Married to the Job

New to the block but old hands in the industry, Nicolas Pejacsevich and Patrick Alvarado, settle into their latest roles as founders of boutique London estate agents Nicolas Van Patrick, based in Knightsbridge. Hannah Lemon reports.

Nicolas Pejacsevich and Patrick Alvarado can’t help but tease and cajole each other. They are having their pictures taken and fluidly chop and change between Spanish and English. Patrick jokes in a crisp London accent, “Is this my good side?” while Nic retorts with something in Spanish; it’s much like following the in-jokes of a married couple. This is all part of the relaxed charm of their new venture – independent estate agents Nicolas Van Patrick – and a by-product of a successful 15-year career and partnership within the property industry.

Despite the international repartee, they are Londoners through and through. Patrick was raised in Knightsbridge, attending school in the area, and Nic, who was born in South America, has been here for the last 20 years. I ask who the ‘Van’ in the company name alludes to but they are reluctant to reveal any details, although, Patrick does vaguely divulge that the word pays homage to their investor who is from one of the most powerful corporate Dutch dynasties.

Nic and Patrick met while working in the residential sector for the flagship office of one of the UK’s largest independent estate agents. “For four or five years Nic was the number one earner,” says Patrick, complimenting his business partner. “Even in the month before he left Nic was number one. It’s nice to leave being at the top.” And their hope is that they will remain at these heady heights in Prime Central London.

Although they were previously employed by a large brand, Nic and Patrick managed to work fairly independently and so it seems like a natural progression for them to start their own company. They launched Nicolas Van Patrick in September last year wanting to invest in a future for both their families. “We waited a while before making the jump but we had been aiming towards it for quite a while. I was a little wild growing up but as I’ve grown older I have become more mature and responsible,” laughs Nic, as I glance down at the leather bracelets he still wears, a hint at this former life perhaps. “I was ready for the challenge. It is a calculated risk and in a very competitive market, but when the opportunity came along we couldn’t say no.”

The risk seems to be paying off, despite the uneasy market in the lead up to the election. To date they have already sold, let and acquired several properties for clients and continue to do so. Their plan is to turn this boutique into a million pound office by year three. “We are ahead of schedule with our first year target earnings,” says Patrick. They have Kensington, Chelsea, Knightsbridge and parts of Mayfair at their fingertips and the added bonus that they are not limited to working in a particular ‘patch’.

There is no denying that they have a good pitch for the office; it is near Knightsbridge Underground and in the heart of prime property prices. Undoubtedly, this comes with competition but Nic and Patrick use this to their advantage. “We can offer fees to other agents,” Nic informs me. We can be much more pragmatic and flexible with the way we share our business.” They also rely on clients choosing them as people, rather than buying into a brand. “Obviously there is competition but we believe it’s our personalities that will eventually win us new clients. We can offer something different and we feel – without wanting to sound arrogant – that we can give our time,” adds Nic.

Their unique selling point, if you will, is that they match the demographic that they are selling to: established international businessmen. Between them they speak five languages: Spanish, French, English, Italian and German. “This has helped us with international clients as they can relate to us and we can relate to them,” says Nic. And with the changing face of the buyer over the last decade from domestic to international, their timing couldn’t be more apt. “There were so many Italian buyers, especially after Lehman Brothers crashed and the sterling collapsed. There was a huge exodus of wealth,” explains Nic. Now they predict that the Swiss and the Greeks will be the next to land on our shores.

Business sounds steady, but have they considered that they might be stuck in a ‘honeymoon’ period? With only two on the team, do they have enough man power or expert knowledge to cover all areas? “I think we have to really take a lot on for me to say I can’t do it,” comments Nic. Although, with the upcoming election they have recruited one additional member to head up the lettings department. “With the election in May, we all know notoriously that people put their foot on the brakes until they get clarity,” says Patrick. “What normally happens is that when one switches off, the lettings market switches on. I was reading yesterday that for the first time, rental values and Prime Central London have outstripped the peak of 2008. Although,”he adds with a smile, “we already knew this was going to happen.”

Patrick describes the company as the bellwether of the property market, which looks to stand them in good stead for a healthy first year. “Everything sells, it’s just at what price,” he explains. “London takes more property taxes than anywhere else in the world but that hasn’t put any investors off.” There is also the added bonus that “people feel safe parking their money in Prime Central London. The capital appreciation is second to none,” continues Patrick. The only concern the duo list is if the UK leaves the
European Union. “But we can’t afford to be complacent or negative,” chimes Nic. “We have time to think and work smart.”

Do they work well together? Once again Nic and Patrick erupt into laughter while listing the humorous interactions of a normal day in the office; it is obvious that they have reached the ideal combination of old friends and business partners. “We’ve created a fun and dynamic environment,” says Nic. “The energy and enthusiasm comes across and people buy into that.”