Landlords Choose Letting Agents 1st Jun 2017
The number of landlords choosing to use a letting agent to manage their property has increased dramatically since the end of 2016.
A survey of 754 landlords conducted by the National Landlords’ Association revealed that 79% of Scottish landlords now use a letting agent, a rise of 7% since the final quarter of 2016. This is a significant shift as the proportion of landlords who use an agent has remained relatively consistent over the last few years.
The research also reveals the proportion of landlords who self-manage has decreased by nearly 10% over the last year - falling from 46% to 39%.
Perhaps this is not surprising as it coincides with increased legislation within the private rented sector (PRS), changes to buy to let taxation, and forthcoming changes to the private tenancy regime.
Many landlords are realising that unless they are able to put a large amount of time and effort into keeping abreast of all changes, they may well end up in hot water. Penalties for regulation non compliance are hefty and in extreme cases criminal charge may be brought. Plus reputable letting agents are able to advise landlords on how best to manage their investment so that they can continue to make money from it.
Richard Price, executive director at UKALA - the UK Association of Letting Agents - says: “There have been some regional fluctuations, but overall these findings show that an increasing proportion of landlords rely on agents at present, which is testament to the professional work undertaken by the vast majority of agents in the sector. It’s an uncertain time for anyone who owns a buy-to-let property, so the steady hand of a reputable agent is exactly what many landlords are looking for right now”.
Choose a letting agent who is a member of a registered body, such as the Scottish Association of Landlords, the Council of Letting Agents, and Landlord Accreditation Scotland. The Key Place is one of Scotland’s leading letting agencies, managing properties throughout Edinburgh & the Lothian’s, Central Scotland and the Scottish Borders. Please contact us if you would like any advice on your rental property or if you are interested in becoming a landlord.