Five ways to compete with Build-to-Rent
Mary-Anne Bowring 13/02/2020
1844
How to compete with BTR
The Build-to-Rent revolution is seemingly unstoppable but buy-to-let landlords can make their offer equally attractive. Build-to-Rent operators are rapidly changing the face of renting in the UK. New apartments, long leases and a wide range of amenities add up to a lifestyle that has strong appeal, particularly for young professionals. In the last year, there has been a surge in the number of completed rental homes in London and in key regional cities around the country.Outside the capital, Manchester, Birmingham Liverpool, Leeds, Glasgow and Sheffield are leading the way. And according to recent figures from the British Property Federation (BPF) there are another 35,415 BTR homes are under construction and 75,475 in planning. That’s an increase of 15% over last year. So with all this brand new rental property coming on to the market, buy-to-let landlords will inevitably find themselves facing stiff competition for the best returns on their investment. Of course, there is still plenty of demand for more traditional rental homes. But if you are a landlord with one or two properties in a town or city that is now well served by the rapidly expanding BTR sector, it is worth bearing in mind that tenants will increasingly be comparing your rental home with one in a shiny new BTR block.
How to add kerb appeal
- Up your game: throw out that dated furniture and invest in high quality fixtures and fittings and fresh, modern décor.
- Market your property effectively: take good quality photographs while the property is empty and ready to rent. That way it will be shown to its best advantage.
- Use a professional letting agent to help you find the right tenant for your rental home.
- Consider offering tenants longer rental agreements. Three-year terms are now commonplace in the BTR sector.
- Finally, download our PlanetRent app to ensure you give your tenants a professional rental journey from start to finish and to ensure you are compliant with all the latest regulations.
Planetrent Properties
info@planetrent.co.uk
0208 0599 550 (for sales)
Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.
Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.
Let: This term signifies an established binding rental agreement between the landlord and tenant.
For both lettings and sales, the guidance addresses additional terms:
New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.
New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.
Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.