How to Make Your Buy-to-Let Property More Appealing to Remote Workers

The press has been full of stories about back-to-office mandates. At first glance, this may suggest that the days of remote working are over. Take a closer look, however and a more nuanced picture emerges.

Remote work may be over for some but even then, it may be replaced by hybrid work. For many others, remote work is very much here to stay, and property investors looking for their next buy-to-let project should think carefully about what this could mean for them.

 The facts about remote work 

According to figures from the Office for National Statistics (ONS), pre-COVID19, very few employees or workers were employed remotely. In April 2020, however, around 46.6% of people in employment worked from home at least part of the week.  

Since then, fully remote working has declined but hybrid working has increased. Again, per ONS figures, in May 2022 only 14% of people were working fully from home. Another 24% were working on a hybrid basis. 

The ONS also noted that initially remote working was very much concentrated in major cities, particularly London and Birmingham. Later, it spread further afield. This is believed to be as a result of people moving (further) out of cities. It also believed that one of the major drivers for this move was the relative affordability of property both to buy and to rent. 

Unsurprisingly, ONS data also showed that remote work was most common amongst knowledge workers and, hence, the sectors that employed them. For example, professional, scientific and technical activities all saw major shifts towards remote work as did financial and insurance activities. 

The ONS also found that the likelihood of remote working increased with age. Interestingly, however, the greatest increase in home-working was amongst the 30-39 age group. That said, it’s worth highlighting that the ONS data relates specifically to employees (and workers). It therefore excluded younger freelancers and entrepreneurs.  

The future of remote work 

It’s clear that fully remote work is not possible for everyone. What’s more, even when it is possible, it may not be desirable. Both employees and their employers may have reasons for preferring to be in the office at least some of the time. Getting the balance right is likely to be a work in progress for the foreseeable future. In fact, it may always have to be looked at on a case-by-case basis. 

With all that said, however, there are still two very important points to keep in mind. Firstly, even partially-remote work still has the strong potential to influence the property market. In simple terms, the less often a person goes into the office, the more challenging a commute they may be prepared to accept. 

Secondly, there is still a significant percentage of jobs that are fully (or almost-fully remote). There is also a significant number of freelancers and micro-entrepreneurs who can work where they wish. In fact, the strong trend in freelancing and entrepreneurship could well be enough to sustain remote work even if employers decided to rein it in. 

This fact creates interesting opportunities for property investors. For example, it may enable property investors to buy property in areas with poor transport infrastructure and benefit from house-price rises if it is improved. Even if it isn’t, property in these areas still tends to be affordable and can produce good yields, if managed the right way. 

Understanding the needs and preferences of remote workers 

If you’re aiming to attract remote workers (and freelancers), then you need to start by understanding what they want in a property. Here are some pointers. 

Creating a conducive work environment 

Similar to if you were purchasing a house for yourself, there are certain criteria’s that tenants are going to be looking for, and when it comes to remote working, browsing buy-to-let properties for sale that have a dedicated space and can be transformed into an office, will work in your favour.

Fast internet is a must

Remote workers tend to be highly reliant on the internet, so a fast connection is a non-negotiable. Ideally, you’ll have both wired and wireless internet. Despite the ubiquity of WiFi, some employers require home-workers to use wired connections. Freelancers may want to (for a number of reasons). 

Soundproofing is highly appreciated

There are people who prefer to have some noise while they work but they prefer it to be their own noise. Also, remote workers may have concerns about being overheard. This could be for etiquette or privacy (or a combination of both). 

Privacy and security are hugely important

Most remote workers and freelancers and knowledge workers. This means that there is a high chance they are handling sensitive data. They need to keep it safe. They also need to protect their equipment. Above all, they need to protect themselves. Ideally, they should be able to do all this conveniently. This means that smart security is often highly valued. 

Energy efficiency is a major selling point

Quite simply, remote workers pay their own energy bills. Anything that keeps them low is likely to attract them. Again, smart heating (and, if possible, cooling) is a definite plus. 

Targeting freelancers specifically 

All of the above applies to freelancers as much as remote workers. Freelancers may, however, also be swayed by the availability of co-working spaces and local amenities. Remember, they are not going to have an employer arranging for them to be given access to anything they need or an office they can drop-by to if they wish. They have to organise this by themselves. 

Similarly, they will not have access to employer-organised social events or an employee benefits package. They can therefore particularly appreciate local amenities of all sorts from gyms to cafes and bars to cultural attractions. 

Freelancers may also particularly appreciate flexibility in rental leases such as shorter notice periods. This means that there is even less tying them down and limiting their freedom to exercise their independence. 

Marketing to remote workers (and freelancers)

Once you’ve put in the effort to make your property attractive to remote workers (and freelancers), remember to market it actively as such. At a minimum, explicitly state that remote workers and freelancers are welcome. Ideally, highlight the aspects of your property that make it a great choice for them.