Interesting new research has revealed nearly half of private sector landlords use a letting agent as it gives them peace of mind. What’s more, around a quarter communicate with them on a weekly basis.
Data from the investigation conducted by Endsleigh also discovered that agents can assist landlords in saving up to £2,000 a year by keeping their void periods down.
Peace of mind
41% of people questioned said they feel the main benefit of an agent is the peace of mind they provide.
On the other hand, investors who felt that they could save money by not using a letting agent observed the average amount they weren’t spending on fees totalled £159 per month.
However, analysis of rental income and void periods for landlords with and without letting agents suggests that agents saved clients an average of £1,910 per year.
More than two-thirds (76%) of respondents said that their letting agents were pro-active in helping that find tenants and helping with legal and financial matters.
Can a letting agent save you £2,000 per year?
Relationship
In addition, the survey indicates that the relationship between letting agents and landlords are not solely for financial benefits.
Of those landlords using an agent, 50% did so due to their local knowledge while almost 40% were attracted to their overall service.
Will Parker, associate director and chartered surveyor at H&H Land, says the figure that agents can save is extremely high.
Parker noted: ‘In the past there have been widespread misconceptions amongst landlords about the value for money offered by letting agents. The survey suggests that in these cases letting agents can in fact save their clients an average of almost £2000, which is certainly a very significant saving and one worth considering.’[1]
[1] http://www.propertywire.com/news/europe/good-letting-agents-can-save-landlord-almost-2000-month/