principia article june bdc 2015 issue

PROPERTY MANAGEMENT: PRINCIPIA

10 BUILDING DESIGN AND CONSTRUCTION MAGAZINE www.bdcmagazine.co.uk

Principia.qxp_feature 2 23/04/2015 13:26 Page 10


www.bdcmagazine.co.uk BUILDING DESIGN AND CONSTRUCTION MAGAZINE 11

REVISITINGPROPERTY

MANAGEMENTWITH PRINCIPIA

IT IS CRUCIAL TOAPPRECIATE THAT APROPERTY CANNOTSIMPLY TAKE CARE

OF ITSELF.




It is crucial to appreciate that a proper-ty cannot simply take care of itself.Property is perceived as one of themost reliable and valuable investmentsto make, so the importance of main-

taining such investments to the highestdegree is essential. This is where propertymanagers come in often unsung and under-appreciated heroes.

In redefining the concept of a residential prop-erty manager as an asset manager who protectsand underwrites the prosperity of ones assets,Farrar Property Management, as a leader in its sec-tor, has recently decided to re-brand itself asPrincipia Estate and Asset Management.

Established as a market leader in all aspects ofresidential property management, Principia (remain-ing part of the Farrar Group) has a well-earned rep-utation for offering both service and value formoney. Principia certainly offers a case study forcommercial success in the highly competitive prop-erty management sector.

Jonathan Channing, Principias Director ofProperty Management, explains: The managingagent has been seen unfairly as the poor relation inthe property sector. Residential property manage-ment is actually a very stable industry; flats are typi-cally sold on long leases, and whether the ownerchooses to live in it, use it as a pied terre or leaveit vacant, the block itself needs to be managed. Realestate firms which traditionally steered clear ofmanagement have begun to realise the benefits of areliable cash flow and potentially healthy profits.

Principias successful record derives from theJONATHAN CHANNINGDIRECTOR OF PROPERTY MANAGEMENT




knowledge and experience of its property managers,its state-of-the-art systems, and friendly and personalservice. However, Principia claims that its competitiveedge is the selection and training of its propertymanagers and the support the company gives themin their development.

Recruiting from outside of the property sectoris something we have increasingly focussed on, avoid-ing the possibility of recruiting staff with precon-ceived but unacceptable ideas. For entry-level posi-tions administrator or assistant property manage-ment roles if they have the intelligence and person-al skills, technical expertise can be learned, then theyare set on a clear career path with us to becomewell-rounded property managers, explains Jonathan.Whilst technical skills need to be top notch, manag-ing people is from time to time as important as man-aging buildings.

In times of success and prosperity it is easy fororganisations to over-burden property managerswith many accounts. This can degrade both the qual-ity of service and inevitably the attention managerscan pay to each account. At Principia, each manageris backed by their own dedicated property assistantand a team of administrators. They are resolute inensuring that their workloads can be managed withdue diligence and care. As to this innovative thinkingon managing workloads, Jonathan emphasises that:Clients suffer when individuals have too many prop-

erties to manage and I would argue that this is large-ly because the company is not charging enough forits services.

It is important to spend the time and effort toguide prospective clients on what a managing agentcan offer them in terms of value for money and thesaleability or lettability of their flats. Principia may notoffer the cheapest service in the market, saysJonathan, But we offer the client a tailor-madeapproach, laid out simply and plainly, delivered by aproperty manager with both the time and expertiseto do the job properly.

We manage some of the most valuable proper-ties in the world, Jonathan reminds us, Testamentthat our service is tried and trusted in high-end areaswhere clients are inevitably demanding.

Jonathan explains that: The managing agents feeis a relatively small part of the running costs of mostbuildings, especially when cyclical major works aretaken into account. I advise, invest in your managingagent who is, after all, looking after one of your mostimportant assets. Remunerate the managing agentfairly, work collaboratively with your assigned prop-erty manager and not only will you receive a firstclass service, you should see your asset gain in value.

Recognised as a leader in his field, Jonathan notonly takes pride in his staff being amongst the mostinformed, trained and qualified in the industry, butalso for developing the company into something of

WE OFFER THE CLIENT A TAILOR-MADE APPROACH,LAID OUT SIMPLY AND PLAINLY, DELIVERED BY APROPERTY MANAGER WITH BOTH THE TIME AND

EXPERTISE TO DO THE JOB PROPERLY




a role model. Jonathan is also proud of his contribu-tion to the revitalisation of the Institute of ResidentialProperty Management, of which he was a volunteerdirector and remains a Fellow. Always keen to raisethe professionalism of the sector, he has written help-ful articles for managing agents and clients, and he wasespecially delighted to see ARMA Q, a voluntary reg-ulatory regime for managing agents, go live this yearespecially as he one of a select group of industry pro-fessionals establishing the foundations of this regulato-ry framework.

Whilst managing agents are often expected to bea Jack of all trades and master of all, in reality a pro-fessional managing agents overall success is in partthanks to its key partners. Principias well-establishednetwork of suppliers supports its clients and employ-ees through their own high quality services and theyoffer bespoke training to Principias staff.

Principia offers a fully integrated service, offeringits clients a quality service through all facets of its rolefrom administration and maintenance through toinsurance procurement, major works, company secre-tarial services, health and safety compliance and aboveall ensuring the prosperity of its clients assets.

The company has gone from strength to strengthin the property spotlight, winning the much-covetedLondon Property Management Company of the Yearaward for 2012-13, and receiving further accoladesyear after year for both the company and individualmembers of staff. It is no surprise to us that Farrar,now Principia, has achieved exceptional success andwe shall be keen to follow its progress in years tocome. This year the proprietors of Principia celebrate20 years owning the long-established property serv-ices group and Jonathan looks forward to many moreyears of dedicated service to its clients and raisingstandards in the industry.

www.farrar.co.ukwww.principialondon.co.uk

020 7341 [email protected]

THE COMPANY HAS GONE FROMSTRENGTH TO STRENGTH IN THE PROPERTY SPOTLIGHT, WINNING THEMUCH-COVETED LONDON PROPERTYMANAGEMENT COMPANY OF THE YEAR




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principia article june bdc 2015 issue

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