Landlords Can Save Money Using Agents
An insurance company has recently carried out research across the market and claims that on average landlords can save up to £2,000 per year if they contract letting agents, when compared to those who prefer to deal directly with tenants.
The company says that landlords working with a good and reliable letting agent on average save £1,910 per year. The main savings are made by having less void periods and a higher rental income secured by their agent. Apparently landlords who deal with tenants direct save an average of £159 in monthly costs. The significant advantages of using an agent are because of their local knowledge and strength in achieving higher rents for their ‘clients’.
The survey asked landlords who took part the main reasons for using a letting agent and 50% said the biggest benefit was their local expertise, 41% said being able to enjoy the feeling that they did not have to worry about the property as it was in a ‘safe pair of hands’.
Managing director of property specialist, Allison Thompson, said: ‘There is a misconception among some landlords that a successful letting agent will not add value to your investment. This is not true, as the figures show landlords who work with letting agents enjoy a significantly higher return. The marketing power of an established agent gives your property the best chance of being rented by a quality tenant as soon as it goes on the market.”
She continued: “Some DIY landlords understandably struggle to bring a home to the attention of prospective tenants and suffer lengthy and costly voids as a result. However, a good agent will not stop at finding a great tenant for your property. They will also offer support with legal matters, repairs and maintenance, avoiding rent arrears and minimising risks, all of which can help to reduce overall costs and provide you with ultimate peace of mind.”
Extract from PIMMS.co.uk May 11 2017