LETTINGS NEWS: It’s true – letting agents save landlords almost £2,000 a year
A new independent survey has revealed that using a letting agent saves a landlord an average of £1,910 a year, contrary to some perceptions that agents actually cost money.
Insurance company Endsleigh questioned 500 landlords – roughly half managed their own rental property directly, and the other half paid a professional letting agent.
By calculating the rental income for equivalent properties, and the fees paid to agents, the end result was that a landlord using an agent was almost £2,000 a year better off.
This was chiefly down to agents’ better marketing managing to secure new tenants more quickly after an existing tenant left, and their better management of inventories and repairs at rental properties.
Some 50 per cent of respondents to the survey also suggested they benefitted from the local knowledge of agents operating in the same area as the properties they managed.