The London prime property market is complex: and for those who want to invest in it – or buy a home to live in – ZEDRA can offer high quality management services. Our clients own nearly 1,000 properties, mainly in central London, with ZEDRA Property Services being built to service is built around their needs and requests.
Ben Fitzgerald, ZEDRA’s Property Services Manager, explains: “Our clients expect a very high degree of personal attention and very transparent pricing. For example, some firms have a practice of charging a percentage commission on contractor invoices, which can create a conflict of interest. A good manager should always try to keep costs down.”
“In addition, some property managers have high staff turnover and a poor understanding of high value properties. The way we manage property at ZEDRA is all about the client”, says Ben. “Our service is bespoke and we’ll give the client anything they want For example, we manage a large country estate for a Middle Eastern family and we look after everything from the garden to the catering, as well as organising a car plus a driver and security for family members visiting the UK.”
For those clients who hold multiple properties as an investment, ZEDRA offers a single overall report in which all the information is collated in one place. “If an investor uses high street management agency he might be getting multiple lettings statements every month and would have to hire someone to input all that information into one spreadsheet,” says Ben. “With ZEDRA, clients will receive a single overall summary, with a detailed breakdown. We have a substantial investment reporting and fund administration business, so we’re able to provide clear integrated reports.”
Robert Burchett-Coates, a Director at ZEDRA says the recent changes to Stamp Duty Land Tax (SDLT) may lead to deeper and longer-term changes in the property market. “According to Savills’ last Residential Property Focus, from the 2014 peak of the market we have seen prime properties across all of London fall 6.1%,” he says. “In the most expensive parts of prime central London, values are now 13.2% lower than their 2014 peak.” Robert says it’s more important than ever to be offering a bespoke and personal service when it comes to structuring and managing real estate. “One client may have very different investment objectives or tax circumstances from another, so there are no hard and fast answers,” he says.
Robert continues: “This is why we always ensure a client has their own independent and international taxation advice before structures are considered. Commonly at ZEDRA, we are seeing a range of fund or corporate structures being used, depending upon the client’s circumstances and the jurisdictions in which assets are to be held.”
“There has never been a greater need for clients to get informed advice on property, says Caroline Takla, managing partner at Mayfair based property-consultancy The Collection LLP. “Political upheaval, the impact of Brexit and changes in property taxation all have an affect on the capital’s real estate market. London property is so segmented – all its pockets behave in different ways.”
“The calibre of the people who work at ZEDRA is phenomenal,” Caroline continues. “They’re very client-focused. ZEDRA understands the value of a long-term relationship.”
“We’re very forward-thinking and go the extra mile – we will do whatever we can to help the client,” confirms Ben Fitzgerald. “To be able to come to a central office in London and be offered a one-stop bespoke solution is always welcomed by our clients.”