‘OUR NAME FOR BEING HONEST AND STRAIGHTFORWARD HAS WORKED FOR US FOR 24 YEARS’

Neil

Altman, Managing Director of VDBM

Chartered

Surveyors, talks to Sarah Dale about property trends and how the company can help Chamber members.

Neil Altman founded VDBM in 2001 and their solid reputation and repeat client list have kept them in business for 24 years.

Based in Northwood, VDBM is a wellestablished independent firm of Chartered Surveyors offering trusted advice and solutions to property owners and occupiers, with services including commercial property sales and lettings, rent reviews, lease renewals, valuations, property management and dilapidations.

They joined Hillingdon Chamber of Commerce more than 20 years ago and Neil says that all Hillingdon Chamber members can benefit from a free initial consultation.

“We joined the Chamber to network with other people who are in business to identify opportunities for them and opportunities for us,” says Neil, whose wife Sarah, an experienced Chartered Accountant, also works for the firm as Finance and Operations Director.

“We like the Chamber newsletter, it’s very informative, whether it’s about new legislation or something new happening in the area.”

VDBM is taking on new instructions on the agency side of the business throughout its core area of Hillingdon, Harrow, Brent and Ealing, as well as further afield in the South East.

“The local areas are working for us,” he says. “We are continuing to grow our portfolio and the more opportunities we have, the more instructions we receive.

“People say retail property is dead but it’s not. Most local areas bounced back quickly from Covid. To be honest, we can’t get enough local shops. We have one near Heathrow, for example, which despite not being in a prime location, had five or six viewings and a couple of offers straightaway. Shops are letting very quickly, as well as service businesses. People are still wanting to be in this location and there is a big demand for properties, with many new businesses setting up.”

Neil attributes their success to forging strong relationships with clients and having built up a good name to attract new customers too.

“We started the business in 2001 on the back of an established client list, and we are on the third incarnation for managing some of our clients, who have been with me for more than 30 years. It’s all about relationships. That is what leads to repeat business. Plus, people know they can come to us for honest, straightforward advice.

“We can reassure people that there is always a way to deal with an issue whether it is a rent review or a dilapidation. A lot of companies in the property world get a terrible reputation, but I think our name for being honest and straightforward has helped us.”

Neil says they have also noticed a significant change in people’s working habits, with increased demand for office space. During and after the Covid pandemic, many employees worked from home, but in more recent times, there has been a shift towards returning to an office environment.

“Even smaller businesses want office space and although everyone downsized by 50 per cent, there is still a market for it,” he explains.

“In the past six months we have seen more interest in offices. People are looking for better quality offices now. Their view is that if they are going to move from working from home, they want an office that’s pleasant with natural light, good facilities, and still be able to pop out and get a good coffee. People need to be working with others in the office for collaboration and teambuilding. Younger people need to be in the office to learn from older hands too.

“Everyone at VDBM is here full-time in our office. It is better for us as a customer-facing business and provides a better service to clients.”

In the property sector, the amount of red tape and legislation can be a challenge, says Neil, but it is uncertainty which is proving to be the biggest factor in unsettling the business community.

“People are worried about inheritance effects and are concerned about a possible recession,” he says.

“Interest rates are going in the right direction, but inflation has been a worry for business and, of course, the biggest factor has been the changes to National Insurance. They are reluctant to take on more staff. Shop business rates, on average, will be going up £5,000 a year.

“On the positives, we have seen a rise in the number of businesses on our local high streets, which is good for the local economy. Footfall is returning.

“The warehouse market went ballistic after Covid because everyone needed warehouse space in 2021 and 2022, and it is still high in places such as Heathrow and Park Royal.” www.vdbm.co.uk

Over the next year, VDBM is looking to increase its market share and the geographical areas in which it operates.