A survey was completed by 500 landlords by insurance firm Endsleigh and the results suggest there are widespread misconceptions among landlords about the value for money offered by letting agents.
Of those landlords suggesting that they could save money by not using agents, the average sum ‘saved’ on fees was £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 almost £2,000 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.
76% of respondents to the survey reported that their agent helped them pro-actively find tenants, as well as providing other services such as help with legal and financial matters and so contributing to a reduction in overall costs.
The survey suggests that relationships between letting agents and landlords are not about financial benefits alone.
Of those landlords who use an agent, 50% were most attracted to their agent because of their local knowledge and more than two in five claim that excellent service is a deciding factor. Some 41% feel the main benefit 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.
“The closer we can work with our clients, the better we understand what’s important to them not just in terms of value for money but for maximising their profits too." says Rebecca Howland, Managing Director at Howland Jones letting agents. "Currently we are letting properties within an average of 13 days, so void periods really are kept to a minimum and our rent arrears today sits at 0.03%. These are just two of the ways we can save money for our clients in terms of money, time and worry."
If you would like to understand more about how working with Howland Jones can save you money, please contact Rebecca Howland directly on 01530 271313.