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AS one of Jersey’s ‘seven angry men’ who organised the 2003 ‘Black Tuesday’ protest in which 2,500 Islanders gathered in the Royal Square to demonstrate against a budget which they said would drive the economy into recession, it is difficult to imagine Roger Trower lacking confidence.
But, having just resigned from his role at NatWest in 1975, a young Roger was decidedly nervous about telling his mother that he no longer had a job.
‘I moved to Jersey in 1971 to work in the new NatWest Colomberie branch, which had been set up specifically to deal with account holders who lived and worked overseas and sent money back to their families in the UK,’ explained the now chief executive of Broadlands.
‘When the bank wanted to send me back to the regional office in 1975, I realised how much I had got into the Jersey way of life – particularly the sport and surfing side – and I knew that I didn’t want to leave the Island so I resigned, which wasn’t the done thing in those days.
‘However, I didn’t have another job lined up so I was just plucking up the courage to tell my mum what I had done when I bumped into the sales manager of Jacksons Garage.’
After an evening in which ‘rather a lot of alcohol was consumed’, Roger secured a position as a salesman at the family-run motor dealership and quickly discovered that he had an aptitude for selling.
‘I spent about six years there, working my way up to sales manager before a conversation with fellow water skier Cliff Jones brought me into the world of property,’ he explained.
Indeed, it was during another evening out that Cliff, who owned Broadlands, encouraged Roger to join the estate agency, a move which he made in spring 1982.
‘Although I had never worked in property before, I knew how to sell and – even more importantly – I knew how to get on with people,’ Roger reflected. ‘The one thing you very quickly learn is that everyone is a property expert and knows more than the estate agent about their property so it really comes down to knowing what you’re talking about and, crucially, getting on with the person you’re talking to.’
While those principles have remained unchanged over Roger’s 40 years in the business, other areas of the market have changed significantly.
‘Clearly, the value of property has moved on considerably,’ he said. ‘In 1987, the most expensive property I sold went for £850,000 and that was a house that would now go for several million pounds. But, apart from the values, the biggest change is in the number of estate agents in the Island.
‘When I first started, everyone knew each other and there was a great camaraderie between agents. Now, though, there are more than 50 registered estate agents in the Island, which is far too many, especially when you consider that there is no regulation so anybody can set up in business at any time.’
Indeed, the lack of regulation in the industry is something of a bugbear both for Roger and for his sons, Harry and Nick, who are also directors of Broadlands.
‘The market has to be regulated,’ said Harry, who joined the business in 2008. ‘You are dealing with a person’s greatest asset so it is really important that not only do you know what you are doing but that you also know who you are acting for and who you are selling to. In Norway, you have to have a degree to become an estate agent. In Jersey, where property prices are among the highest in the world, there are no requirements.’
For Nick, meanwhile, who joined the company earlier this year to set up a new commercial division, regulation is a no-brainer.
‘I’m a chartered surveyor and member of the RICS so I’m used to following a code of conduct and a very stringent ethical code,’ said the former Jersey Reds rugby player. ‘This ethos is one that we apply across both the commercial and residential side of Broadlands.’
The decision to diversify into commercial property stemmed from an evaluation of the business which Harry undertook a year ago.
‘I got everyone in the office to undertake a SWOT analysis and, when all the answers came back, one of the main threats identified was that, as we didn’t have a commercial arm, we were very dependent on market conditions,’ he explained. ‘While the market has been buoyant in recent years, you cannot rely on that always being the case.
‘I’d been talking to Nick for about five years about setting up a commercial division as, although it was something I wanted to do, I couldn’t imagine doing it with anyone else.’
Having finally persuaded his brother to join the family firm, Broadlands Commercial has now launched as ‘a new company under the Broadlands umbrella’.
‘I am really excited to be joining the team now and combining my experience and contacts with their knowledge,’ said Nick. ‘I’ve seen a lot of people join their family business at the start of their career and learn from the ground up but I’ve worked in a corporate environment for 13 years now and that experience will allow me to bring a different dimension to the company.’
Having joined from D2, with whom he continues to have ‘an excellent relationship’, Nick said that the Island’s commercial market was in a strong position.
‘While some people are reluctant to sell because there is a limited quantity of high-quality stock to buy, this is still an active market supported by the fact that interest rates are still pretty low,’ he said.
‘It is just a case of finding the right places for the right people and giving concise, dynamic and good advice to clients. That client care is the main part of the job.’
As well as adding another string to the company’s bow, Nick’s appointment strengthens Broadlands’ succession planning.
‘Since becoming a director in 2017, I have been focused on how to develop the business and plan for the future,’ explained Harry. ‘While the residential side is incredibly strong – and has survived the recessions of 1991 and 2008 – I have always wanted to grow the company to be more than just an estate agency. This is the next step and it’s hugely exciting.’
And, with the residential market just beginning to ‘slow down’ after the post-Covid boom, the timing of this new venture is particularly prudent.
‘As interest rates are now going up, the indicators are that properties won’t sell quite as quickly and that people will look at the prices of certain houses and decide not to pay those figures,’ said Roger.
‘While there are currently about 750 properties on the open market, you can see from the number of open viewings and price reductions that things are beginning to slow down,’ added Harry. ‘With the likelihood of further interest-rate rises in 2023 and possibly 2024 until inflation comes back under control, it is likely that this trend will continue for the next couple of years.
‘Having said that, if you look at the Island’s property records over the decades, history shows that, even through recessions, the residential market continues to perform strongly. The only question is whether, as people face the rising cost of living, they are able to secure lending for their mortgage.’
But the mortgage repayments are not, say the team, the biggest obstacle facing would-be homeowners.
‘The deposit and the stamp duty are the greatest challenges,’ said Roger. ‘While stamp duty may be an easy way for the government to generate more revenue, it is a tax which needs to be reviewed. On a £1.5m property, for example, the stamp duty is £50,000, which has to be paid immediately. That’s a lot of extra money for people to find at the outset when they may be having to pay a deposit in the region of 20% of the sale value (£300,000).’
While predicting a slightly less buoyant market for the next year or so, the family’s faith in the future of the business is undimmed.
‘Over the past two years, anyone could have sold property but, having built a strong and knowledgeable team of negotiators, we have the understanding and the experience to do this when times are tough,’ said Roger.
‘Succession planning is also a key part of the business and it is massively important to me that both Harry and Nick are now in the firm. Their contrasting experiences but complementary approaches will stand the business in great stead.’
Harry agrees: ‘While our approaches may be different, Nick and I know each other, and get on together, really well.
‘From a future-proofing perspective, it’s really helpful that we have different views but that we can work together to agree the best course for the business.
‘If anything is keeping me awake at night, it isn’t a fear that sales are slowing down; it’s a question of what we are going to do next to take the business to the next level.’
