More proof that the build-to-rent sector is establishing a significant foothold in the UK property market has come today with the launch of what is claimed to be new kind of hybrid property company.

Two London-based firms, specialist block management company James Andrew Residential and new-build property management and lettings outfit LiFE Residential, have combined their expertise to create The PRS Partnership to manage one-owner apartment blocks.

The two firms say their new partnership is the first to be created specifically to offer a one-stop-shop service for this market. Both companies say they already have 6,000 properties under management between them in the capital.

Although The PRS Partnership claims it a new kind of company, several of the larger agents including Savills and CBRE offer block management services. Also, several specialist property management companies such as Trinity, which until now have managed estates for house builders and management companies, are active in this market.

According to build-to-rent consultant Dustin Fjeld (pictured, left), there is a growing market for these kinds of companies. This is because he says, some of the larger US build-to-rent operators are already in the UK managing their own apartment blocks.  “One company running these blocks will become a requirement for cost savings, improved consistency and transparency during the leasing process.”

The PRS Partnership says it’s ‘one-stop-shop’ service will include lettings, property management and block management maintenance including concierge services and communal areas.

“There are lots of agents from out of town coming here to pitch for build-to-rent projects on the basis of very low fees, but they are going to become unstuck at some point,” says Jonathan Werth of LiFe Residential (pictured, right).

“We’re saying that if you want the best of both block management and tenant services rather than just an expertise in one, then that’s why we’ve created this partnership.

“When managing a built-to-rent block you need someone who can offer tenants that personal touch, and I don’t think the bigger agents can do that because their background is dealing with landlords.”

More informatoin from http://theprspartnership.co.uk