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Almost two thirds (63%) of private landlords who manage their own properties are tired of sorting out repairs and dealing with red tape and considering using a letting agency or property manager instead.
A Uswitch poll of 2,000 landlords found that the most common reason they might decide to pay an agent was to take a break from dealing with repairs (31%) followed by avoiding the hassle of finding tenants (30%) and avoiding legal responsibilities (30%).
More than a quarter (27%) would switch to a letting agency to avoid scams and fraud.
The comparison site believes that as soaring interest rates force mortgage rates up, the buy-to-let landscape has left some landlords apprehensive about what direction to take their properties in, or if they should continue renting them out at all.
Profits
Uswitch.com BTL mortgages expert, Kellie Steed (pictured), says while it can feel like selling up is the only option, there are other ways landlords can keep profits afloat during the cost-of-living crisis.
“Switching to a letting management company offers some attractive advantages and gives landlords the scope to hold onto their investment,” she explains.
“Property managers have a strong knowledge of the market’s changing regulations and can also take on much of the responsibility of owning investment property – lettings, repairs, rental disputes and complaints can all be tackled by an agency.”
Many offer increasingly attractive packages for landlords in return for 10-20% of profits, says Steed.
“Remortgaging a property can also save landlords money, as any equity held in the property will give them access to cheaper rates,” she adds.
“While a lower interest rate could offer less expensive loan repayments, releasing equity on a property can boost your finances and give you, and your property, more support in the form of a cash sum.”
Read more: Agencies must help landlords navigate looming reforms.
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