Are estate managers equipped to deal with the new challenges that modern mixed use estate developments present? 

Whilst the traditional duties of an estate manager still apply, the move away from residential-only developments has brought with it new challenges and a shift towards a new breed of ‘hybrid’ estate manager.

Developments such as Fulham Reach require an estate manager who is not only up to date with the latest residential property legislation, but also commercial property and the ever changing health and safety legislation. As well as this technical knowledge, a higher level of customer service and attention to detail is required due to ever increasing service charge demand and exacting standards of the international buyers that result.

Savills’ Research has found foreign investment in the Prime Central London market in Q1 2012 reached 60% of all total sales, and this shift has further mounted pressure on the estate managers of some of London’s top developments.

Foreign investors demand a return on their investment, which of course includes a return on the service charge they pay each year. By buying in developments offering a high standard of amenity, landlords are able to charge a premium to their tenants, thus increasing their return.

However, in order to charge tenants such premiums, it is essential that the services and the estate are well run – whether that is ensuring a clean swimming pool, or well-stocked retail unit and gymnasium.

The effect of this is that estate managers need a far wider and more diverse skill set and, in search of this, an increasing number of our clients are looking further afield when recruiting. In the last three months, we have seen a significant shift towards companies favouring candidates with backgrounds in hospitality and particularly student accommodation, hotels and serviced apartments.

These candidates offer the employer additional skills as they are usually seasoned in offering the highest levels of customer service and have more technical knowledge managing additional facilities such as food and beverage areas and leisure facilities.

For the candidate, residential management is an interesting and exciting prospect with more sociable hours, better remuneration and improved long term career prospects.

The influx of this new breed of estate manager will undoubtedly raise standards in the industry and help managing agents rise to the challenge of taking on these new developments.