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Reeds Rains is an estate agency operating in the UK. The firm has its origins in two companies; Samuel Rains and Son and Reeds. It was acquired by LSL Property Services in 2005 and was, at that time, the largest firm of estate agents in the north of England.
The company acquired Reeds Rains in 2005, [5] [6] and became a publicly listed company on the London Stock Exchange in 2006. [7] In October 2006, the company underwent a rebranding exercise, changing its name from "Lending Solutions Limited" to "LSL Property Services." [8]
In the same year, amongst many other acquisitions, Prudential Property Services acquired the fifty-two strong chain of Reeds Rains for £24 million. [17] The collapse of the housing market in the south of England in 1989 brought about a slump in income at Prudential Property Services, which during the first half of 1990 lost £23 million.
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The property owner in this case signs a property management agreement with the company, giving the latter the right to let it out to new tenants and collect rent. The owners don't usually even know who the tenants are. The property management company usually keeps 10-15% of the rent amount and shares the rest with the property owner.
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