The Benefits of Letting Your Property through a Brighton Lettings Agent

If you’ve recently invested in a buy-to-let property, your goal is to find tenants as quickly as possible. The task of finding and vetting tenants is not always easy, especially if you’re a first-time landlord.

While there are many people who believe letting agents are no longer necessary, thanks to online property portals, there are still some major advantages to letting your property through an experienced and reputable agent. An agent will:

Save You Time

One of the biggest benefits to letting your property through an agent is that it saves you time. Finding and vetting tenants can be a time consuming process. If this is your first time letting a property, you may find yourself overwhelmed and unsure of where to even find tenants and how to screen them.

A letting agent will save you the time and frustration of having to find tenants yourself, so you can focus on more important things. An agent will also take care of viewings and negotiations.

Market Your Property

An established agent will have the local network and capability to market your property effectively. Local agents are often the best choice as they will understand where and how to promote your property. An agent that specializes in Brighton lettings, for example, will know where to find the kind of tenants you’re looking for.

In addition to traditional advertising methods, such as newspaper and magazine advertisements, letting agents will also use ‘To Let’ boards, online advertisements and web portals like Primelocation.com. Some agents also have their own creative ways to market properties that you may not have thought of.

Find Appropriate Tenants

The primary concern of a letting agent is finding suitable tenants to occupy your property. An agent will not just look for any tenant, however. Instead, they will look for tenants that you want to let to. This increases the chances of your tenants becoming long-term, and minimizing those “void” periods when your property is empty.

How effective your agent is at finding a suitable tenant largely depends on you. The more information you provide him or her with, the better they will be able to find a tenant that matches your needs. If you prefer to rent to a single person, let the agent know so that they do not show your property to families and others that do not fit your ideal tenant profile.

Have Experience and Knowledge of the Market

Another major advantage to using a letting agent is that they have experience and knowledge of the local market.

They know what type of properties are available for rent in the area, and which types of properties are in high demand. This knowledge allows them to help you find a suitable rent price that will attract the type of tenants you are looking for.

Without the help of an agent, the job of researching the local market and establishing a rent price will fall on you. Many landlords who go about this on their own wind up setting their rent prices too high or too low. If the price is too high, you will have a hard time finding tenants. On the other hand, if the price is too low, you will be leaving money on the table.

Offer Property Management Services

The vast majority of Brighton letting agents also offer property management services. No matter whether you’re a new landlord or have several years of experience, the task of managing a property on your own can be a daunting one.

Letting agents that also offer management services allow you to take advantage of a complete range of services directly from one agency.

A managing agent will vet your potential tenants, organise tenant agreements, collect rent on your behalf, manage maintenance tasks and offer you professional guidance along the way.

Whether or not you let your property through a Brighton lettings agent ultimately comes down to personal preference and your budget. In most cases, it’s well worth the cost of using an agent. Not only will they save you time, but his or her experience will help ensure that you find tenants that match your needs. If you choose to also take advantage of their managing services, you can enjoy being an almost completely hands-off landlord.

Buying Property in Brighton – Is it Worth the Cost?

Affectionately known as “London-by-the-sea,” Brighton is a vibrant city that’s shaping up to be a trendy alternative to the hustle and bustle of London. Despite the fact that residents are relocating to the city in droves, it continues to be a popular destination, especially during the summer. Yet many investors still question whether or not buying property in Brighton is worth the high cost.

Brighton’s Property Market

The popularity of Brighton is evident in the city’s property market. Properties are often snapped up as quickly as they’re listed. The high price tag attached to these properties is also an indication that people are willing to pay a pretty penny to claim their own space in this eclectic town.

If you’re looking for an investment property or plan on buying property in Brighton to live, be prepared to pay a high price – especially for properties in the centre of town. If you like a challenge, there are some renovation opportunities. Quite a few properties are outdated or deteriorating. If you have the skills, patience and budget, you can see a nice return on your investment by purchasing a property that needs renovating.

Buying property in Brighton can be a smart investment if you’re in it for the long haul. In other words, you will need to hold onto your property for at least five to ten years in order to see the highest return.

While five to ten years may sound like a very long time to hold onto an investment, this is not an uncommon length of time for real estate investments. Property does not accumulate in value as quickly as other types of investments, so you need to be prepared to make a long-term investment before buying property in Brighton.

A Thriving Rental Market

The rental market in Brighton is thriving, with more than 20% of homes designated HMO (Houses of Multiple Occupancy).

Brighton is a haven for professionals, as wages in the city are low and property prices are high. Studios and two bedroom flats are the most popular properties and will return a nice investment. On average, studios sell for £120,000 and studio rental prices start at £500.

It’s difficult to find a two bedroom flat for under £1100, and one bedrooms typically rent for £1000. As property prices continue to rise, there is a potential to see an even higher return.

Of course, it’s important not to forget that there is never a shortage of students looking for accommodation in Brighton. If you’re interested in letting to students, the constant turnover each year will nearly ensure that your property is never empty for a long period of time. Rental returns are consistently high to boot.

A Buoyant Market

While there’s certainly the potential of seeing a nice return by investing in Brighton properties, the buoyant market is highly competitive. With such stiff competition between landlords in the area, you must act fast when properties are put up for sale.

In addition to competition, there are also concerns with HMO rules. The new scheme requires that the Council carry out an inspection of your property to ensure that it meets the license standards. While most of the properties are up to code, it’s important to understand the new HMO rules to avoid investing in a property that will require major renovations.

An Attractive Place to Live

At the end of the day, Brighton will always be a place where people want to live. There will always be people looking to escape city life, either on holiday or permanently. While the sea is what attracts most people to Brighton, the city itself boasts a vibrant and lively atmosphere with plenty of things to see and do in the area.

Brighton is home to:

  • Fantastic restaurants

  • The Brighton Pier

  • The Open Market

  • Plenty of museums

  • The Brighton Wheel

  • The Royal Pavilion

  • Theatre Royal Brighton

It’s easy to see why Brighton is such an attractive city and why property prices are consistently rising. If you have the budget and are able to act quickly, buying property in Brighton is well worth the cost. No matter whether you’re looking to live in the city, invest in property or let out to tenants, you are sure to see a good return providing you consider the property a long-term investment.

Tips for Landlords Offering Student Lettings in Brighton

Landlords who offer student lettings in Brighton sometimes struggle to find tenants, despite the high demand for student housing. In many cases, the issue isn’t necessarily the cost of the rent, but the property itself. Knowing what students are looking for can help make your property more attractive and increase your chances of finding suitable tenants. Here are some tips:

Boast Local Amenities

Students want to be close to local amenities. They want to be in close proximity to pubs, takeaways and convenience shops. A large percentage of students don’t have their own transport, so living far away from these amenities will make your property an inconvenient option for them. Naturally, students are also looking for properties that are close to campus.

If you already own a property, there’s little you can do about the local amenities, but you should make mention of them in your advertisements. If you have yet to purchase a property, consider the local amenities and the ease of access to local transport before making a final purchase. Step into a student’s shoes and consider whether or not you would want to live there.

Focus on Social Space

Most students are looking for properties that offer large communal areas. Students tend to prefer large housing that can accommodate large groups. The more students the housing can accommodate, the more affordable the rent. At the same time, students want ample space to socialize with their friends and roommates.

Most UK students live in tenancies of four, so ensuring that your tenants have ample space to socialize is crucial. Sacrificing the lounge to make room for an extra bedroom may wind up costing you tenants.

Make Sure That You Have Broadband

Fast broadband is one of, if not the, most important thing to a student tenant. More than 80% of students look for properties with solid Internet access. This is up 30% from 2013. If you want your property to appeal to students, you need to make sure that broadband access is available, and that the connection is reliable.

Why is broadband so important? Today, most students rely on the web to not only socialize, but complete assignments, research and study as well. Not having a reliable broadband connection is an inconvenience that most students would prefer not to deal with.

Storage is Important

Many student landlords overlook the importance of storage, but most are looking for sufficient storage to keep their home tidy and organized. Ensure that your property has sufficient wardrobes, cupboards and other storage solutions available.

Offer Inclusive Billing

To minimize headaches and make the lives of your tenants easier, offer inclusive billing. More than half of students consider inclusive bills an essential factor when selecting a property.

When students are left to split the bills amongst themselves, arguments and stress often follow. Nearly one in ten students are left having to pay someone else’s bill. Landlords are also often left with unpaid bills at the end of tenancies that cause even more stress and headaches.

Inclusive bills are a simple solution that allow you to avoid all of these issues. As an added bonus, this type of billing is very easy to set up and manage.

Advertise Your Property Online

If you want to find student tenants, you need to advertise in the right places. Most students are online and will search for properties online. Gone are the days of advertising your property in local student magazines.

The vast majority of students are on Facebook and more than half are on YouTube daily. Consider advertising on these two mediums. Advertising your property on online student property portals is another smart idea.

You may also want to consider establishing a presence on social media sites like Facebook and Twitter to spread the word. Reaching students in the right place can mean the difference between letting your property and having it sit vacant for several months.

The demand for student letting in Brighton continues to grow, which presents a lucrative opportunity for landlords. Understanding what students are looking for is the key to finding tenants quickly and easily. Properties that offer the amenities listed above are more likely to attract students and help ensure that you have tenants occupying your property at all times.

Uncovering the Rental Market in Brighton

Thinking of moving to Brighton and want to find a rental that will satisfy all of your needs? Before making the jump and moving, you need to know what the rental market in Brighton has to offer and what you can expect when living in Brighton.

Common Statistics to Know

Homes.co.uk offers very insightful statistics to all potential renters in Brighton. This information will allow you to judge whether or not the city is a good fit for you economically.

A few of the most important statistics are as follows:

Number of Properties Available

There are currently over 1,400 properties available for rent, with over 450 properties being new listings that have just appeared within the last 14 days. These are properties of all types from rooms to flats or entire houses.

Rent Costs

The cost of rent will change greatly depending on how many rooms are needed and what type of rental is chosen. According to the statistics, a person can expect to pay a median rent of 1,248 pounds. However, the average property in Brighton rents for 1,347 pounds.

These figures will be discussed more in-depth below.

Rental Statistics for Property Owners

Thinking of getting into the rental market in Brighton as a solid investment? There are a few statistics that you may want to consider before making an investment.

Average Time on the Market

The cost of rent will dictate the average time on the market as well as the size of the rental. This should come as no surprise to investors, but knowing the optimal room number will be of the utmost importance to all investors.

On a whole, the average property will be on the market for 81 days. This is, as mentioned, an average with some rent ranges on the market for more than 120 days, and other rental ranges on the market for just 52 days.

The statistics show that room-only rentals are by far the hardest to rent with an average time on the market being 205 days and a median rent of just 473 pounds. The lowest time on the market would be 49 days for flats with a median rent of 997 pounds. Houses are almost double the rental cost and time on the market with median prices being 1,700 pounds and a time on the market of 105 days.

Two bedroom rentals will be the fastest moving at 38 days on the market and an average rent of 1,209 pounds. Three bedrooms offer a much higher rental income on average with a 45 day time on the market seen and a rental average of 1,483 pounds.

Properties that have abnormally low price ranges or high price ranges will be unrented for much longer than moderate pricing. Properties between 250 and 500 pounds are on the market for 159 days on average and properties that require a rental price of 2,000 or more pounds will stay on the market for more than 120 days on average.

As a property owner, it is far more lucrative to rent out a house than any other property type. This, however, also comes with the downside of a long waiting period between renters. Flats are the ideal choice for investors as they do not stay on the market for much longer than a month and yield an average rent of 1,087 pounds. The competition is much higher when renting out a flat, with more than 50 percent of all rentals being flats.

Single room rentals are the lowest in terms of availability and rental income expectancy.

The statistics provided were for a 5 mile radius starting at the centre of Brighton.

Letting a property will provide the utmost in amenities to the tenant. Not only does Brighton have a lot to do, but the Pavilion makes it a hotspot for tourists and an exciting summer that is filled with fun, food and great movies that are broadcasted on the big screen during the month of July.

The rental market in Brighton is currently thriving. Ranked 3rd in the 2013 Vitality Index, Brighton has a very strong economy that is expected to grow in the coming years. For renters and investors alike, this is a great city with a lot of potential.