More than half of landlords in the UK choose to not use letting or managing agents, dealing directly with their tenants.
The study by Direct Line for Business, spoke to 293 landlords, with an average portfolio of 5.3 rental properties.
The research found that 63% did not use an agent in the past 12 months, and therefore saved an average of £734 in fees.1
Over half of the respondents (53%), did not use property managers, and saved an average of £1,040 a year.1
However, the survey also revealed that 18% of landlords do not have suitable insurance.1
Head of Direct Line for Business, Jazz Gakhal, says: “Buy-to-let is growing in popularity as a result of rising rental prices and cheap mortgage lending, and many new landlords appear to be taking a much more hands-on approach.
“Estate agent fees can run into thousands of pounds a year, so landlords that can deal with the tenant directly stand to make big financial gains.
“Landlords may be able to make significant savings by taking their properties into their own hands, but it’s vital to have appropriate insurance should the worst happen.”1
1 http://old.lettingagenttoday.co.uk/news_features/Over-half-landlords-do-not-use-agents-claim