The survey involved insurance firm Endsleigh asking 500 Landlords for their views on Letting Agents. The results proved the widespread misconceptions about Letting Agents wrong and suggested that Letting Agents provide good value for money. On the flipside, the Landlords suggesting that they could save money by not using agents, only ‘saved’ an average sum of £159 per month.
However, comparative analysis of the rental income and void periods for those Landlords with and those without agents suggested that in fact agents saved their clients an average of £1,910 each. Most of the savings for Landlords are created by agents minimising void periods when compared to Landlords who go it alone marketing their property. These Landlords tend to experience large void periods, hence losing them rental income.
And the benefits of using Lettings Agents doesn’t end there – 76% of respondents to the survey reported that their agent helped them to proactively find tenants, as well as providing other services such as help with legal and financial matters which as a result contributed to a reduction in overall costs.
The relationship between Landlords and Letting Agents is beneficial because of the agents’ local knowledge. 50% of Landlords were most attracted to Letting Agents because of their local knowledge and more than two in five claim that excellent service is a deciding factor.
41% of Landlords participating in the survey felt that the main advantage of working with an agent is that it provides peace of mind and 25% say they communicate with their Letting Agent on a weekly basis.
Let Leeds works with Landlords to provide a complete service – ensuring minimum void periods, a wealth of knowledge and peace of mind.