Landlords who work with professional letting agents save an average of £2,000 per year in comparison to those who opt to work alone, according to a new study.
Employing a reputable agent saves the average landlord £1,910 per year, according to research from Endsleigh. They benefit from fewer void periods and a bolstered rental income as a direct result of using a letting agent. In comparison, those who work alone save only £159 on average on monthly fees. However, the marketing value of an agent has been shown to add significant value to a property investment through procuring higher rent for the landlord.
The study also revealed other benefits gleaned from using a letting agent. 50 per cent cited their main reason for working with an agent being their expertise in the local area, whilst 41 per cent argued that the most significant benefit was the peace of mind that came with the support of an agent.
Managing director at property specialist Leaders, Allison Thompson, commented: ‘There is a misconception among some landlords that a successful letting agent will not add value to your investment. This is not true, as the figures show landlords who work with letting agents enjoy a significantly higher return. The marketing power of an established agent gives your property the best chance of being rented by a quality tenant as soon as it goes on the market.’
She continued: ‘Some DIY landlords understandably struggle to bring a home to the attention of prospective tenants and suffer lengthy and costly voids as a result. However, a good agent will not stop at finding a great tenant for your property. They will also offer support with legal matters, repairs and maintenance, avoiding rent arrears and minimising risks, all of which can help to reduce overall costs and provide you with ultimate peace of mind.’