The result of a new survey into 500 landlords carried out by insurance firm Endsleigh suggests widespread misconceptions among landlords on the value for money offered by letting agents.
When comparing the rental income and void periods of those landlords that use agents to those that don’t, the findings suggest that on average letting agents save their clients almost £1910.00 each per year.
The majority of these savings are created by letting agents minimising landlord’s void periods in comparison to those landlords who market their properties themselves.
76% of landlords surveyed reported that their letting agent helped them pro-actively find tenants, whilst also providing other services such as assistance with legal and financial matters, thereby contributing to a reduction in overall costs.
The survey also suggests that relationships between landlords and their letting agents are not solely about financial benefits. Other benefits such as expert local knowledge, excellent service, peace of mind and regular communication were also high on the list.
David Hadden, Head of Property, Endsleigh said: “Landlords who use letting agents find them very useful, especially before a letting and state they help to reduce stress, free up time and, critically, save them money.
The perceived cost of using a letting agent is among the biggest deterrents for many landlords, but those that do use an agent are on average reporting significant savings.
Landlords considering letting their properties directly to tenants in light of changing legislation must seek advice to avoid potentially compromising their income, their quality of life and the provision of support and service that agents can offer.”
