Digital-first Contractor Winvic set to Develop AI Enabled Software to Send Personal Site Risk Alerts to Team Winvic, the University of the West of England (UWE Bristol) and One Big Circle Consortium secure Innovate UK Funding for Computer-Vision-SMART. Winvic Construction Ltd, a leading main contractor that specialises in the design
The SmartWater Group, one of the UK’s fastest growing risk management companies, has launched its Intelligence Portal in Shropshire to help track Organised Criminal Gangs (OCGs) as they move across the UK, stealing valuable assets from infrastructure and construction sites. Costing over £2m, the Centre for Infrastructure and Asset Protection
For property managers working in the UK rental market, times have changed dramatically since the pandemic hit hard. But, the good news is that many of the emerging trends are proving beneficial to the market. Demand for rental properties up Strong demand for rental properties has continued with economic uncertainty
The project profession is at the forefront of change, but needs to continually develop skills to stay relevant Association for Project Management (APM) has released the findings of its year-long conversation with the project profession in its latest Projecting the Future1 report, The Adaptive Project Professional. The report, which draws on contributions
The pandemic has truly tested our relationships with our neighbours that a new survey by Share to Buy revealed more than half of UK homeowners (65%) are closer to their neighbours more than ever before post lockdown. Around 15% admit their neighbours were total strangers before lockdown, but with a
Bentley Systems, Incorporated, a leading global provider of comprehensive software and digital twins services for advancing the design, construction, and operations of infrastructure, has announced the availability of OpenGround Cloud, a new cloud service that enables geotechnical professionals to access reliable geotechnical data for better engineering decision support and to
CONTROLLING THE RISK OF MSD IN CONSTRUCTION By Joe Cilia, Technical Director Overuse or repetitive motion injuries have become a frequent occurrence in the workplace and it is why ensuring good musculoskeletal health has become such an important issue for workers. These musculosketal disorders (MSDs) cost construction employers £646 million a
Whether you’re a landlord or you simply want to make money with real estate, understanding how to manage property properly is essential to your success. You don’t just need to know how to fix things when they break. Any first time landlord/property manager needs to take on many jobs when
Westminster Energy, Environment & Transport Forum policy conference – Morning, Monday, 7th December 2020 Book Online | Live Agenda | CPD certified | Sponsorship | Our Website | @WEETFEvents | Unsubscribe with Richard Ballantyne, Chief Executive, British Ports Association Tim Morris, Chief Executive, UK Major Ports Group Peter Neville-Jones, Technical Director,
Whether you’re buying your first home or creating your forever home, looking at custom home builder pictures online is a major part of the process. Whether you scour Pinterest, home-improvement magazines or Google, looking for inspiration is one of the best parts of the design and building process. If you’re wanting to
Digital-first Contractor Winvic set to Develop AI Enabled Software to Send Personal Site Risk Alerts to Team Winvic, the University of the West of England (UWE Bristol) and One Big Circle Consortium secure Innovate UK Funding for Computer-Vision-SMART. Winvic Construction Ltd, a leading main contractor that specialises in the design and delivery of multi-sector construction and civil engineering projects, is working on a second Innovate UK funded project, which aims to keep site staff even safer; the three organisations involved will together leverage the latest real-time image and machine learning technologies to detect, recognise and track hazards on a construction site, which will then alert nearby operatives via IoT enabled, GPS devices. Dubbed as Computer-Vision-SMART, the ‘Computer Vision and IoT for Personalised Site Monitoring Analytics in Real Time’ project will run for two years. The Big Data Enterprise and Artificial Intelligence Lab (Big-DEAL) at UWE Bristol, and Bristol industrial intelligent video specialists One Big Circle are the two other organisations in the consortium that were successful in their application for an Innovate UK – the UK’s innovation agency – Smart Grant. They will share the £600,000 research pot with Winvic. Smart grant is the new name for Innovate UK’s ‘Open Grant Funding’ programme. Innovate UK, part of UK Research and Innovation, is investing up to £25 million in the best game-changing and commercially viable innovative or disruptive ideas through its ‘Open Grant Funding’ programme. How the Technology Works Interior and exterior site cameras will continuously capture video images. Via Artificial Intelligence (AI), any hazards – from moving heavy machinery to overhead works to people operating without the correct Personal Protective Equipment (PPE) – will be identified. Over the length of this project the machine learning models will be able to make an increasing number of intelligent predictions over the time of the project. Safe space radii, or zones, will be predetermined and applied to each hazard. Exact operator and hazard locations are understood through a geographic information system (GIS). When an operator enters a hazard zone, the individual – and when appropriate other members of the site team – will receive a personal alert via an app on a wearable or mobile device. Managers can also review alerts and relevant video segments from a laptop-based app. In the event of an operator being identified of not wearing appropriate PPE, the person and Project Manager will be alerted of the issue. Each hazard radii will comprise four zones (SAFE): Safe: a site worker is in a safe location and won’t receive an alert; Alert: a site worker is alerted to a possible risk; Full alert: a site worker receives a consistent alert; Escalate: there is a site wide alert of an immediate health and safety concern. The Requirement for Innovation A clear need for the development and widespread use of digital technologies within construction health and safety was identified: Existing vision-based approaches to construction site monitoring only focus on areas such as site security, dispute avoidance and time-lapse project progress, and applications to improve people’s safety are lacking. Furthermore, HSEQ managers and operatives depend on self-reporting or warnings from co-workers, which can simply come too late to avoid an incident. Consequently to achieve a zero-harm target, health and safety best practice must be reimagined utilising effective digitisation alongside appropriate social interventions; delivering a solution where social and technical systems overlap. Two Winvic project sites will take part in the initiative to develop the technology over the 24-month period. UWE Bristol and Winvic are also partners on the Conversational BIM Project; another AI-enabled development to create a voice activated, BIM model connected headset, which will allow users to retrieve any and all project design and construction information with a simple vocal request. Tim Reeve, Winvic’s Technical Director is leading the Computer-Vision-SMART project on the main contractor’s team. He commented: “Utilising intelligent digital technologies in construction to deliver projects more rapidly, cost-effectively and safely is a passion of Winvic’s and this forward-thinking health and safety initiative is truly ground-breaking. It’s a privilege to be working with UWE Bristol on a second AI-enabled project, and with One Big Circle also on-board, we have a very dedicated and eager consortium team. There is a clear gap in this area of construction safety, where social and technical efforts can successfully converge, and with the solution that has been conceived will come better opportunities than ever before to reach our zero-harm aim. It’s a very exciting time in the world of digital transformation, and our achievements over the next two years will generate a significant leap forward for safety across the whole of the construction industry.” Olugbenga Akinade, an Associate Professor at UWE Bristol and Principal Investigator, said: “This Computer-Vision-SMART project will enable us at the Big Data Enterprise and Artificial Intelligence Lab to employ our expertise in computer vision and sensor fusion technologies to improve safety on construction sites. The project is pivotal to our strategy to push the frontiers of construction research and to address industrial needs using innovative digital technologies. “The Innovate UK Smart grant provides us with a unique partnership opportunity with Winvic and One Big Circle to address a unique gap in the construction industry. We are convinced that Computer-Vision-SMART will deliver a step-change which will enable us to explore the socio-technical overlap of behaviour-based safety on construction sites. The project will further mature our capabilities in delivering high impact research and to establish UWE Bristol as a business-facing university.” Founder and Director of One Big Circle, Emily Kent, added: “As specialists in intelligent video and integration our purpose is to provide digital video solutions to real world challenges, especially in industrial environments, thereby increasing safety and enhancing operations. The power of a collaboration such as the Computer-Vision-SMART group means we can steer our video and computer vision expertise according to industrial need, working closely with others who are also experts in their own fields. We have been successful with this approach in highways and rail previously and are very excited
The SmartWater Group, one of the UK’s fastest growing risk management companies, has launched its Intelligence Portal in Shropshire to help track Organised Criminal Gangs (OCGs) as they move across the UK, stealing valuable assets from infrastructure and construction sites. Costing over £2m, the Centre for Infrastructure and Asset Protection (CIAP) has unique access to privileged closed source data provided by both police and their Clients, enabling highly trained analysts to track the movement of the gangs across the UK. The benefit for Clients, such as the Solar Trade Association, The Survey Association, Ecclesiastical Insurance Group and many others, are that, as the criminal gang travels into a new region, CIAP analysts send ‘early warning’ security alerts to enable rapid deployment of target-hardening measures to protect key assets. According to the National Crime Agency, serious and organised crime (SOC), which includes attacks on infrastructure sites, now affects the UK more than any other national security threat. It is estimated to cost the UK economy at least £37 billion a year, with figures increasing year on year. SmartWater’s CIAP has already assisted the police in securing the conviction of hundreds of criminals for serious offences against the national critical infrastructure. One case involved the tracking of a criminal gang across the Midlands region as they stole hundreds of thousands of pounds of solar panels. Working in partnership with the police, a trap was set using a combination of SmartWater forensics and mobile CCTV, resulting in the arrest and conviction of the gang for theft. Says Gary Higgins, SmartWater Technology’s COO and Head of CIAP: “With its privileged access to closed source data, CIAP provides a unique service for its many Clients, further enhancing the SmartWater Group’s reputation as Innovators in risk management.”
For property managers working in the UK rental market, times have changed dramatically since the pandemic hit hard. But, the good news is that many of the emerging trends are proving beneficial to the market. Demand for rental properties up Strong demand for rental properties has continued with economic uncertainty and tighter mortgage lending driving people away from house purchase. At the same time, shortage of new rental properties has kept rent levels up. UK rental income in June was on the rise — up 1.1 percent on average compared with equivalent figures for June 2019. However, the difference in rental variations was quite significant. In the North West, for example, average rents in June were up 6.6 percent on the same period in 2019. In contrast, the South West saw an increase of just 1.8 percent for the same period. The East of England saw no change, while the North East and South East saw decreases with Greater London experiencing the biggest fall of 1.8 percent. There was a surge in demand for rental properties in May, but supply was not keeping up, in contrast to the boom in build-to-let. . Build-to-let increasing Build to rent (BTR) is one of the fastest growing sectors in the UK property market. According to recent figures from the British Property Federation, there are now 167,853 BTR homes in the UK, up from 157,512 in Q1 2020. BTR properties are owned by companies and custom-designed for rental by multiple occupants. They carry strong branding, making them easier to market than individual properties. Unlike private accommodation, BTR properties provide management services and offer shared facilities such as gyms. They are designed to appeal to long-term renters who may not be able or interested in buying a home and provide long-term stable revenue streams compared to private fluctuating short-term income. House prices more affordable Demand in the wider housing market has been stimulated by the Chancellor’s Stamp Duty holiday, which has made house purchase more affordable, particularly for properties under £500,000. As an example, Bromley in South East London saw an astonishing 83 percent rise in enquiries following the announcement. Rightmove calculated that a buyer in London would save around £15,000 on average. That lower cost is also encouraging landlords to increase their portfolios to take advantage of sustained demand for rental properties. Technology adoption increasing The pandemic and the subsequent lockdown have accelerated the adoption of technology in the rental market -a sector that has traditionally lagged behind the rest of the property market. That can make it easier for property managers to do business. The ability to put property details online and integrate sophisticated search functions can make it easier to match tenants and property owners. It also improves convenience for tenants, giving a competitive advantage to property managers offering online search. The wider availability of online data on trends makes investment planning and resource allocation more accurate and effective, helping property managers improve ROI on rental properties. For property managers with smaller rental portfolios, online tools are available to simplify property valuation. Adding information on details of the property – the number of bedrooms, whether the property is larger or smaller than average and an estimate of its condition – into the tool provides a professional valuation in minutes. Arranging and conducting viewings in person can be very time consuming. The lockdown forced landlords to offer virtual viewings by video and this is now recognised as a practical alternative by both tenants and landlords. There is a cost to produce the initial video, but this can be used for multiple viewings and may be more cost-effective than the same number of personal viewings. Landlords lifes are also being made easier. Letting agent comparison sites like Rentround help landlords save on their agent fees and recoup more rental property profits Going online to speed up processes Access to online databases can simplify and speed up processes like tenant identity verification or credit checks, which are essential elements of the letting process. Similarly, landlords or property managers are now able to customise tenancy agreements online before digitally sending them to the tenant and having them electronically signed. One of the main aims of property technology is to create ‘frictionless transactions’. Creating online rental documentation, accepting digital signatures on contracts exchanged online and online payment systems to simplify rent collection are examples of the way technology is changing the traditional property management/tenant relationship. As well as saving time and money, online transactions improve customer service and convenience for tenants. Communication with tenants can be improved by making greater use of videoconferencing tools like Zoom or Cisco Webex, which has been widely adopted during the pandemic. Those tools also improve communication with colleagues and other property professionals such as lawyers, letting agents and surveyors. Property managers who want to work with letting agents can make significant savings by using online services. High street agents’ fees cost 8 percent or more of the rental price for advertising, interviewing and credit checks. Online agents’ charges for a similar service attract an average set fee of around £50, with Portico Direct charging just £1 to advertise on Rightmove, Zoopla and On The Market. Navigating the new landscape Continuing change in the rental market coupled with economic uncertainty poses many challenges for property managers. However, adopting the many innovations and benefits of property technology can help managers maintain greater control and improve the efficiency of their operations.
The project profession is at the forefront of change, but needs to continually develop skills to stay relevant Association for Project Management (APM) has released the findings of its year-long conversation with the project profession in its latest Projecting the Future1 report, The Adaptive Project Professional. The report, which draws on contributions from APM members, project professionals and external organisations, sets out a series of ideas and insights to help shape the future of project management. It also highlights that now is the time to focus on the ‘adaptive’ project professional. The adaptive project professional must be able to adapt in an era of unprecedented technological, social and environmental change. As the project profession will be at the heart of creating and delivering such change, adaptability is key. Adaptive professionals are characterised as being responsive to the shifting contexts in which they work, having the right skills set, continually learning, able to utilise new technology, engage with stakeholders, highly proficient communicators, leaders and managers of their project teams. The coronavirus pandemic has demonstrated how adaption is so important in keeping up with the pace of change, from the building of the NHS Nightingale hospitals, the Ventilator Challenge, the government’s furlough scheme, and the race to find a find a vaccine for Covid-19 – and project professionals have been at the heard of making these innovative changes happen. As the report also highlights, the project profession will need to respond and adapt quickly to the other major challenges facing the world including climate change and the transformation of the economy by new technological advance. Tim Banfield, chair of the Projecting the Future group which oversaw the debate said: “Project management already plays a pivotal role in the changing world and contributes an estimated £156.6 billion2 of gross value added to the UK economy. Moving forwards, adaption will be vital, both in how we help organisations adapt, delivering successful projects, and in how we adapt ourselves, continually developing and evolving our skills and behaviours to keep pace. “The report sets out eight ideas to support a more adaptive profession3, one which will be centre stage in the effort to bounce back from the coronavirus pandemic and adapting to the challenges of the fourth industrial revolution, climate change and increasing human longevity.” Debbie Dore, chief executive of APM, added: “The ideas and recommendations presented in the report are a result of APM listening to our members, and conversations about some of the most profound changes under way in our economy and society. Although we continue to face very challenging circumstances, the project profession should face them with confidence. Projects are how change happens and have played a vital role in the crisis response and will be every bit as important in reshaping, reviving and rebuilding the economy. “Adaptive skills are essential, and it’s important for today’s professionals to take learning and training seriously, right the way through their careers. As the chartered body for the profession, APM continues to offer a range of qualifications and training to support a successful career in project management.” Other core ideas to emerge from the report range from a need to build the profession’s talent pipeline, from starter to chartered: providing new routes into the profession both for young entrants, and for more mature professionals and mid-career changers. Hand in hand with that, there is a need to strengthen the culture of professionalism through life, supported by employer commitment to training and an ambitious new policy framework that caters for learning at all stages of life. The Projecting the Future debate also demonstrates the desire of project professionals to have a more influential role in shaping the strategy of projects. Projects are how change is delivered, and so they are critical to strategy, and need to be a bigger part of strategy development across all industry sectors. Promoting the profession and building its impact is also highlighted in The Adaptive Professional report, continuing to champion the importance and influence of the profession as an agent of change across the economy and society. The full The Adaptive Project Professional report can be found at www.apm.org.uk/projecting-the-future/ Read APM’s blog: Why it’s time for the adaptive professional
The pandemic has truly tested our relationships with our neighbours that a new survey by Share to Buy revealed more than half of UK homeowners (65%) are closer to their neighbours more than ever before post lockdown. Around 15% admit their neighbours were total strangers before lockdown, but with a large portion of the country being housebound over the last few months, it seems most of us have spent time getting to know next-door a little better. For those renting, 24% described next-door neighbours as strangers before lockdown, with 54% saying they’re much closer now. Across the UK, 56% of Brits felt they have gotten to know their neighbours better thanks to an increased sense of solidarity from clapping for carers every Thursday to lending a helping hand with tasks during the outbreak. This new connection to our neighbours means around 50% of people say they’d be happy to shop for a neighbour. They’d also be willing to walk their dog, mind their house or give them a lift, with a few even prepared to cook up a meal for them. Interestingly, research shows that those who rent are twice as likely to avoid their neighbours as those who own their property. Living in the same location for an extended period, it seems homeowners are more likely to make an effort to get to know their neighbours better, with only 5% admitting to dodging the people next door, compared to 13% of renters. Quickest Chats Across the UK, most people don’t mind bumping into their neighbours for a quick chat, but 62% of time-short Brits say it had better be quick! Neighbours in Greater London and Kent are the most likely to want shorter catch-ups with their neighbours, with 65% of Londoners saying ‘I’m up for a chat but keep it quick!’, followed by 62% of people in Kent. Friendliest Counties Neighbours in Buckinghamshire and Berkshire were close even before lockdown began, with 23% admitting they were on excellent terms with their neighbours and knew them well before the pandemic started. However, those living in East Sussex have seen the most significant change since lockdown began, with 17% of people describing their neighbours as total strangers before the pandemic started, but 10% admitting that post-lockdown, they’ve become better friends than ever! Plants over pets People in Greater London, Surrey and Essex are least likely to ask a neighbour to check in on their pets or plants while away. Around 12% of people in Surrey would rather have a neighbour water their plants than feed their pets, with less than 1% of people willing to trust a neighbour with an animal family member. This trend is similar across every county, with more Brits happy to let their neighbours tend to a plant than care for a beloved pet. Most Helpful Places When it comes to helping out the people who live around us, those in Buckinghamshire and East Sussex are most willing to lend a hand. At 68%, locals in Buckinghamshire said they’d be happy to shop for a neighbour, walk their dog or give them a lift, but would prefer to avoid cooking or minding their house. The same goes for East Sussex at 61%.
Bentley Systems, Incorporated, a leading global provider of comprehensive software and digital twins services for advancing the design, construction, and operations of infrastructure, has announced the availability of OpenGround Cloud, a new cloud service that enables geotechnical professionals to access reliable geotechnical data for better engineering decision support and to improve collaboration across the entire supply chain. OpenGround Cloud offers a complete solution for planning, data entry, borehole log production, lab data management, reporting, visualization, and more. The cloud service improves collaboration across multidisciplinary project teams and significantly increases the value of geotechnical data by making it easily accessible to key project stakeholders. “OpenGround Cloud provides a single enterprise repository of multiple data sources for all ground investigation projects—a long-sought improvement for geotechnical and geological professionals. It eliminates the need to retain copies or to exchange data and ensures that everyone in the supply chain has the correct access rights to the most current version. As a result, OpenGround Cloud helps minimise project delays due to encountering unforeseen ground risks during construction,” said Scott Devoe, senior director, geotechnical information management, Bentley Systems. Geotechnical project team dynamics and the applications and services they require to manage natural resources are changing rapidly. Relevant geotechnical data is typically dispersed across various applications and devices and can be cumbersome to gather and consolidate, complicating the effective and timely use of this data. Now, with OpenGround Cloud, geotechnical engineers can readily access reliable, high-quality current and historical geotechnical data for the modeling, simulation, and analysis of infrastructure projects’ ground conditions. “From a risk management perspective, we are now able to more easily identify the gaps in data, to highlight risk items and, if required, assist in the planning of targeted ground investigations. From the tender process, when local site data availability is limited, through to detailed design, we are now able to undertake data-driven assessments to aid in our decision-making,” commented Richard O’Brien, principal process engineer with Atkins. “OpenGround Cloud gives us the ability to determine and cross-reference the organization’s geotechnical parameters and correlations with those available from literature sources. Tender design is made more efficient and we can consider a wider range of site properties leading to reductions in geotechnical risk. Ground investigations are planned more effectively taking into consideration multidiscipline and multiproject data leading to reduced costs. And, detailed designs are delivered from a more complete perspective, which leads to greater value for the client,” Richard added.
CONTROLLING THE RISK OF MSD IN CONSTRUCTION By Joe Cilia, Technical Director Overuse or repetitive motion injuries have become a frequent occurrence in the workplace and it is why ensuring good musculoskeletal health has become such an important issue for workers. These musculosketal disorders (MSDs) cost construction employers £646 million a year and is one of the most common causes of sickness, absence, and productivity loss at work. In the plasterboard sector, what can everyone in the supply chain do to control the risk of musculoskeletal injury when their workforce handle plasterboard? When a worker is asked to do work that is outside their body’s capabilities and limitations, they are being asked to put their musculoskeletal system at risk. It might well be a one-off event and the body gradually heals but repeated or awkward handling of heavy items can cause the greatest risk and lead to long-term problems. Such is the extent of the problem in the UK that nearly seven million workdays are lost annually due to musculoskeletal disorders. In construction, the rate of MSDs is the highest of any profession, with back or shoulder pain one of the most common reasons for people to be off work or having to give up work early. At a time when the health of the workforce has never been more important, musculoskeletal problems should never be seen as an inevitable part of some jobs. Most injuries are not accidents, they can be prevented through planning and better working practices. It’s also vitally important for workers to keep physically fit and seek advice if they experience musculosketal problems. In order to reduce the health risks to construction workers from lifting, moving and handling large amounts of plasterboard, manual handling should be kept to a minimum and if it is carried out, then as safely as possible. The journey of plasterboard from factory to site involves many people, all of whom need to be able to work with a reduced risk of injury. The risk is predominantly due to the weight and unwieldy nature of the plasterboard. Any manual handling needs to be minimised by good planning and using equipment. There needs to be good training and implementation of those practices. Most importantly, everyone needs to have the right attitude and behaviour so that no one in the industry is exposed to short or long-term risks that will affect their musculoskeletal health and ability to do their everyday activities, now or in the future. There should be good planning and good communication between everyone involved throughout any construction project. Principal contractors should be encouraged to engage with all parts of the supply chain before the logistics plan is developed. Any changes in plans need to consider the effects on the supply movement and installation of plasterboard. Furthermore, people need to know how to look after their own musculoskeletal health, but others must not expose them to avoidable risks. A new FIS Best Practice Guide produced by members of the Plasterboard Material Handling Group aims to improve health and safety when plasterboard is delivered, moved and stored and how risks can be reduced. It covers material-handling arising from the journey that plasterboard takes when delivered to sites that include homes, commercial, high-rise multi-occupancy, new builds and refurbishments. The guide is broken down into stages from planning to engagement with manufacturers and distributors, delivery and offloading, storage, vertical and horizontal movement, storage of off-cuts and finally the removal and egress of waste. Training, planning and good working practices will ensure that people can work in the industry until they wish to leave it with good health and not have to leave the industry because of debilitating musculoskeletal problems. To download, click FIS Best Practice Guide, Recommendations for the Safe Ingress of Plasterboard.
Whether you’re a landlord or you simply want to make money with real estate, understanding how to manage property properly is essential to your success. You don’t just need to know how to fix things when they break. Any first time landlord/property manager needs to take on many jobs when they’re just starting out. How you manage a property could make a big difference to your success. Short term rentals are becoming more popular, but long term rentals are one of the best ways to make passive income. The best thing about it is that even if you only put 20% down on a property, you will receive 100% of the rental income. Not having time shouldn’t be an issue, as a local property manager could take care of everything for you. However, you could save a huge sum of money if you do some of it yourself. Here, we’ll go through 10 things all property management beginners should know. Transparency is Key Managing a property the right way involves a lot of hard work, communication, and transparency. Setting expectations by going the extra mile for people in the properties is a must – the only way you can land yourself in hot water is if you fail to communicate or set the wrong expectations. For short term rentals, if you list a feature not available in a property it’s not important as long as you communicate to resolve the issue quickly. If you leave it to fester and don’t say anything, it could end in a complaint. Being as transparent as possible when listing and describing the property can save plenty of headaches and complaints later on down the line. 2. Get To Know The Property and Save Headaches Upon purchasing a property to rent out, make sure you get to know it as well as you can. Knowing what systems and elements are involved and the lifespan of those systems is key, as you need to be prepared to care for them appropriately. A lack of preventative maintenance will result in complaints at the very least, at most, a huge repair bill and even a serious accident. 3. Reinvest in the Property Before You Rent It Out Reinvesting in the property before you rent it out could mean making it far more attractive and attracting guests who want more luxury. People will pay good money to rent a luxurious property. 4. Do The Maths – A Financial Plan Is Imperative Make sure you have a good idea of how much revenue your home is likely to generate, taking into account the location, the level of luxury, the size, and the amenities. This will also depend on who you plan on renting it to, for instance, families looking for something long term or couples looking for a short term stay. 5. Work Alongside A Real Estate Agent A good real estate agent can offer some great advice pertaining to the industry and property management. However, they should understand the business, so do your research to find someone suitable. This will do you the world of good during the early stages. 6. Should You Use Finance To Fund Your Purchases? Knowing where you’re going to find the money to finance your purchases is crucial. Banks and societies will offer buy to let finance, but you may need to consider things like home loan refinancing or restructuring so you can free up capital to achieve this. A private loan, business angel, or another source of cash could also work depending on what you believe to be best for your venture. Property is a debt driven business. You do need to take on some level of debt before you can really enter the property market. Even cheap properties are expensive commodities. Unless you have a large amount of cash in reserve, going into debt is the only way to achieve your goals. 7. Your Strategy Regarding Personal Use Of course you can use your own property, but if you’re using it as a vacation rental then you don’t want to be there during peak times. Make sure you’re strategic about your personal use and stick to the off season if you can. 8. Think Of It As A Hospitality Business When running the place as a rental, you should think of it like a hospitality business. Consider the care and attention that many hotels and other types of accommodation provide to their clients. It should be second to none, and the extra mile will ensure that these people consider coming back again and again. A property management company can help with this, but you do need to have a genuine desire to please the people who stay in your property. Treating them like valued friends will go a long way to making sure they give you a good review and help you to build your reputation. 9. Come Up With Realistic Pricing One of the biggest mistakes that property managers can make, is renting out a place with the pricing set too high. Your approach should be realistic, so do your research. What are others charging for similar properties in similar areas? You need to use this information to come up with a price that people will pay. You should work hard to find the sweet spot if you want to have a high occupancy rate. 10. Build a Solid Relationship With Your Housekeeping Team Having a housekeeping team that you can trust is essential. If you’re going to own property and rent it out, a high level of care and attention when hiring your team will make the biggest difference to client satisfaction and your reviews. A team that overlooks the details will only reflect badly on you and your service. Complaints and negative reviews will make your business suffer. Set your expectations clearly when you find a team and then work on building that relationship. If you’re just starting out as a landlord or getting into property management, the
Westminster Energy, Environment & Transport Forum policy conference – Morning, Monday, 7th December 2020 Book Online | Live Agenda | CPD certified | Sponsorship | Our Website | @WEETFEvents | Unsubscribe with Richard Ballantyne, Chief Executive, British Ports Association Tim Morris, Chief Executive, UK Major Ports Group Peter Neville-Jones, Technical Director, Maritime and Ports, AECOM FROM – Michael Ryan, Deputy Editor, Westminster Energy, Environment & Transport Forum Hello, I hope this finds you well. I’m inviting you to this conference, which will discuss the policy priorities for further developing ports in the UK, examining how key operational challenges ahead of the end of the EU exit transition period. Sessions will also assess the impact of COVID-19 on the sector, priorities for modernising and digitising ports, decarbonising ports and the future of freeports in the UK. Why this is relevant – the context: [jump to the agenda summary] It takes place: In the context of significant challenges and pressures effecting ports throughout the UK, with COVID-19 disrupting port operations and efficiency, and with the end of the EU exit transition period drawing near Following the close of the Government’s Freeports Consultation earlier this year on creating up to 10 freeports in locations across the UK Following the anticipated release of the National Infrastructure Strategy alongside the Autumn Budget, expected to outline the Government’s long-term priorities for infrastructure development With the published 5-year plan for maritime and trade, which prepares a vision for 2050, and outlines how key areas such as port digitisation, the use of autonomous technology, and the greening of port operations, can improve the strength and competitiveness of British ports [Book Online] Key areas for discussion: [jump to the agenda summary] Developing port resilience and maintaining operational efficiency during periods of economic and physical disruption Ahead of the end of the EU exit transition period, planned sessions will discuss: how the sector has adapted to COVID-19 what will be required from policy in order to minimise further challenges, such as protecting the financial sustainability of key supply chains, and the flow of travel and trade the impact of the intensification of recent preparations for the upcoming end of the transition period – such as the provision of £84m to grow an intermediary sector for custom checks, encompassing all EU trade beyond 2020 – including customs requirements for imported and exported items, the declaration of goods, and increased physical checks What is needed from policymakers and wider groups of stakeholders to ensure ports remain resilient, and are able to operate effectively during periods of disruption, considering: priorities for safeguarding port operations during COVID-19 – accessing financial support mechanisms, ensuring facilities remain open and safe for cargo and port users, and latest thinking on utilising facilities efficiently to protect supply chain operations preparing for different exit scenarios and steps for minimising disruption at the end of the transition period – boosting capacity for increased checks and traffic, reducing barriers to the efficient flow of freight and commerce and opportunities presented by digital technology for streamlining the travel of goods Steps for unlocking smart ports and digitisation, and the future of freeports in the UK Further sessions will provide an opportunity to examine the priorities for developing port infrastructure in the UK, including: designing a ports infrastructure system that enables economic growth – scaling up terminal capacity for international trade, partnerships with industry to facilitate new services, and improving the readiness of major ports for dealing with new sectors and export markets developing a pathway for smart ports and overcoming modernisation challenges – digitising logistics and technical operations, automating stacking and crane functions, steps for accessing funding for innovation, and reducing operational costs through efficiency leveraging the benefits of port development for local economies – increasing local business activity, integrating ports within the wider transport infrastructure network, and supporting economic growth next steps for decarbonising ports and their operations – including reducing operational emissions, supporting the growth of low carbon shipping, and working with local governments and other energy-intensive stakeholders on integrated local net-zero strategies It will also be an opportunity for policymakers and stakeholders to examine the Government’s intention to create up to 10 new freeports across the UK, following the closed consultation earlier this year, with sessions looking at the potential opportunities for economic growth, as well as implications on customs regimes, including: Future customs arrangements – priorities for setting rules on duty free imports, assembly, and re-export, communicating new and flexible taxation rates to businesses establishing a system that fosters and drives innovation – providing dynamic regulation for innovators, enabling new business models and industries to operate in growth hubs, and latest thinking on growing productivity through the development of startups and new technology [Book Online] ***Full-scale policy conference taking place online*** [further details] The agenda The outlook of the ports sector Case study – protecting port functions during COVID-19 Preparing UK ports for after the UK-EU Transition Period – minimising traffic and trade congestion, boosting capacity, and latest thinking on adjusting to new tariff regimes Developing port infrastructure in the UK – designing terminals fit for capacity, and meeting the needs of new services and demands Positioning the UK as a leader in smart ports and automation – increasing operational efficiency, cargo logistics, and harnessing the benefits of digitisation Pathways for port decarbonisation up to 2050 – commercialising low-carbon shipping, reducing operational emissions, and collaborating on local net-zero strategies Next steps for freeports in the UK – practical design, enabling economic growth, and supporting innovation Effective customs arrangements – reducing tariff barriers, becoming more competitive, and supporting duty free re-exports Freeports and supporting innovation – regulatory flexibility, attracting startups, and testing new technology Policy priorities for developing and supporting UK ports [jump to full agenda] [Book Online] Policy officials attending: Our forums are known for attracting strong interest from policymakers and stakeholders. [About Us] It’s certainly the case with this one. There’s an outline of the government departments, regulators and other interested parties who we expect to take part
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