Landlords are seeking letting agents in record numbers, according to a recent survey by Uswitch. The survey found that 63% of private landlords are considering partnering with letting agencies, driven by the increasing complexity of property management and repairs.
Why are Landlords Choosing Letting Agents?
Over 30% of landlords surveyed expressed relief at the prospect of no longer having to deal with repairs, while 30% cited legal requirements and tenant finding/vetting challenges as major concerns. Moreover, the survey also revealed that the most common reasons landlords consider selling their properties are diminishing profits and the cumbersome nature of property repairs.
In addition to the concerns mentioned above, many landlords are also drawn to the specialised market knowledge and reduced risk of scams and fraud by working with letting agents. Notably, only 16% of the landlords expressed the intent to continue managing the rental process independently.
Commenting on the findings, Uswitch spokeswoman Kellie Steed remarked,
“The evolving landscape, including the impact of the Renters (Reform) Bill and rising mortgage interest rates, is posing unprecedented challenges for residential property investments. While selling might seem like the only solution, landlords have viable alternatives to safeguard their investments during this cost-of-living crisis.”
Steed further emphasised the benefits of transitioning to a letting management company, highlighting the attractive advantages they offer. Many of these agencies present enticing packages to landlords, typically charging 10-20% of profits in return for comprehensive services.
Why Choose Rickman Properties?
For London landlords contemplating the services of an expert letting agent, it is advisable to conduct thorough research. Shopping around and comparing quotes can help secure the best deal for you. Additionally, seeking recommendations from friends, family, and colleagues can provide valuable insights into reputable agencies, like Rickman Properties.
Rickman Properties is an independent property consultancy established in 2001. We specialise in residential sales, lettings, property management, refurbishment, and acquisitions in London’s most prestigious areas.
Rickman Properties takes pride in offering a complete property service, backed by a team of professional, fully trained and proactive staff members. Contact us today to find out how we can help.