Did you always envisage a career in the industry?

I was open minded about everything when I left school.  My thoughts and interests ranged from joining the army, being a jockey or becoming a stockbroker.  I considered a range of careers but after a week of work experience with Storey Sons & Parker in Newcastle, I had my sights set on a career in property.  I enrolled on an estate management degree at Birmingham University, which in turn lead to a training contract with Knight Frank in Newcastle in order to become qualified.

What is your favourite aspect of the job? 

Variety – no two days are the same, whether it is working up a pitch, advising on a sale, underwriting a purchase or helping a client to add value to an asset by working through a business plan.  In order to be able to advise on property acquisitions you need a strong commercial background and a clear understanding of funding rates, swap rates, economics and occupier trends. 

What has been your career defining moment? 

Being instructed to sell a £30million portfolio for Northumberland Estates in 2009, in the depths of the financial crisis was a proud moment. Also being head hunted to re-join Knight Frank in Newcastle in 2013, having left in 1997 when I went to work in London. It was a good lesson in not burning bridges and felt like I was coming home.   

How do you measure success? 

We work in a serviced industry and providing best in class service to our clients is paramount.  Our success is measured in parallel with the successes of our clients. The ultimate accolade is repeat business from loyal clients who continue to instruct us in preference to our competitors.  We are grateful for their loyalty and endeavour to repay it with excellent service.

What have been the biggest changes in the industry since you started?

Technology – I remember measuring the old Debenhams department store in Sunderland in the mid-1990s with a tape measure which took 2 days.  Nowadays a laser measurer means it takes a couple of hours.  The advent of Google Earth, computer generated images and digital photography have greatly enhanced how we operate as a business. Likewise the free flow of large packages of information on email such as leases, title documents, and marketing material has streamed lined the whole process.  With this efficiency comes an expectation of heightened response times and levels of service.

How has your skillset developed accordingly? 

By working with great people it’s not surprising that some of their creative and technological flair rubs off.  Where there is a shortfall, there are plenty of young guys and girls in the office to help out.  

Are you a risk taker by nature or more conservative? 

I provide investment advice, so am not a risk taker. Every property has a fair price. The more risk associated with a property, such as a weak tenant, the higher the yield needs to be to reflect this. The majority of our clients are seeking returns of between 10%- 20% which they achieve through a blend of income return, rental growth, gearing and asset management. They dictate how far up the risk curve they want to go and we try and source the opportunities to match. 

To what would you attribute your success? 

Great clients and a great team to work with.  I have been fortunate to spend most of my career working for partnerships which I believe is the best structure for a surveying practice to operate under as compared to the large corporate structures that have evolved over the years.  The partnership ethos is more entrepreneurial and less limited by corporate rules.

We all need a mentor in our career and when I joined Healy & Baker in London in the late 1990’s I worked for David Erwin who would go on to lead the capital markets team  at Cushman & Wakefield.  He provided an excellent grounding in fund management, client management and schooled me in the subtle arts of the property business.  We also shared a keen interest in horse racing which is a great leveller. No matter how clever you think you are, horses have an uncanny talent for proving the opposite.

What’s your biggest weakness and how have you managed this? 

I don’t like working under pressure and therefore am good at managing my time in order to ensure that deadlines don’t become last minute panics. My Father was an officer in the army and installed in me the Five P’s . – Proper Planning Prevents Poor Performance. His advice was largely directed towards my teenage self in response to being late, untidy or disorganised for family events but it has rubbed off into my professional career. 

How do you remain motivated? 

I live in the Tyne Valley with my wife, two teenage children, three dogs, three cats, ponies and chickens – There are lots of mouths to feed! 

Would you prefer to be liked or respected?

Liked in your personal life and respected in your professional life is how the old adage goes. However we spend more time with our work colleagues than our families so our behaviour needs to reflect that. 

I’ll retire when….

I've paid off the mortgage, and my children are able to stand on their own two feet. I became a non-exec Director of Carlisle Racecourse 12 months ago and look forward to expanding on that role in years to come. I still feel I am closer to the start of my career than the end, so there is still plenty of property work to be done yet. 

Dickon Wood is a Partner in the Capital Markets team at Knight Frank Newcastle. Contact him on  +44 191 594 5036 or at dickon.wood@knightfrank.com

For further information, please contact:

Laura Jeffery, Commercial PR Executive, +44 20 3869 4714

Ella Mullings, Commercial PR Manager, +44 2038 970 044