The emergence of any new sector in the economy will deliver a surge in employment. The Build to Rent sector is already generating a high rate of employment despite being in its early stages.
Employment is set to increase exponentially, as more companies diversify into the UK Build to Rent market. According to Landlord Today, BTR developments in London experienced a 35% growth in the last five years. And is set to increase by 30% per annum over the next five years. This translates to a boom in employment for the UK sector over the coming years.
Not only does BTR provide new employment opportunities… It also offers secure and reliable employment with a vertical growth structure. A career ladder that progresses from the bottom and can support staff development all the way up to the top.
The most notable areas for work in Build to Rent developments are: Front of House and Maintenance teams.
Front of House
Front of House (FoH) refers to the areas where tenants and their guests interact with the building staff. The FoH staff look after the first-hand experiences of both existing and potential tenants of any BTR development. This is the hospitality aspect of the development, which is vitally important. A good Front of House team ensures that existing tenants stay longer, and potential tenants have a great first impression.
Retention
Given that high tenancy retention rates are beneficial to the success of any Build to Rent development, there is an increase in demand for reliable staff. Specifically skilled in interaction to occupy the Front of House positions within Build to Rent developments around the UK.
Most Build to Rent companies offer employment with a chance to rise up the career ladder. It’s a necessity to have the right people on board with the required interpersonal skills to attend to the tenants. There is no rule for the kind of person needed in FoH – this will be dictated by its intended demographic.
Training
Various training programs have been integrated by BTR companies. Enabling them to retrain and retain their employees by providing career progression. Greystar is most notable for this. It is their aim to keep good staff within their company for as long as possible.
Michela Hancock, Managing Director of Development and Construction at Greystar UK, emphasised the need for career growth in Property Week:
“Finding the right people is challenging and once you have done so, it is critical to keep them. Motivation, training and continuing to challenge and grow their careers is the responsibility of leaders in our industry”.
Property Week – Full Article Here
It is evident that employment in the Build to Rent sector offers job security and long-term career growth prospects. It’s possible that an employee starting on the concierge desk can develop to eventually become the building manager. Then, becoming a building manager can lead to becoming a portfolio management manager for an entire Build to Rent portfolio.
The Maintenance Team
Build to Rent is essentially long-term rental property investment. For such an investment to be a profitable venture, good maintenance of the property is critical. This is what keeps the Build to Rent development functioning at optimum levels. Effective maintenance is known to boost operational efficiency which is beneficial to the profit margins. With rapid expansion in the BTR sector, there is a high demand for people who can provide good maintenance services.
Some of the positions within the Maintenance team of any BTR include: repairs staff, cleaning staff, maintenance operatives, and more.
Starting in the Maintenance team also offers a chance to grow your career. A member of the Maintenance team can become a Team Leader within a development area. Or, even become the Head of Maintenance for an entire portfolio, or investor.
Conclusion
Many well-established property companies are adding BTR to their repertoire of skills, resulting in the rapid expansion of the sector. We are seeing the creation of many new jobs, with prospects to rise to higher ranks in the sector. It is pertinent to seize the opportunity to enter the BTR sector, now in its infancy, and be a valued expert by the time it reaches maturity.
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