Management is more than simply running a property well, you need to deliver a lifestyle for occupants whereby they can effortlessly enjoy a location without any previous knowledge of it. This is particularly relevant for the diverse overseas market that we see growing in the prime rental sector.โ€ Another key unique-selling-point of the REDD offering is that alongside Property Management the firm offers clients Development Management services, the combination of development and management facilitating a fully integrated luxury lettings industry service for the firmโ€™s existing investors and new clients.The companyโ€™s Development Management arm enables landlords and investors to engageREDDย for pre-construction and construction consultancy, or full development management provision in order to acquire, design and deliver build-to-rent, build-to-sell or private homes, complete with interior design and dressing services. The resulting turn-key dressed homes are designed and tailored byย REDDย to appeal to the new generation of younger tenants and owners now living in addresses such as Mayfair, St Jamesโ€™s and Belgravia.Over the last six months, on behalf of clients, REDD have been expanding and managing a ยฃ100m portfolio of residential properties in Prime Central London, many of which REDD has been engaged to both refurbish and interior design, along with the ongoing property management of the dressed rental units. The refurbished rental units have let rapidly to affluent young tenants at extremely good rental values.One of the reasons for the success of this Development and Property Management work is the unique background of Russell Smithers, the Managing Director ofย REDDโ€™sย operations in London. Whilst most people in his role come from a financial or surveying background, Russell Smithers has a design background, having qualified as an RIBA Architect and then worked for an international architectural practice and then a development management consultancy.ย So before starting REDDโ€™s London business Russell Smithers worked for over 12-years designing and delivering a variety of luxury development projects and private client houses across London and abroad. This ensures that he is not just fluent in financial cashflow issues; he understands the latest design trends and the minute details of actually designing, building and dressing these properties.

It was Russell Smithers who advisedย REDDโ€™sย investor clients that their Prime Central London rental units needed to have a youthful look, in order to appeal to new generation of tenants now living in these areas. The figures speak for themselves, the majority of current tenants of the properties developed and managed byย REDDย are in their 20s or early 30s and include young professionals and overseas students from UHNW families.After their initial success in Mayfairย REDDย is now expanding its Property Management operations and building its client base with more landlords and private property owners in St Jamesโ€™s, Belgravia, Knightsbridge, Chelsea, Kensington and Marylebone.

REDD, founded by Executive Chairman Jacopo Marzocco, became operational in 2016 and is now active in both Monaco and London.ย REDDย undertakes direct investment and development, as well as providing Development Management and Property Management for private investors and clients.

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