Employing The Services Of A Letting Agent Could Help Landlords Save Money20th December 2016
H&H King, has welcomed the findings of a new survey recently carried out by the insurance firm Endsleigh. The results now show that by employing the services of a letting agent, landlords could save a significant amount of money each year, with the estimated savings amounting to as much as £1,910.00.
Commenting Peter Hull, Director, at H&H King said: “In the past there have been widespread misconceptions amongst landlords about the value for money offered by letting agents. As a result of the investigation into 500 landlords, the survey has shown the average sum that could be saved on actual fees is £159 per month. However this does not take into account rental income lost in void periods, where tenants cannot be found and properties stand empty. The survey suggests that in these cases letting agents can in fact save their clients an average of almost £2000, which is certainly a very significant saving and one worth considering.”
The survey identified that in the case of landlords, most of the savings that could be made were by agents minimising these void periods, where when compared to landlords who go it alone marketing their property, found it more difficult and costly to find suitable tenants.
It was identified that some 76 per cent of people responding to the survey reported that their agent helped them proactively find tenants, as well as providing other much needed services, such as help with legal and financial matters, overall contributing to a reduction in costs incurred.
Peter adds: “We place huge emphasis on our service provision and protecting landlords. It is not only the cost savings that can be made by landlords, but the professional advice offered by letting agents is paramount to ensure that landlords maximise their rental income.”
This is reinforced by the findings of the survey where it suggests that relationships between letting agents and landlords are not only about financial benefits. The personal contact can be very conducive to building a strong partnership, and the results clearly demonstrate that of those landlords who used an agent, 50 per cent were most attracted because of their local knowledge, and for two in five, excellent service provision was the deciding factor.
“It was especially interesting to see that 41 per cent of the landlords surveyed felt the main benefit of working with a letting agent is that it provides peace of mind, whilst 25 per cent say they actually communicate with their letting agent on a weekly basis,” said Peter.
“We agree that it is important that landlord and letting agents keep the channels of communication open. Our dedicated team at H&H King offer sound advice and guidance on a range of property letting issues, priding themselves on their ability to understand the local market and offering a professional service.”
H&H King with offices in Carlisle and Penrith are able to offer a comprehensive property service including, residential sales and lettings, together with farm and estate management and can be contacted on 01228 810799 or 01768 840619