Five ways to compete with Build-to-Rent
Mary-Anne Bowring 13/02/2020
2405
How to Compete with BTR
The Build-to-Rent (BTR) revolution is rapidly transforming the rental market, but buy-to-let landlords can still make their properties highly competitive. As BTR operators continue to change the rental landscape, landlords can still compete by offering similar value and appeal to tenants.
The Growth of Build-to-Rent
BTR developments have surged in popularity, particularly in cities like Manchester, Birmingham, Liverpool, Leeds, Glasgow, and Sheffield. With over 35,000 BTR homes under construction and many more in planning, this sector is growing rapidly, giving buy-to-let landlords stiff competition.
Challenges for Buy-to-Let Landlords
While there is still demand for traditional rental homes, landlords in areas with expanding BTR developments should understand that tenants will increasingly compare their properties with the sleek, amenity-rich offerings found in new BTR blocks.
How to Add Kerb Appeal
To stay competitive, landlords should consider making their properties more attractive to potential tenants:
- Up your game: Replace outdated furniture and invest in high-quality fixtures and fittings.
- Market your property effectively: Take high-quality photos when the property is empty to show it at its best.
- Use a professional letting agent: They can help you find the right tenant and ensure your property is marketed effectively.
Offer Longer Rental Agreements
Consider offering tenants longer lease terms, as three-year agreements are becoming standard in the BTR sector, making your property a more attractive option for those seeking stability.
Ensure a Professional Rental Journey with PlanetRent
To make the rental experience seamless and professional for your tenants, download the PlanetRent app. It will help you manage your property and ensure you stay compliant with the latest regulations while providing a high-quality rental experience.
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.