Nigel Lewis talks about Bold & Reeves in DealMakerz
Bold & Reeves was started by property manager and former soldier Bill Shipton six years ago after he began looking for an outsourced property management solution for the 15 homes in London that he was looking after on behalf of a Middle East family.
“I looked at the firms who purported to provide a service for luxury properties and it became quite clear to me that they didn’t have what I was looking for,” he says.
“I had a tech background too so I brought that and property management together for the super prime market.
“The guiding principles of property management are proactivity and continuity of knowledge about a building, so it struck me as odd that no one had built tech that could be a digital property logbook, particularly when buildings at this end of the market are every bit as complicated as a jet or car to maintain and operate.”
Top tier tech
Bold & Reeves has built an IOS web-based app for owners and their ‘assistants’ that enables them to have a record of both everything that has happened to their property, or that is planned or predicted to happen.
A secondary system monitors the property in real time and, for example, can predict that an air conditioning units is about to fail.
“It also delivers both visibility and transparency about the costs of their homes; I always find it astonishing that people spend so much money on a property but are often completely unaware how much it costs to run.”
Shipton says he charges £2 per square foot for his service and that luxury homes cost £6-8 per square foot to run each year.
“We can monitor everything that moves within a property and second-guess problems by enabling the system to machine learn ‘what normal looks like’ and therefore spot deviations.
“The tech enables our property managers to be three times more efficient than those who use traditional methods, and help them manage more properties than they would be able to without the tech. ”
The Bold and Reeves app also appeals to at least two of the three primary concerns of HNWIs – not to waste their time or their money, and to be discrete, something most players in this market are hoping to achieve.