At the end of 2022 Kate Boyes took time out to give an interview about her career, the origins of Alexandre Boyes, founding Resident block management software, and her own insight into lettings, block management and tech. Let’s jump right in with question one…
We know the brand name but tell us a little more about your family company?
It is a second-generation family firm started in 1998 by my father and uncle. During their time Alexandre Boyes became the only residential firm in Tunbridge Wells to be accredited to train staff for membership of the Royal Institution of Chartered Surveyors (RICS) with a team of 20, and 3000 units under management. The company became one of the longest established resolutely independent sales agents in the town.
24 years later and Alexandre Boyes is a multi-disciplined professional firm regulated by RICS with teams in residential sales, residential lettings and estate and block management. All our fee earning staff are members of an industry body e.g., RICS, ARLA, IRPM. I believe in a combination of genuine professional knowledge and values, innovative marketing, and the personal touch. It is still the family name above the door, and I am immensely proud of that.
Where did you career start, and how did it evolve into block and estate management?
I worked for a commercial landlord and tenant firm in the West End after graduating with a 1st class degree in land management. I joined the business in 2003 and started the lettings department from scratch. In 2004 I became a chartered surveyor and by 2007 lettings was well established. I had already spotted a gap in the local market – no one was providing block management services. Clients had been asking me to expand into block management for a few years but I resisted. In 2007 the timing felt right. We won three huge clients in the first year and that spurred me to stick with it and grow the business.
What were your most beneficial lessons learnt from those lettings days?
First, systems and processes; secondly, energy and perseverance; and thirdly to keep learning and keep evolving…
I created checklists for each stage of a let for example, pitching for new business, marketing, qualifying applicants, tenancy start up, renewals, deposit returns. Each time I learnt something, made a mistake, saw something that could be useful I added it to those checklists. I developed templates and processes that all staff members could eventually follow minimising problems and freeing up time for customer services.
Word of mouth and a real presence is invaluable, so I networked, I advertised, wrote articles for local magazines and newspapers, introduced a regular informative newsletter and annual company magazine that was sent to our entire database. I did those early morning, late evening appointments, worked on the weekends, provided an out of hours emergency maintenance service and kept doing this all whilst I had a young family of my own.
I learnt so much in the early days, from the team, from competitors, from training, listening to industry leaders, from mistakes, from almost any situation I found myself in. If I received any feedback, criticism or knock backs I analysed what had happened so I could improve our services. Legislation has changed so much since the early days, we have had market crashes, pandemics, the industry does not stand still, and if you do not keep listening, learning, and developing, the industry will leave you behind.
Do you think block management is more demanding than lettings?
Absolutely. With lettings each property usually has one client (the Landlord) and one perhaps two tenants. With block management each client can have several directors, and potentially hundreds of leaseholders. Each block or estate can generate multiple issues at the same time about a host of different matters and it can be a real juggling act. It is essential to educate clients and leaseholders on the scope of the role, to have systems in place that streamline processes and are time saving for all parties, and to give access to information either via Resident, or through our newsletters, articles, blogs, and standard documents. Whilst these measures might not lessen initial demand it does help manage expectations, lessen the ongoing demand on property manager’s time, and encourage self-help.
Some say the property manager is an engineer, lawyer, architect, economist, and a psychologist in one. Do you agree?
Yes absolutely. The role is multi-dimensional and not through design. I think that the industry is broken in that demands on property managers are ever increasing, at times unrealistic, and the fees charged are not relative to the experience and qualifications that are needed (which should be mandatory in my view). There is an imbalance that perhaps only industry insiders understand right now. Consumers want bang for the buck, and often property managers are put under pressure to act outside the scope of their role or expertise. The pandemic saw a spike in complaints, many borne out of worry and frustration that Covid-19 created worldwide. It put immense pressure on our team.
Does the multidisciplinary nature of the job make it more interesting?
I completely agree that block management is interesting. That interest can come in many guises; challenges, successes, building relationships over years, from the eclectic portfolios managed for example new builds, historic estates, Grade II listed; or from the range of issues faced (no two days are ever the same), major work projects overseen, and the people and experts you meet. There is such potential to keep learning which in itself can be addictive. No two buildings are exactly the same, or two people. I certainly know the satisfaction from taking an issue from start to finish, from getting major works over the starting line and ending with visible tangible results, from getting that call that starts ‘how are you and the family’ ‘thank you so much for everything you have done.’
You founded the Resident platform back in 2014, and from your website one can read that it was a child of frustration. Did something particular happen or was it a process?
By the time Resident launched in 2014, the block management department was 7 years old. 7 years of analysing where property managers’ time was spent and often wasted, what gaps existed in the systems being used to administer the role, accounts, and service charges. I realised that the block management business model was not sustainable without an affordable software solution that provided genuine solutions to problems block managers and bookkeepers face every day.
The profit margins in block management are tight and so began the ongoing campaign of creating a series of time saving solutions, streamlining, and simplifying processes to maximise time efficiency and speed up the communications with clients and leaseholders. Resident has evolved so much since 2017. We have listened to users and developed features such as maintenance ticketing, automated pre-sale packs, end of year packs, site inspection reports, the Data Hub and auto invoice allocation. The process is always ongoing.
Which particular needs did you want to address with the Resident platform?
There were two key needs I wanted to address in the beginning. The first, which I felt was most important, was transparency of information to leaseholders and directors, to help build trust and allow them to control access to their own information 24/7. Second, was to create time saving solutions which ultimately improves our services. Working with Fingo, our developers based in Poland, we are continually evaluating the platform, innovating, and staying ahead of other platforms. We have around 300 agents and 200,000 leaseholders using the platform today and have just secured a leading estate agency group who are onboarding at the moment so Resident is on course to continue to grow and evolve.
Do you still have a hand in the lettings and block management side of Alexandre Boyes?
I still own Alexandre Boyes but I am not involved in the day to day other than at high level behind the scenes stuff, and with the team on a daily basis. It gives me genuine insight into the struggles property managers face every day which enables me to think how Resident can create and implement solutions to those problems.
In your opinion, how will the block management industry evolve in the future?
I hope that much like we saw happen to the lettings market in the 2000’s and teens we continue to see more independent agents enter the market in response to demand from leaseholders looking for a more personal, local service. Professional qualifications and client money protection must become mandatory to raise standards and increase consumer protection and hopefully encourage PI insurers back to the market making premiums sustainable, and the insurance market will soften.
The imbalance between scope, expectation and fees will come to ahead and a sensible debate can be had on what needs to be done to ensure fees reflect the role, reduce portfolio size, and stress, and increase consumer appreciation and satisfaction.
How has tech helped the industry?
I am a genuine believer that technology will never replace people in the industry but I hope we continue to automate the mundane and time burdening tasks, leaving the agent to get on with their jobs, and invest time in building relationships with clients and leaseholders.
I wrote a ‘Technology Talk’ article at the start of 2022 when I was in Poland for a meeting with Fingo. Resident now use our own OCR technology via the Data Hub to scan bulk suppliers invoices and auto load into the system with a copy of the invoice attached ready for the bookkeepers to process them. We’re using opening banking to automatically pull data directly from the bank overnight, streamline reconciliations, and better manage risk with real-time cash flow visibility. These are just a few automations that are giving back time to our property managers and bookkeepers to invest in the relationships that matter.
Do you think an academic career is essential to raise the new generation of property managers?
To be honest I thought my degree would take me to London where I would embark on a career in Commercial Property – I wanted to work in asset management. I ended up working for myself because I was not suited to the corporate culture. I could not have built my own businesses without my professional qualifications but I do not believe that formal academic education is the only pathway into the industry.
I am a huge advocate for professional qualifications, and I encourage (and pay) for my teams to pursue their own. A balance of experience and professional qualifications is essential, but that does not need to be a double 1st degree or becoming a Chartered RICS surveyor – that was my own path of real hard work and putting myself under huge pressure! Many of my teams hold degrees, not all in property, and many do not. There are many ways into the industry, and those without an academic property education need not be put off. Starting in a junior role, working your way up, with in house training and working towards professional qualifications, and hands on role experience is a very viable option for today’s property managers and future generations!
Kate Boyes, Group Director, MRICS, FARLA
Posted 17 January 2023
