A rise in the use of letting agents
An increased number of landlords are relying on letting agents to manage their properties, according to recent research by the National Landlords Association (NLA). Peter Greatorex, Managing Director at apartment specialist, The Apartment Company, outlines the benefits…
The NLA found that 61% of landlords surveyed, currently use a letting agent – a rise of seven per cent since the final quarter of 2016. Meanwhile, the proportion of landlords who self-manage has decreased by nearly ten per cent over the last year. The South West in particular, saw a significant increase. We’ve been used to a relatively stable increase of 1% over the last few years, so this is quite a spike.
We’ve definitely started to see more landlords using us to manage their apartment portfolios. It would appear they’re seeking a professional shoulder to lean on due to recent changes to buy-to-let taxation over the next few years and plans for a ban on tenant fees. In a period of uncertainty, our professional advice and reassurance, in order to reduce stress levels and help achieve long-term financial success, is invaluable to them.
The various benefits of using a letting agent include having the assurance that rent will be received, your legal responsibilities will be taken care of and an agent is in a better position to look out for any potential issues or problems at a property that may need addressing. Firms like ourselves will know how to make a property more marketable, we’ll organise repair jobs, do all the paper work and obtain an inventory list to avoid disagreements about an apartment’s condition at the end of the tenancy. We’re also always up-to-date on all the latest rules and regulations which can be confusing for landlords and experts at dispute resolutions. Our alliances with tax experts, lawyers, accountants and mortgage advisors also ensure investors are maximising the best buy-to-let opportunities in Bath. We literally look after everything on a landlords’ behalf!
As 100% of our tenants are looking for apartments, we are specialists at helping landlords with their apartment portfolios. Please do get in touch if we can help you too.