News
Good letting agents can save a landlord almost £2,000 a year
Tuesday 17th January 2017
New research has found almost half of private rented sector landlords use a letting agent because it gives them peace of mind and regular communication. In addition to this, agents can help landlords save money, up to £2,000 per year, by minimising void periods.
The research conducted by Endsleigh found that 41% of landlords used an agent for peace of mind and 25% said they contact their agent at least once a week. Comparative analysis conducted of the rental income and void periods for landlords with and without agents, found that those with agents were saving on average £1,910 a year.
76% of respondents said their agents helped them proactively find tenants, as well as providing other services such as help with legal and financial matters and so contributed to a reduction in overall costs.
The survey also suggested financial gains was not the only reason landlords used agents, some 50% did so because of their local knowledge and more than two in five were attracted by the service provided by their agent as a deciding factor.
In addition to those factors, agents will be up to date with the latest housing laws and regulations along with being able to advise on landlord's duties and responsibilities.