At Amber Properties, we’ve seen an increase in the number of landlords coming to us and asking for our services in and around the Northampton area in recent times. This spike has happened over the last few months and the official stats now show that nearly two thirds of landlords are using letting agents across the UK.
It’s an interesting development. The spike of about 7% nationwide is unusual as the number of landlords associating with letting agents has stayed fairly constant over the years. It also means that the number of landlords who are willing to self-manage is beginning to drop.
The puzzling thing is this comes at the same time as new legislation has been introduced that stops letting agents charging fees to tenants for things like credit checks and references, pushing these costs onto the landlord. Changes also to the tax regime for landlords might also suggest that many more would start cutting the costs and getting rid of services such as letting agents.
This could of course mean that letting agents are getting a better reputation. A good service can be a positive boon to landlords, particularly those that operate HOMs or have several rental properties. It means they don’t have to focus on the day to day running of their properties but can hand it over to someone reliable to handle it for them.
Of course, going into the rental sector now means you are operating during uncertain times. Having a reputable letting agent on board who knows the ins and outs of the industry is therefore important, particularly for new and inexperienced landlords. Whether this is an aberrant trend or something that is set to continue, remains to be seen, but landlords are certainly see the value of this kind of relationships.
The Benefits of a Letting Agent
A good letting agent can bring a wide range of benefits for any landlord. They can make sure that you stay on the right side of current regulation and work with you to find the right tenants. In our office at Amber Properties in Northampton, we are seeing a range of single and portfolio landlords coming to us for advice on how to maximise the returns on their properties.
Carrying out checks and getting references for new tenants can be difficult for landlords if they don’t have the resources available. There’s also the question of maintaining your property and checking up on tenants while they are in residence. All this can be time consuming and paying a little extra to a letting agent makes a lot of sense.
Choose the right company and you can be sure that the provision and support you offer across all your properties is equally maintained. That’s good for your reputation but also great for your tenants too. It also gives landlords the chance to focus their talents elsewhere. For example, if you are a Northampton landlord, you can be looking to expand your portfolio and refurbishing new properties rather than managing your existing ones.