Graduate Application Deadline

Just in case you're unaware, the deadline for GVA Grimley graduate applications is 15th Decemeber. So there is still time...

For more information log onto:

http://www.gvagrimley.co.uk/x3027.xml

The Independent!

Firstly, my apologies, I have been a little remiss in updating the blog. It has been very busy of late and as you'll see, Fergus too is behind - we promise to amend this over the coming days...

In the mean time, I thought you might like to see how our plight is taking shape.

Click on here to read about my story in today's Independent:

http://education.independent.co.uk/careers_advice/article2005416.ece

The London Evening Standard

Apologies for the short post, but thought you might be interested in reading todays Evening Standard - take a look at the ES Jobs section.

Poland

Unfortunately I haven't had a chance to write an entry for a while as I went on a short break to Krakow, Poland. Apologies. One very good thing about work as opposed to university is paid holiday time! So, I enjoyed a few days chilling out (literally) in a freezing cold eastern European country with only Vodka to keep me warm! (well…and a scarf/jacket/gloves/boots/thermals!)

Aside from that, I came back to work on Monday with lots of emails and messages to get on top of, you will find if you go away, you always have double the work to get through when you get back!!

This week I have been working on various rent review cases which are in the negotiation stage (the fun bit of the job, I think!). As a result, I've spent most of my time in the office working out my best evidence for each case and the best method of approaching the other parties’ agents (letter or phone depending on the agent!).

Success for the week....I managed to finally settle a lease renewal case I have been working on over the last month, it's a great feeling when you complete something, especially as I achieved the terms and value I was aiming for my client!

Other activities this week...I have arranged a GVA Grimley graduate event! There are about 20 of us meeting for a few drinks after work on 16th November, then going onto an 'RICS Matrix event'. It is a night arranged by the RICS for young surveyors to meet - they have hired out a large bar in Mayfair and charge £10 a ticket which GVA Grimley have agreed to fund. It is an excellent opportunity to meet graduates from other firms, make contacts, catch up with uni friends and get to know the graduates within the firm - looking forward to it.

Golf

I have been looking forward to today for a number of weeks now, as it is one of a few ‘get togethers’ for Midlands retail agents. Generally a day for all Midlands agents to get together, talk about what’s going on in the market and basically have a good social. Today the event was held at the local golf club, so it was a round of golf followed by a three course meal and a couple of drinks (non alcoholic unfortunately as I was driving).

To top the day off my secretary phoned me to let me know that an important deal I have been working on for around 6 months has now exchanged, which was very rewarding as it was one of my first deals to exchange since starting with GVA Grimley.

Management and Asset Management

This morning I had a productive meeting with my boss and an associate from our property management department to discuss how I can get involved with the management and asset management of some of our client’s property portfolios. This would provide me with invaluable experience and will benefit me no end when it comes to my APC…which is fast approaching.

Following the end of meeting one I entered into meeting number two with my boss and an important developer client of ours who needs consultancy advice on the mixed use scheme they are proposing in Birmingham. This was very interesting for me. Normally I deal with transactional work (ie buying and selling property on behalf of clients) however, I saw a different side to the retail agency world and learnt how experience and knowledge are equally important as selling skills and the ability to get on with people.

Our Graduate Day

So, today is our big day, in fact one of three big days. As I think I mentioned we take on between 30 - 70 graduates a year. Each year, GVA Grimley host graduate recruitment events across the UK. Today we're on show in London.

This year, you'll get a chance to hear first hand from some of our leading practitioners in planning, building surveying and valuation. They'll be hosting masterclasses covering some of the major developments in the UK. It is a fantastic way for those of you who are serious about a career in this field to meet with us and our bosses and build your knowledge of the industry, but more importnantl, how we work.

In addition, the Human Resources team will be there to talk to you about working at GVA Grimley and the benefits you'll receive and, most importantly, they're putting on a free buffet!

They've also invited graduates from each of the offices to go along so you'll have the opportunity to talk to people who were in your shoes not so long ago. I'll be attending the Birmingham event so hope some of you can make it!

Here are the dates of the events:

27th October, London
3rd November, Birmingham
10th November, Manchester

We look forward to seeing you then.

Log on to http://www2.gvagrimley.co.uk/x3027.xml to find out more info on the dates...

Interesting case...

People may assume all we do in Lease Consultancy is straight forward rent reviews and lease renewals that are drawn out for months and months, this is not the case........

I dealt with an interesting case today for a Lease Renewal on an industrial premises in Gillingham. To set the scene, it is a 4,500 sq. ft industrial unit, late 90's build with good eves height and in good repair. The lease is due to expiry in 2008.

The landlords have decided they would like to renew the lease early, and although I don't know their specific motives, it will improve their investment to have an asset with a new lease rather than a 1.5 year term left on an old 25 year onerous lease. They proposed to maintain the current passing rent until 2008 then fixing it at a market level which we will pre-agree now, based on the current market. Our client has agreed that they are prepared to renew early on a 10 year lease with a 5 year break clause, subject to contract.

The negotiation... I made enquiries to my supervisor as to how we should deal with this because essentially the landlords will get a healthy marriage value from doing this deal, plus our client will have to pay out for stamp duty earlier than anticipated, and have a rent review in 2011 rather than 2013 if they renew now. Surely our client deserves some of the advantage?
I was advised to speak with Grimleys Investment Agency department (who are very helpful and experienced!) to see what difference this early lease renewal would have on the yield if the property was sold for an investment. They said it is hard to value due to it only being a small difference in the fixed term, but came up with a value that seemed appropriate in the current market. Based on their advice, it would make an approximate 0.75% difference on the reversionary yield, therefore releasing a healthy marriage value of which my client should get a slice (at least 50%).

I have therefore proposed our terms to the client stating that we will agree to renew early, but there is a deal to be done here to ensure it is advantageous for both parties. I have suggested a rental level (less than what they originally proposed) with a 12 month rent free period to be incorporated, effective March 2008, to reflect marriage value, stamp duty and earlier rent review date. It is a fair deal but we will probably settle the rent free somewhere between 8-12 months and negotiate further on the rent per square foot. Also, our client will have an advantage in the current rising market in agreeing the rent now, but I will obviously not highlight this too the other side...I'll keep you posted on the negotiations!

The Big Meeting

Following my blog from yesterday, today I had the big meeting with a large corporate client...

I arrived in the office early at 8.20am, to ensure I would be awake, prepared and on form for the meeting at 10:30. I started to make my way to Hanover Square (about 20 minutes walk from my office) at 10:00am and got caught in pouring rain with no umbrella!! I thought I could wait a while for it to pass, but no, I turned up to the meeting absolutely drenched and flustered - never mind I thought, onwards and upwards! I then had to endure a four hour meeting, of which three hours were made up of company politics which didn't concern me - all that to look forward in years to come. So all in all, about one hour was of use to me...but I guess the other three hours will come in use one day...!

Finally escaped at 2:30pm and stopped by Sainsbury's for a sandwich as I had missed the lunch I had arranged with the retail graduate, (I also bought some cookies for my department as I was feeling generous!).

Arrived at the office and explained to my department, who assumed I had been at the pub with the client, about the meeting. Something good did come out of the meeting...it did teach that there are highly successful people in this world far more disorganised than myself, so there's hope for me!! The rest of the afternoon was taken up making phone calls and sorting out issues that came out of the meeting. Off home at 5.30 on the dot tonight, had enough! I'm banking on a successful and productive day tomorrow!

Monday Blues...

After and absolutely manic weekend with very little sleep I woke up stupidly early this morning to come into the office. The office was very quite (at 8:15 am!) so I sat with my toast from Benjie's and tea trying to make myself feel a little more awake and human. I don't think there was any amount of caffeine that could make me feel on form today.

First things first, I checked my emails and diary for the week. Already I had 6 emails, each containing things I have to do/respond to. I also had an email saying I have to attend an important meeting with one of GVA's large corporate clients tomorrow, so some preparation was in order!! But again, it was a good opportunity to meet the senior staff and management at one of our clients'.

Diary wise for this week: tomorrow's big meeting is at 10am followed by a meeting with a grad from the retail team for lunch; Wednesday 8.30am monthly meeting with the London Lease Consultancy team followed by a conference call with the national team, however an exciting evening planned in the City for a bottle of champagne on the 42nd floor of Tower 42 (Tallest building in London, amazing views, sunset..can't wait!!); Thursday, general catch up day; Friday, tying up things from the week, lunchtime drink with other GVA departments (good opportunity to make contacts) and update my APC diary in the afternoon. Friday is also pay-day which is very exciting!

The rest of today was fairly busy updating my running list of cases (I have twenty on at the moment so it can get a little confusing!). I have also been preparing reports and information for my meeting tomorrow. More importantly I was looking at an interesting case where I have to negotiate lease renewals for two leases, whilst at the same time negotiating a rent review on the other lease for three adjacent industrial units. I am looking at the merits of surrendering the current lease on the unit with the rent review and negotiating 3 co-terminus leases for the client - decision not yet made but I have reported to the client.

...leaving the office now at 6pm...Mondays always fly by!

Conference Calls and KFC

I arrived in the office today, coffee in hand, feeling pretty good about life in general. The end of the week is approaching, the week's gone well, inspections are on track, viewings are coming in, deals are completing but...there’s one problem...I have a conference call at 9:00 am. It’s not that I wasn't prepared, it’s just that they tend to take a long time - a luxury I don't have. I'm busy with APC diaries to update, viewings / inspections to attend, letters to write and solicitors to chase! One of those days when I need more time!

This particular conference call is carried out on a monthly basis and everyone within the national retail team in GVA Grimley attends, partners, associates - all levels. The purpose is to keep the communication open amongst colleagues and update each other on work we are currently undertaking. In the latter part of the morning I arranged access to a KFC unit in a suburb of Birmingham in order to measure it up for a rent review that I am assisting a colleague on.
We are acting on behalf of the Landlord.

One small problem… I didn’t have transport and didn’t factor this in. I am awaiting the arrival of a new car and I had not pre-booked a pool car (cars which most firms let graduates use for work purposes), so I had to jump on a train and grab a taxi to the property, not ideal and I arrived late!

Slightly out of breath I measured out the property, noted the condition, any tenant alterations (as these will be discounted when we put a rental value on the property) and anything that may add value to the property. By the time I was nearly finished it was gone 16.30 and the tired hungry workers were beginning to pour in in their masses which didn’t make my life easy! I wrapped everything up by around five o’clock and grabbed a cab back home, where I wrote up my notes, phoned around for a few comparables and applied a rent on the property (it’s important to get this done as soon as possible as there always tend to tight deadline and it’s a good way to get my Landlord and Tenant experience upto speed as it’s an optional competency for my APC).

Bigger problem…not the figure my client or I was hoping for. I have learnt over the last 12 months that nothing in property is as straightforward as it seems!

The wrong foot and an eerie nightclub

Got off on the wrong foot today. Traffic was dreadful travelling in, which has re-ignited my drive (sorry) to stop sponging off my parents and buy my own place in town one day. Grabbed a quick coffee from Costa (a ritual that I now cannot do without) and oddly I’m early. Early morning in the office, I find, is the best time to work as the slightly irritating but tolerable habits (hyena laughs and shouting on the phone) of others around you are not present!

First things first, I checked my diary for the day so that I could at least prioritise what I need to get done in the morning. I have learnt that it is best to book any viewings etc in for the afternoon and do all the necessary desk work in the morning. It turned out I had a property inspection booked in for a former Nightclub in Cannock (I didn’t think they had nightclubs in Cannock) that had recently stopped trading.

I spent the morning looking at the initial instruction letter and studying the area speculating on what kind of potential operators may take a unit such as this. Here’s one for you to look up the unit has recently been granted planning permission to trade within A1 of the Use Classes Order (as of April 2006)…

As far as inspections go, this was the most interesting one I have undertaken to date. Once I gained access it was a bizarre. It could have been early on a Saturday…drinks were still in fridges, CCTV in operation, sound system and DJ booth all in place. To be honest, it was a very eerie.

I measured the unit up on a Gross Internal Basis (there’s another for you to look up) which didn’t take me too long as I had existing architects plans to use as a guide. I then made a brief description of the condition of the building, internally and externally, who the surrounding occupiers were, access to the site and whether of not the unit was really as prominent as I would like to make out in my marketing that was going to follow. Once this was done, I took a some relevant photographs, decided on the best place to put the marketing boards and got the hell out of there! (Not because I was scared but because traffic on the M6 rush hour is a nightmare and I needed to get home as I was meeting a friend at my local golf driving range, something I’ve only just taken up through work!).

Retail Surveyor, APC and Rent Reviews...

Before I dive in and babble on about my deals and how busy I am, I think it’s important to understand exactly what the job of a Retail Agency Surveyor within GVA Grimley actually entails as well as making you aware not only do you have to your job, but one must focus on the APC (Assessment of Professional Competence)! So, plenty of deadlines for a start!

I am currently on the ‘rotation’ scheme up until my professional exams. This involves spending at least eight months in three separate departments gaining the relevant experience to fulfil the APC (Assessment of Professional Competence) criteria. I will then be tested on this after a two-year period. So far I have happily resided within retail agency for 12 months. This way I can get experience in a number of fields rather than just pure agency (I’ll explain what we mean by agency soon). One of the advantages with GVA is that they offer you the flexibility to have your say in where you rotate. Working in agency gives me the opportunity to exercise my negotiating skills (a key skill), generally talking a lot and of course selling! The majority part of my day is spent on the phone. If I’m not on the phone I will be meeting with potential tenants, clients or other agents. A very small percentage of my time is allocated to putting together reports. This could range from a marketing report (i.e. marketing advice after inspecting a property), or a report detailing consultancy advice given to a client. At the risk of sounding boring, report writing is a crucial skill to add to the list, one which I admit I have a lot to work on…I am sure my boss will agree.

Talking of skills, the more varied your armoury the better agent you will make. It is a common misconception that no matter how you package up the job of a property agent it boils down to a sales job. This is just not the case, yes sales do come in to it in a big way but other aspects of surveying have a major cross over such as Landlord and Tenant (particularly law), planning (I heard that moan), asset management and to a certain extent valuation. So when you get the time it’s crucial to, at the very least, read up on these subjects through relevant press articles and of course CPD (Continual Professional Development).

Reading back through what I’ve written it sounds like I’ve been in the industry far longer than I actually have, but maybe this is a true reflection of how I have been given responsibility from the start. This has been a great opportunity for me as I have had exposure to major clients which has allowed me to develop my client relationship skills a key opportunity for graduates.

That’s enough for now, I have a busy day of viewings and meetings tomorrow…plus after a day in the office, I like to make it to the gym.

As Fergus and I update the blog, we will explain what it is we do, the technical terms and other parts of the job you may not know. I arrived at my office in Mayfair, London at 8.55am with the knowledge that I would have to negotiate my first rent review with an experienced agent. The thought of this was a little intimidating but I had the support from my supervisor.

I was speaking with many agents to gather comparable evidence from the large companies such as Lambert Smith Hampton and King Sturge as well as some smaller, local agents. Negotiations went well and I have arranged to meet the surveyor on-site tomorrow morning in Slough. It will mean travelling to work a little earlier than usual, but it will give me the opportunity to work independently away from the office. In addition to this, I met with two other second year APC graduates at lunchtime (GVA Grimley usually take on about 70 – 90 grads in a year), who work in Asset Management and Office Agency, to discuss APC requirements and share information. I spoke about my Landlord & Tenant experience, whilst my friend told me all about Agency and we exchanged notes and working knowledge – something you would not otherwise get unless you worked within the departments.

This may all seem a little serious, but it is the same friends I go drinking with after work on a Friday. We also spoke about possible department swaps for short time periods to broaden our knowledge and ensure we get the experience we need to sit our APC by October next year. Much of the afternoon was taken up arranging site visits and ringing around other surveying practices. Overall a productive day in the office and good start to the week!

The story so far...

I know from experience that the leap from a laid back, carefree student to surveyor can be a long, painful and expensive journey. For me, the weekday drinking sessions, late mornings and partying have all been left behind...well, not entirely!

Joking aside, I know how hard it is to get a real insight into working life in any industry, let alone the world of surveying. So, I have decided to answer this cry for help from wannabe surveyors and document my adventures in the world of surveying. I know it doesn't quite have the same intrigue factor as the daily adventures of an actor or pop star, but as far as I am concerned, it's just as important!

I hope to give anyone who is contemplating a career in surveying a true insight into what life in a ‘top ten’ surveying company is really like. I'll give you an idea of the great training, social life and great benefits you are given as a graduate surveyor as well as a taster of what daily life is really like in the office environment and out in the field.

I am conscious that historically, men have dominated the surveying industry, but I am also aware that the industry is changing. So, I am assuming / hoping this won't be read by a male only audience and consequently I’ve roped in a colleague of mine from our Stratton Street office in London, Jenna who works in Lease Consultancy. Hopefully together, we'll be able to give you a good view of life as a surveyor in London as well as life as a regional surveyor in Birmingham.

Firstly I think you all need to have a little background on me. I graduated from Reading University in 2005, successfully obtaining a degree in Land Management. I then traveled around the world for a few months (not enough) before kick starting my career at GVA Grimley in the Retail department in Birmingham. My interests include football, kickboxing, keeping in shape and sport in general as well as the usual, drinking, clubbing and generally having a good time.

Let me introduce Jenna... (pictured above)

Firstly, form now on I'll write in green, so you know it's me and not Fergus - that way you'll also be able to see who's busier!

You’ll have read by now that my colleague in the Birmingham office has roped me into this. I have to admit, that I think he’s come up with a good idea, so I am happy to help, offer advice to would be surveyors and hopefully give an insight into the start of my career as a surveyor!

My route into property started by working for an estate agent, during college, in the small town of Dorking. They predominately dealt with residential lettings but my boss kindly involved me in some commercial surveying work which I found very interesting – better than my original plan to study Business Information Technology! I then looked at my options and, although I found it difficult to get information on the commercial side of the industry, decided to give it a try (previously I thought surveyors just looked at cracks in buildings!). This is not the case!

So a bit about me to date, I’m 22 years old and graduated from Kingston University this year studying BSc (hons) Real Estate Management, which after 4 years of fun and hard work, I passed successfully. I then went off travelling around Eastern Europe for a month before returning on a Friday evening in August and starting my new big scary graduate job at GVA Grimley on the following Monday morning.

I have now been in the Lease Consultancy department for two months, predominantly dealing with rent reviews and lease renewals (I’ll explain this as I go on) for industrial property for one of GVA Grimley’s large corporate clients. I have also started my Assessment of Professional Competence (APC).

So how have the first couple of months treated me? Well, the good thing about studying surveying is that it is a specialised industry, therefore it’s likely that most of your friends will be starting their graduate jobs at a similar time as you in a similar location. This is great for support, contacts with other companies, and of course socialising! Also, the large companies such a GVA Grimley employ a large number of graduates at the same time, thus straight away you meet other colleagues in the same boat. Already I have made some great friends from various departments in the London office, both female and male, from many different backgrounds.

The first couple of months, so far, have been a pleasant combination of fun, hard work, and new experiences, exactly what you need from your first job. I have been given responsibility and opportunity as well as making friends and receiving support both with my APC and within my department. Over the coming months I will write about my life as a graduate surveyor in terms of what I do as a Lease Consultant, the sites I visit, the progressions with my APC and life in London.