New property management service launches for ‘squeezed agents’

A new lettings management platform has launched that promises to undercut other players in the market.

F%ur, or Fourpercent Property, offers a white labelled lettings and residential management service for agents to provide tools including referencing, right to rent checks, tenancy agreements and inventories.

It will also offer call management and maintenance through its parent company Adiuvo.

The service has been launched by Colin Stokes, a former property manager for Douglas & Gordon who set up Adiuvo and is an investor in and adviser to digital assistant provider Askporter.

Analysis by F%ur based on a mystery shop of 150 agents from single office to corporate, found that firms are paying between 6% and 14% for property management.

It is instead offering charges of 4%, which it says includes managing the tenancy process, maintenance and inspection and post tenancy issues such as dilapidations or renewals.

A spokesman said two agents have signed up so far but more are in the pipeline.

Stokes, managing director of F%ur, said: “Agents’ margins have been squeezed tight with the tenant fee ban, and a solution like F%ur, which agents can fully white label, will help them offer great value to their clients and make a return for themselves too.”

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