Business
“It’s one of those difficult jobs that you don’t notice if it’s going well" In this episode, Desmond is in conversation with property manager and CEO of ARMA, Nigel Glen, to discuss the many issues that arise in block management, the common perceptions and misconceptions, the regulations they’d like to see added and changed, and their unique solutions for many of the problems they face on a daily basis. KEY TAKEAWAYS Management of properties isn’t just about finance. It’s all encompassing. You are responsible for their health and safety. You have someone else’s life in your hands. Nigel had never worked with the public before becoming a block manger, and was surprised at the levels of aggression he found himself facing. There is a sense of ownership when it comes to tenants and property managers. Nigel feels that if managers were employed on an hourly basis then tenants would fix many minor issues themselves. As it is, their initial fee seems to give them a sense of entitlement on his time. When assessing sites to manage, agents are generally forced to take something of a blind gamble; hoping that the price they quote to manage the property will be enough to cover their costs and any unseen issues that may already be in place. In this way, the good sites are subsidising the bad ones. There’s a regulation incoming designed to restrict lease administration fees. A study has shown that 57% of firms feel that lease administrators overcharge. The reality of this study is actually that only nine firms were asked the question, and only five of those responded in this way. This is not a representative sample. 8 million leaseholders are under some form of self-management. They are the people who need help more than anyone else as they are more likely to be unaware of health and safety regulations, fire safety procedures etc. BEST MOMENTS ‘Within two weeks I was handed half a million pounds of someone else’s money’ ‘It’s one of those difficult jobs that you don’t notice if it’s going well’ ‘Management agents tend to go in blind’ ‘We’re chasing ourselves down to the bottom on fees’ ‘All directors, regardless of size, should have a basic understanding of property law’ VALUABLE RESOURCES More With Moreira Podcast ARMA - https://arma.org.uk ABOUT THE HOST I don’t know how this works, but you’re here now listening (hopefully) about my exciting life, so I’m going to try and make this worth your while. I never got inspired at school, I was too busy trying to impress my peers, chasing girls, and being a fool to get inspired. I rejected school. But let me tell you something for free! That was a mistake! I spent the next 15 years in jobs I hated, with no direction, lacked purpose, and motivation for life. Yes, big words, but that was me in a box. A slave to the system! Fast forward to today, and well, I’m not sitting in my ivory tower or anything, but I love life and my career. Yeah, it’s both painful and exciting rolled and wrapped up into one giant subway, and who doesn’t love subway rite? The point is, you only get one life, don’t waste it pursuing things you care nothing for, invest in YOURSELF and grow as a person, be the best YOU by putting YOU first! CONTACT METHOD http://desmondmoreira.co.uk https://www.youtube.com/channel/UCo6eVOt1YEQD0dxNkRXevVg/featured https://twitter.com/Desmondmoreira https://www.instagram.com/desmondmoreira