A FLAT JOB MARKET?

RESIDENTIAL APARTMENT blocks continue to need staff and managing agents, recession or no recession, so it’s not all doom and gloom! Managing Agents are popular at times of economic downturn, same as cobblers - people are being thriftier with their cash and getting their shoes mended as opposed to splashing out on a new pair - and take-away firms - staying in is the new going out! Yes, there are redundancies being made within residential block management but the reasons for such redundancies is largely due to the mergers and acquisitions taking place within the sector. However, some firms of Managing Agents may wish to streamline their spending and be more careful with their cashflow in these uncertain times. Therefore, they may review and reduce their staffing amongst non-fee earning positions where they may for instance employ ‘temporary’ administrative staff as these staff can be costly and not truly essential resources. If Managing Agents really need to trim down their spending in order to survive redundancies may occur amongst permanent administrative personnel and may not replace ‘natural wastage’ amongst staff. Some Managing Agents are still, and seem likely to continue to recruit as they continue growing during the current climate through acquiring existing properties into their portfolio as well as new developments. Whilst the larger house builders and construction companies are limiting their developments, other bespoke organisations are continuing to redevelop existing real estate and land-sites. Such developments require Managing Agents, who in turn require staff. Although hiring is and will become more selective and skills-based. It is essential that skilled core staff are retained and that trainee staff, ‘new blood’, are nurtured until the property market fully recovers (whenever that may be) to ensure they are best placed to take on new instructions when house builders and developers re-emerge after the storms! These Companies who maintain a strong but low profile will be best placed to take advantage of the upturn when it eventually happens.

Claire Gibbons is a recruitment consultant At Claibon Property Services