Interview with Eightfold Property

1. Tell us about Eightfold Property?

Eightfold Property is a new face in the Sussex property market, but not really. It’s a combination of the experienced residential lettings team of Brighton Accommodation Agency, with the addition of the incredibly knowledgeable and experienced Max Pollock as Director of Commercial Property. The problem we had early on was that when we looked at what our business was going to deliver, “Brighton Accommodation Agency” didn’t really describe what we did any more, so we decided to fully rebrand as well for this new chapter. We’ve also moved into new, larger premises and revamped our online offering as part of this new development. We’re now able to offer a full range of commercial property services and residential lettings and will be looking to further expand on our offering in the not too distant future.

2. What makes you different from other estate agents?

From the very beginning, our intention was not to be like other estate agents. Company Director, Dan Lyons, came into property from a musical background, so from the point he purchased Brighton Accommodation Agency he wanted to move away from the stiff formal nature of your traditional estate agents and grow a business that really felt different. With Eightfold Property, this was one of our key flagstones from inception. We wanted to be a more relaxed, friendly sort of agent, that focused on solving problems, rather than pushing unnecessary formalities. It’s our expertise that underpins our ability, not our shiny suits!

We have also been very keen to keep ahead of the times with our online offering, forging the way with informative social media and being sure that alongside our more traditional elements of phone and in person, that we are really at the cutting edge of digital and online property offerings.

3. What effect as Covid-19 had on the business?

Strangely enough, outside the obvious points that have been difficult for businesses – and ours has been no different there – lockdown came at an interesting time for us. We had just taken possession of our new office at the end of February and managed to just have our new flooring laid before the country went into lockdown.

What this meant for us was that as things started to ease, we were able to adapt from homeworking to be able to get our desks, phones and PCs installed and set up in the new office and go back to a full team in the office quite quickly.

The pandemic overall has made us look closely at the way we do things and make adaptations, as with any business that has reopened and I think a lot of the changes will be here to stay. We have also noticed the real strength in our team to be so productive throughout all of this and we think flexible home working will be here to stay!

4. What effect has covid-19 had on the property market?

That is actually a more interesting question as time goes on. Initially, there was a lot of fear around rents being unpaid across the board and the bottom really falling out of the property market. Of course, a lot of people are struggling at the moment, but we have really seen that with co-operation between landlords and tenants, a lot of this can be eased and people are getting back on track as best they can.

In the commercial market, things have really started taking off. We have seen huge change across the country in the economy and that change has sparked activity in the market. It seems that with the difficulties in the overall economy, a lot of people are spotting gaps in the market, or wanting to become their own boss off the back of a redundancy and we’re seeing a lot of interest in people starting up new businesses.

On the residential side of things, demand has shot right up, particularly for properties with gardens. We’re seeing people think a lot more about where they live, as they’ve been spending a lot more time there and it really shows. Great properties are just flying out! There is however, a bit of pressure on the student market, around the uncertainty that still exists, but overall things are looking bright.

5. How is the property market at the moment in both residential and commercial?

Both markets are generally buoyant. We are seeing a shift in priorities, but we think there are some very interesting things on the horizon for this city in the commercial department. As far as residential properties go, we think quality is on the rise, which can only be a good thing for tenants.

There are certainly opportunities out there for investors, with interest so high, so we think it’s an exciting time for the property market. Going forward, a lot will depend on how the economy fares in general, between Covid-19 and Brexit, but we think it’s a good time for property.

And it’s not just in Brighton and Hove we’re seeing this, reports are suggesting that things are interesting across the country at the moment. We are seeing a push from some London companies away from their traditional large office model and towards home working and regional hubs, which may continue to push the property market.

6. Do you feel there will be an increase in shared office space due to more flexible working?

There seem to be two opposing schools of thought here. One the one hand, yes. There looks to be a move towards shared spaces for those that are flexibly working from home, but don’t necessarily want to spend all of that time at home (and avoid sitting in coffee shops). But the other side of this will depend on the fallout from Covid-19. With people worrying about the risk of exposure, it looks to be that the long term future of shared office space will depend on the ongoing rate of infection.

We think that the likely outcome is going to be a strange combination of these opposing views. It is likely that with more flexible working, these types of offices will really start to take off. However, a lot will need additional thought that they may not have before to ensure the risks to those using them are as low as possible. Usage may go up and down with the rate of infection in the area.

7. What does the future hold for Eightfold Property?

Next for us is further expansion. We are extremely happy with the way the launch/relaunch has gone, with our commercial property department really hitting the ground running and our residential lettings department has never been busier. Our next step is likely going to be adding a residential sales department to really round off our agency offering. With this, we feel the three areas of the business will work really well off each other with several areas of synergy between them.

Past that, who knows? The sky really is the limit. Our intention is to bring experts together to be able to assist in all areas of people’s property journeys. We may be looking to look to expand geographically, to take in more of our local area.

If you need an agent to deal with your commercial property or residential letting to call us on 01273 672 999.

www.eightfold.agency