The majority of private landlords would look to use a letting agent in the future, a new survey by comparison site USwitch has found.
Over recent years the buy-to-let market has become a lot more complex with stringent legislation and legal property requirements to adhere to.
The survey of 2,000 landlords found that 63% are open to making the transition to use an agent, with almost a third saying they would switch due to the agents’ experience and knowledge of the property market.
There are of course many reasons why we as an independent agent in Sussex and Surrey would recommend using our vital services – but one of the most common reasons cited in the survey was to have agents manage their repairs. Add to this USwitch says that on average, property maintenance consumes a fifth of landlords’ income.
Other reasons for making a switch include no longer having to deal with legal requirements, no longer having to find tenants, and avoiding scams/fraud.
USwitch spokesperson Kellie Steed says: “With both the 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. 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 scope to hold onto their investment. Property managers have a strong knowledge of the market’s changing regulations and can also take on much of the responsibility of owning investment property: lettings, repairs, rental disputes and complaints can all be tackled by an agency. Many offer increasingly alluring packages for landlords.”
As an award-winning managing agent, our team at Clarendons can easily take care of all of your landlord responsibilities– so be sure to check out our services if you are thinking of instructing an agent.
Alternatively, please do give us a call on 01737 230 821 to chat about your options.
