A growing proportion of landlords in the UK are opting to use the services of a professional letting agents in order to assist with the management of their property portfolio.
New figures from the National Landlords’ Association (NLA) show 61 per cent of landlords currently work with a letting agents, up from 54 per cent in the final quarter of 2016.
It noted the significant increase of seven per cent is a break from the norm, following several years in which the quota of landlords using a letting agents has remained relatively stable. The body also found there has been a 10 per cent fall in the proportion of landlords who self-manage their property in the last year.
Allison Thompson, managing director at property specialist Leaders, says: “A rising number of landlords are relying on the expertise, knowledge and resources of professional letting agents, which proves the majority of agents are delivering a great service.
“A good letting agents will help landlords to achieve the maximum possible return on their investment by setting the optimum rents, minimising any void periods, letting only to quality tenants and ensuring an efficient response to any required repairs or maintenance works.
“Just as importantly, a quality letting agents will strive to help landlords overcome the latest challenges, such as the ever-changing legislation they must comply with, the tax regulations that have recently come into effect and the uncertainties of Brexit. Professional guidance has never been so vital.
“Landlords seeking the best return while relieving themselves of many of the responsibilities of letting a property are advised to use a letting agents. However, as with any industry, it is important to work only with an experienced, reputable and trustworthy company, so landlords should choose their agents carefully.”
A number of regional variations were clear within the NLA’s results, with landlords in the north-east the most likely of any in England to use a letting agents.
Greater London, the south-west and Wales also witnessed sharp increases in the number of landlords seeking professional help with their property.
For more information on letting a property please contact your local Leaders branch.