Increased red tape and the complexity of repairs has led more landlords to consider instructing letting agents.
Comparison site, Uswitch, surveyed 2000 landlords and says 63% are thinking of switching to a lettings agency with 32% citing ‘no ,longer having to deal with repairs’ as the main reason.
And 30% said legal compliance and problems with tenant checks encouraged them to seek the services of property professionals.
The survey also found that the most common reasons for landlords selling up was lack of profitability or repairs were too burdensome.
Some 29% of landlords said letting agents possessed a more detailed knowledge of the market and a similar number believed that using an agent would reduce the risk of scams or fraud. Only 16% of those questioned said they will continue to manage the process themselves.
Range of services
“With both Renters (Reform) Bill and higher interest rates on mortgages having a huge knock-on effect on the residential property investment market, some landlords may find the coming months more challenging than usual,” said Uswitch spokeswoman Kellie Steed.
“While it can feel like selling up is the only option, there are other ways landlords can keep profits afloat during the cost-of-living crisis.
“Switching to a letting management company offers some attractive advantages and gives landlords the chance to hold on to their investment. Many offer increasingly alluring packages for landlords in return for around 10% to 20% of profits.”
Letting agents, like ourselves here at King’s Group offer landlords a range of services including:
- Finding, referencing and credit-checking tenants
- Dealing with maintenance and repairs
- Hosting viewings
- Providing inventories
- Drawing up tenancy agreements
- Collecting and registering deposits
- Collecting rent
- Check-in, mid-term and check-out inspections
But it is their market experience and knowledge of the ever-more complex regulatory framework surrounding the lettings sector that has prompted more landlords to think about handing over the management of their properties to trusted professionals like us.
With more than a quarter of a century of experience in the local lettings market, our main aim is to build a partnership with every landlord who comes to us.
We have the capacity to invest heavily in training and all of our offices have at least one member of staff that has taken the NFOPP Technical Award Qualification and each office has an individually registered Member of the Association of Residential Lettings Agents (ARLA).
Kings Group offers three serviced packages for landlords:
- Fully managed
- Let and Rent
- Let only
For more information on how we can assist you on your letting journey, please contact one of our branches in Essex, London or Hertfordshire today. We also offer a free and instant online valuation to give you an idea of how much your home could be worth on the current market.
