In the Spotlight with David Thomas

We caught up with David Thomas, Managing Director at Zip Management

Related topics:  In The Spotlight
Warren Lewis
26th April 2017
dave thomas
"When people think of Zip Management I want it to be synonymous with transparency and trust."

1. How did you get into the property industry?

Via a good friend of mine who was developing apartments in Nottingham. He was getting increasingly tired of bad block management companies where he owned apartments so we formed a management company between us. It was initially a steep learning curve, but we always kept to our core belief about putting leaseholders first. Sticking to this we were able to form a well-run efficient business that has grown steadily over the last five years. He has since retired to the USA, which led me to form my new company Zip Management. With the established base of existing buildings as well as a new contract with a developer to take on their new builds I am now able to really expand Zip Management with the internal support and staff that was not present before.

2. How does Zip Management differ from its competitors?

The leaseholder comes first in both service and their opinions. We create forums for each building to encourage feedback and ideas. We offer 100% transparent accounting via our live budget and service charge tracker. That means a leaseholder can login and see exactly where the budget stands and exactly what money has been spent at any time. No more surprise excess charges at the end of the service charge year which I know from experience is common place in the industry. All of our buildings have 30 year reserve fund plans in place. By being this proactive the buildings always look as good as they should and works are taken care of before they become an issue. We also do not take any commissions. Therefore what we charge is 100% clear.

3. What are the biggest issues facing property management in the current economic environment?

Being a service industry, the economy does not impact too much on us. The issues currently within the market are a lot of poor companies giving the industry a bad name. I believe the industry needs tighter monitoring with a dedicated watchdog. However leaseholders are now more aware of options open to them such as Right to Manage which allows them to take control of their building.

4. What is Zip Management hoping to achieve the most this year?

Whilst Zip Management is in its first year as a company, the existing business that was transferred across means Zip is already an established player within the market. The aim is to grow across UK with an overall target of 1500 units. We hope to achieve this via a mixture of new developer contracts and taking over existing buildings either via right to manage with the leaseholders or being appointed by an existing residents management company. When people think of Zip Management I want it to be synonymous with transparency and trust.

5. What are your predictions for the property market for the rest of 2017?

I hope to see an increase and a good program of new developments across the county. With that I want to see first time buyers given more opportunity and help beyond the existing schemes. I see overall prices growing around 5-6%.

6. What do you love and hate about the property industry?

I love transforming a poorly run building into a place everyone is proud of. Seeing the before and after on these buildings is a real joy. I love the variety of challenges I face every day. Being able to find a solution that requires some creative thinking is rewarding. I hate the companies that give the industry a bad name. We are currently working with some leaseholders who are fighting some very unjust charges and I find this incredibly frustrating on their behalf.

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