Tenants are now spending an average of 19.3 months in a rented property showing an increase of 17 per cent from the 16.5 months observed in 2009.
With more people staying longer, there is greater security in owning a buy-to-let, which will give more landlords and property investors the incentive to enter the market or to expand their portfolios.
This is a great opportunity for not only prospective landlords, but also brokers alike.
Keeping an eye on key trends in the housing market isessential but converting these trends into viable opportunities is paramount. Revisiting the clients of buy-to-let deals that have already completed is agreat way to re-spark a relationship and discuss the prospect of expanding a property portfolio.
As well as re-visiting clients, forging strong relationships with specialist lenders who understand the market and provideinnovative products to complement the borrowing need will ensure brokers remain competitive. For example, understanding purchasing a property at auction and the requirements for pre-approval of funds for bidders.
This will not only put brokers in the best position to build on existing business relationships but to forge relationships with a wider audience increasing potential revenue opportunities.
