Former Chainbow owner Roger Southam is returning to the residential letting market with new disruptor company Cohab. Cohab has developed a first-class service, charging an all-in lettings and management fee of 6%.
Southam who sold residential property management company Chainbow to Savills in 2016 has teamed up with Canadian tech-entrepreneur Saveli Kotz, as Cohab’s chairman.
Southam says: “This is just what the residential lettings market needs. For far too long residential landlords have had to put up with exorbitant lettings fees from property agents that can be as high as 20% once tenant finding, management, contract preparation and referencing fees are taken into account.”
Cohab has developed a new technology platform that delivers operational efficiencies and drives down costs, the benefit of which is passed on to the landlords with a flat 6% fee.
Southam adds: “Saveli Kotz’s technology team has created an excellent and innovative software platform together with US-style efficient property show round techniques that drive efficiencies and allow us to disrupt the market with our 6% all-in fee.”
Cohab has an ambitious expansion programme. It will have over 100 properties on its books within the next two months with a target of 1000 units in its first year and the goal of 30,000 units in the next two to three years.
“Initially we are doing deals with landlords on single units and blocks of flats but our goal is to target the major Build-to-Rent landlords over the next couple of years,” comments Southam.
The idea of disrupting the market came to Kotz when moving his family from the Bahamas to the UK in 2021 to take advantage of its superior education system for his children. Kotz commented “We found the lettings agency service in London to be seriously lacking and I decided that with my background in creating online businesses and then successfully selling them that this would be my next venture where I could drive business efficiencies and disrupt the market with a 6% all-in management and letting fee.”
Southam added “with the change to a Labour Government one wonders what further costs the new administration is likely to load onto landlords in the coming years; therefore any benefit that landlords can obtain is vital. Cohab is here to deliver a first-class service, offering great value.”
As well as having a career in building online businesses Kotz has developed three data centres in Quebec and New Brunswick, Canada, and currently manages a 240-unit condominium block in Miami.
Roger Southam established Chainbow in 1989 specialising in commercial property asset management and residential block management before selling the company to Savills in 2016 where he was a director until 2018. He is a Freeman of the City of London and a Liveryman and was subsequently Master of the Worshipful Company of Chartered Surveyors. He has also sat on various RICS and Government advisory groups.
