Author Archive for admin

NovaLoca ranked ahead of EG Property Link

Published
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admin
on January 25, 2010
in Agents and Company News
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According to Website Grader this morning NovaLoca is ranked above EGPropertyLink (EGPL) by a massive 52,971 points.  Website Grader looks at over 50 different variables including search engine data, website structure, approximate traffic and site performance.  Also ranked above EGPL by Google (NovaLoca rank 5 and EGPL rank 4) NovaLoca is proud to be the leading commercial property listing website (check out searching for commercial property on our maps and solutions for property searches on agents websites).  We never rest on our laurels and have lots more development work already underway, as surely EGPL and others will be looking to improve.  Watch this space, competition can only be good for all site users!

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Miranda - portrait 

by Miranda

THE DATA IS HOW OLD! Out with the old and in with the new

Published
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on January 8, 2010
in Agents
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I was recently surprised to discover how old the data is that some mailing houses are using when sending out commercial property mailing campaigns on their client’s behalf, this lead me to wonder when was the last time agents asked some questions of the commercial property marketing companies they use to fulfil their mailing & data requirements?

For most of us we want value for money and during these economical conditions it is vital to ensure every single penny is spent in the right place gaining the right results. To help you achieve this we want to give you the best information and help you ask the right questions (explaining why you should ask):

Four essential questions to ask your mailing house:

Q. When was the last time you imported fresh data into the area in which you are carrying out your mailing campaign?

E. Importing fresh data keeps your lists as current as possible, if you don’t import fresh data, you will never include new start companies or new branches.

Q. Will any data be used which hasn’t been telephoned, updated & researched?

E. This is a vital question, especially if you are mailing companies which have less than 10 employees any data company worth their salt will be able to tell you how difficult it is to validate this company type, raw data can be highly inaccurate upon import & may come with incomplete & inaccurate address, employee sizes, wrong or no contact name or incorrect telephone number.

Q. What tools do you use to research & cross reference your data?

E. If you do not research your data, you will miss a company that has moved, ceased to trade or simply changed their phone number.

Q. How many returned envelopes do you average per mailing campaign & what do you do with those returns?

E. It is common for every campaign to bring back some returned envelopes and our experience tells us for lots of different reasons, sometimes it is due to Royal Mail failing to deliver, sometimes because the addressee has asked to be removed from the database or because the address information was inaccurate, if you do not deal with these returns as a matter of urgency they will be mailed again and again and again.

MJM will always telephone & validate your mailing list & nothing that has not been telephoned/researched within the past 6 months will be used when supplying, mailing or emailing your campaign. So if you want value for money MJM is a great place to start as not only do we provide great data we will also beat any like for like quotation, call us for today for a quotation on 01767 313332. After all you can walk into any supermarket and find a value range but even on the value range there is a best before date!

Property Help for business owners, part 2 – Service Charges: Be Aware

Published
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admin
on November 27, 2009
in Help for Business Owners & Occupiers
. 1 Comment

loosing money - service charges

It’s like something out of a horror film – a lease can drive up your costs to frightening levels, completely beyond your control.

On Thursday this week I attended the Commercial Property Service Charge Seminar at Offices 09, keen to gain a better understanding of the issues facing occupiers. I soon realised that this is an essential topic – avoid it at your peril!

A landlord’s business is the provision of space for occupation by other businesses, often in multi-occupier premises. So, should the landlord not bear the risks (including the uncertain costs) of that provision? Well, look at it this way – would a restaurant’s customer agree to pay for a meal provided as and when it suits the restaurant, at a standard and price to be defined, after the food and drink is delivered?

This was the essence of the first slide introduced by Vivien King of Bond Pearce, and it identifies the unique position of service charges. Read on for details of how to escape a service charge nightmare!

Here are some rather uncomfortable facts:

  • Service charges cost over £4bn a year in England and Wales.
  • If you take out a lease you can expect to add roughly 10% to your rent bill to cover your service charge.
  • Charges can vary widely from year to year – it is quite common for the charge in some years to shoot up to four times higher than charges for other years.
  • You will not necessarily know about charges in advance (the Loughborough Report 2009* found that in the past two years only 21% of landlords had delivered budgets one month before the start of the financial year).
  • You may not have in writing an agreed level of service that you can expect to be covered by your fees – in fact you may not have any clear idea of how they are arrived at.
  • Previous Loughborough Reports have found service charges both higher than necessary and inexplicably variable.
  • Sinking funds are often not well managed or accounted for, and in the case of shorter-term leases they really may not be appropriate.

It is worth remembering that in the current climate, in which occupiers can have the upper hand in negotiations, anyone entering a lease should negotiate and make sure they very clearly understand what they are signing up to. There are many options to consider, including fixed service charges, caps on service charges, all-inclusive rents and agreements from landlords to comply with the RICS guidelines. Remember that once the lease agreement is signed, depending on its terms you may have no right to withhold payment, even if you think that the payments are unfair. As long as they are in line with your lease arrangement, charges may well be deemed to be just (and therefore upheld in a court of law) even if they don’t seem fair (a great point made by Graham Chase of Chase & Partners & RICS). A lawyer will not necessarily point out the implications of your service charge clause, so question it yourself or ask an expert. The Loughborough Report 2009 found that the median service charge is £5.29 per sq ft, so you are advised to monitor service charges if the total is above this, and to investigate each item if the total is above £7.80 per sq ft.

With regard to legislation, there is a clear distinction between the residential sector, where current legislation covers consultation with tenants; written estimates for proposed work; and ‘reasonable’ costs, standards and timescales for payment demands; and the commercial sector, where no such legislation exists. Given the variable nature of commercial property, legislation may not be the answer in this sector. There are guidelines for RICS members, to which many adhere, even if they may not be happy to put it in their contracts, but a lot of property professionals are not RICS members. While the arguments continue as to who should be responsible for enforcing compliance, ultimately any lease agreement has to be signed by two parties. The more a service charge is questioned, the more this will expose unscrupulous landlords – and those that are already compliant and fair will have a chance to shine.

Service charge disputes are not just a problem for small companies. I spoke to a large occupier in dispute with their landlord over a charge of £1.4m. The occupier claims that services have been cut back, but service charges have not been reduced. Although the occupier had a service charge cap in place, the landlord is charging at the upper limit without justification, the occupier argues. The company concerned would like to have more of a say about contractors and potentially take on managing some services itself.

Miranda - portrait

by Miranda Munn

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For more details, full reports or expert advice you can talk to Property Solutions, sponsors of the event.

*The Loughborough Report 2009: Commercial Property Service Charges, by Dr John Calvert, published by Loughborough University Enterprises Ltd.

The Ultimate Hassle-Free Mailing

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on November 4, 2009
in Agents
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the ultimate hassel free mailing from MJM Marketing

Imagine a mailing that reduces your client’s bill, cuts your own costs, AND takes less time and effort to arrange . . . MJM has made this a reality, by offering the most  hassle-free mailing service imaginable* in addition to an average cost reduction of over 20%.

In this challenging climate, everyone wants more for less. While clients are understandably demanding, they are offering lower budgets, while agents in many cases are struggling under a larger workload. MJM Marketing has always strived to provide agents with the most accurate and comprehensive data possible; and we have also continued to seek ways in which we can save you not just money, but time too.

 So how does the hassle-free mailing work?

  1. Instead of printing your covering letters, we use address labels and print your particulars for you (onto 100g paper, colour printing one side, black & white on the reverse) – extra printing costs only 10p per address.
  2. We reduce flat costs by £30 as no courier collection is required.
  3. We fold your particulars in half and enclose them in C5 envelopes so they can be posted at “small letter” rate, cutting postage costs by a massive 17p per item.
  4. You don’t need to supply a letterhead, arrange printing or compose letter text.
  5. We can even add a hassle-free email campaign, basing the content on your particulars, and send you a proof for approval.

imageAlternatively, our clever “all-in-one” covering letter allows you to combine a personalised letter and particulars; but again there is no need to supply a letterhead, as we can colour-print your letterhead along with colour photos etc.

Our ultimate hassle-free mailing is also our greenest mailing option, as we only print the exact number of pages required, the envelopes use less paper, and we don’t require courier collections.

If you would like to find out more or get a quotation, call Sarah on 01767 313332.

* Let us know if you can imagine even less hassle, and if at all possible we will work to offer this as well!

NovaLoca, Planning for Prosperity

Published
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on October 15, 2009
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Planning for Prosperity

Interested to hear how the government plans to stimulate growth through the English planning system, NovaLoca will be attending the Planning for Prosperity Conference in Tower Hill today.  NovaLoca was designed with occupiers in mind and provides easy access to and communication within the commercial property market.  Making life easier for business owners (and not charging them any money to do it) is our way of helping businesses to prosper, so look out for our stand and the lovely Chris Tembey who will be attending on behalf of NovaLoca, available to answer any questions or explain why NovaLoca is the best commercial property listing website in the UK (and probably the world…)!

Property Help for business owners, Part 1

Published
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on October 2, 2009
in Help for Business Owners & Occupiers
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10 essential points to consider before committing to a commercial lease:

1. Essential Preparation: You should consider the contents of the government’s voluclip_image002ntary code for commercial leases. This encourages more equitable lease construction and landlord/tenant obligations.

2. Legal Overview: In order to avoid onerous terms, appoint a solicitor to review all the legal documents. Agree a fee with them before formally engaging their services.

3. VAT: Be sure of your ability to recover VAT. Lease rents are quoted exclusive of VAT, with a separate comment regarding whether the building is elected for VAT. This can prove a costly oversight if neglected.

4. Flexibility and Break Options: Flexibility comes at a cost. The more flexibility a tenant requires, the higher the annual rent is likely to be, and lease incentives may also be reduced. Break options will only be valid when no other breaches or disputes are present. Make the serving of a break notice as simple as possible and seek to limit attached conditions.

5. Deposits: If you have a limited trading history, or none at all, the landlord will insist on a meaningful deposit being lodged. It is not unusual to be asked to deposit the equivalent of six months’ rent, which is to be held for the duration of the lease. Where possible, try to incorporate an early release clause.

6. Understand the Service Charge Recovery: It is essential to understand the service charge budget, recent service charge reconciliations, apportionment and the principal headings of recovery. Landlords may try to avoid using specific, named headings, to allow future cost recovery. Think about capping or fixing service charge contributions.

7. Alterations: Applications for alterations are often considered as a specific application. Allow time for alterations to be reviewed, so consent from the landlord can be given.

8. Early Access: Alterations will often be required to business premises before occupation (trading) can begin. This will require a specific license or an Agreement to Lease. Discuss this at an early stage of negotiations.

9. Non-Domestic Rates: New rating assessments will come into force on April 1 2010. They are likely to rise, so budget for this increase. Consider asking the landlord to appeal against the new level on your behalf, as you will be charged a fee if you appoint a professional to appeal for you. An appeal may be as much in his interest as it is in yours.

10. Dilapidations: Consider whether the changes you want to make improve the value of the space. If they do, think about asking for the “Yielding up” provisions to be relaxed, as this will save you money in the long term.

These important factors to consider have been brought to you courtesy of TAP (the Tenant Assistance Program). TAP provides impartial assistance in all areas of commercial property. In addition, through NovaLoca, TAP is offering a FREE 30-minute phone consultation with a property expert. Just call 0844 818 9668 and the advice you receive could save you money and aggravation.

In addition, if you would like to subscribe to the full range of assistance available from TAP, you can get one month FREE if you commit to a 12-month contract.  (Subscription rate £60 pcm – call 0844 818 9668.)

How helpful was this article? Let us know what you think…

Time to act as values rise

Published
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on September 24, 2009
in Industry News
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Arrow pointing up increase in property prices

We love to hear good news at NovaLoca (and we are not alone in that!) so we were pleased to see Land Securities announce that its share in Birmingham’s Bullring shopping centre has appreciated by 5% since March this year. According to King Sturge, most of this increase has occurred within the past month. 

We hope this news will encourage those that have been holding back to go ahead and invest. All investors and occupiers want to be sure of getting the best deals and need to see signs of confidence that investments are going to increase in value. We hope this is another indication that now is the time to act!

Here at NovaLoca, August was our busiest month to date in terms of the number of new property listings added, so we have even more reasons to be positive. We also recorded a 10% increase in the number of property details being looked at by occupiers, compared with July. Interestingly, the number of leads sent through to agents did not grow to the same extent, which could indicate that while there is a growing interest in the market, some are still reluctant to commit. We will continue to watch our statistics over the next few months and look forward to reporting rising numbers of leads as confidence builds.

For more information about Land Securities and its Bullring investment, see http://www.guardian.co.uk/business/2009/sep/21/bullring-sale-property-investment-turnaround

Is now the time to buy commercial property?

Published
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on August 21, 2009
in Industry News
. 1 Comment

We have been really encouraged to read reports that we may be close to hitting the bottom of the market. The Guardian reported this week that Blackstone was close to a massive deal with British Land and also that there were signs of private equity funds committing to commercial property acquisitions once again.

The British Land deal, about which there has been much speculation, involves the office complex at Broadgate in the City of London, regarded by some as the crown jewel in its office portfolio. Reports suggest it is about to sell a half-share in Broadgate to the giant US private equity firm Blackstone. British Land has also put together £3bn of funding as it seeks to take advantage of depressed prices over the next couple of years, The Guardian reports. And where Blackstone goes, other private equity buyers are likely to follow, suggesting that a pick-up in market activity may be around the corner.

We are going to keep an eye on the leads coming in through NovaLoca to see if they are increasing. Despite all the difficulties in the commercial property market over the past two years, we have seen a fairly consistent flow of leads each month, but we understand that, looking overall at leads of all sources, conversions are down. Now perhaps the tide is due to turn, or at least an improvement in deal flow may not be far off.

Tell us what you think over the coming months – are more of the great leads sent through by NovaLoca starting to turn into deals?

And for those of you looking for space but hanging on for the best deal – maybe now is the time to act. We all want assurance that we are buying at the right time, but if really big players are starting to invest, perhaps the waiting is over and now is the time to look for deals.

For further information on the reports about Blackstone and British Land, click here

Property owners encouraged to sue agents

Published
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admin
on August 20, 2009
in Agents
. 1 Comment

energy certificate image

NovaLoca understands that Trading Standards has recently been putting pressure on Bedfordshire agents to ensure properties have EPCs (energy performance certificates). In fact, officers have stated that if agents do not start informing owners of their new obligations, they will go direct to property owners to encourage them to sue agents for misinformation.

Although the legislation has been around for a little while, it looks like the grace period is coming to an end – all commercial properties will need to be analysed for energy consumption before they can even be marketed.

At NovaLoca we are concerned about the additional pressure on agents and also on their clients. We want to make lives easier, so we are investigating EPC requirements and carrying out impartial research on various EPC providers, in an effort to do some of the work for you.

We are surprised at how long it is has taken us to conduct a full investigation, but this makes us all the more determined to help out, as it’s unreasonable to assume that each agent will have the time to do the same lengthy research.

If you have any information you think we should bear in mind, please let us know. In the meantime we are working on presenting you with helpful and impartial advice to consider when dealing with this new(ish!) legislation.

Tracking Enquiries on NovaLoca

Published
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on July 29, 2009
in Help for Agents using NovaLoca
. 0 Comments

Proof that marketing commercial property on NovaLoca works! Once you have listed your properties on NovaLoca you can see at any time how many occupiers have been looking at them.  You can also see how many times your brochures have been downloaded, content of all your email enquiries and the time, date, caller id and length of call for each occupier that has contacted you by phone after seeing your property advertised on NovaLoca.com. 

Check out our ‘tracking enquiries’ demo below (enlarge the demo by clicking on the 4 arrows on the bottom right next to the word ‘vimeo’).

Tracking Enquiries on NovaLoca from NovaLoca on Vimeo.