Issue 102

Build to Rent

develop thousands of BTR units. BTR is particularly attractive to

institutions who need yield to pay out on long-term investments such as pension funds. BTR is single ownership of residential schemes, managed by a single property management company on their behalf or even managing internally. The challenge Transitioning from your current role to a new job in the BTR sector will present challenges. It’s likely that you possess many transferable skills – such as communication, time-management, collaborative skills, prioritisation, and negotiation skills. However, you will also need to identify sector-specific skills needed to work efficiently and competently in your new role. Improve your knowledge To put yourself ahead of your competition for an exciting new role in BTR, you must identify what skills you lack, and work to close this gap in skillset. Additionally, increase your knowledge of BTR. Learn who the main players are, what their specific investment strategies are, and where they operate. Keep abreast of industry news by setting up Google alerts. In your interview, show that you have transferrable skills by framing answers with evidence of your achievements. Work in your knowledge of current market conditions and developments. If challenged about any skills shortages, show that you have already identified the shortfall and are working to fill it. moving into a new sector is understanding that your accomplishments in your current sector may not be as highly valued. You may have done similar tasks and had similar responsibilities, but your lack of specific sectoral experience is likely to mean that you must make a sideways move. This is alien to the natural course of a career. For most professionals, moving jobs is compelling because it offers a step up – not to the side – in career progression. When transitioning to BTR, deflate your ego and be prepared to move sideways in your career. Focus on the long-term goals when planning your career path, and ensure that you embrace a learning mentality. Your drive, ambition and talent will come to the fore as your career takes on a new growth path in line with the growth in the BTR sector. Zack Wine is head of PRS/BTR & AST management (residential) at Macdonald & Company  Prepare for a sideways step One of the most difficult things about

Just the job for growing sector? As the build-to-rent

T he build-to-rent sector is the fastest- growing in the UK residential market. Yet it is still relatively immature. As such, it offers immense opportunities for professionals in the traditional lettings model to transition to the thriving BTR sector. Such a move could catapult your career in a sector that expects to have at least £146bn of investment committed to it by 2025. To meet its growth projections, the BTR sector will need talented professionals with experience in residential property management. Without these people, growth will be unsustainable. Analysis by Knight Frank concludes that more than half-a-million extra households will be renting by 2023, while suggesting that the number of individual buy-to-let landlords will continue to fall. Currently, there are around 30,000 professionally managed units in the BTR sector. Another 110,000 are being built or in planning. Investment into the sector is being led

by international investors. North American funds have been particularly active in London, while European institutions have been more active across the whole of the UK. Investors such as Realstar, Henderson Park, Greystar, Unibail-Rodamco-Westfield, PSP Investments and QuadReal Property Group have committed investment to buy or career in it even if it’s a challenge, reckons Zack Wine sector’s growth accelerates, this could be the best time to consider a

31 ISSUE 102

www.newsontheblock.com

Made with FlippingBook - professional solution for displaying marketing and sales documents online