Half of UK Landlords do not hire an Agent

 

New figures suggest that half of the landlords in the country are not using a letting agent - suggesting that there are considerable growth opportunities out there for agents who are prepared to market their services to these go-it-alone landlords.

Rental AgreementOther sources estimate a rather smaller - but still significant - figure of around 40% of landlords operating without the 
services of an agent. But the BDRC Continental Landlords Panel have released figures putting their estimate at 50%.

On average, a landlord pays 7.3% of their letting income to an agent. This average is collated amongst a number of different user-types: some landlords employ an agent for a full range of management services, where as some may purchase a more minimal range of services from their agent.

Landlords offer arguments for and against hiring an agent

One landlord who does use an agent has endorsed the practice, saying: "Letting agents know how to pitch things. They can show flats at required hours. They invariably have a web presence and reputation / brand. They're clued up on 'closing a deal'. I live abroad and so can do none of these things."

Another emphasised the value of their agent's industry know-how: "The agent knows far more than I do about the law, about the market level of rents (she runs several of her own properties), and about what to do with awkward or neglectful tenants. One day I might be able to do all of this, but not yet. So, in a word: experience."

Landlords who rejected the notion of using an agent's services did so because they said they could offer a more "bespoke" service, and because they could reduce the level of extraneous fees. This suggests that offering a transparent and flexible service could be key for agents wishing to convince these agentless landlords that hiring an agent really would improve their business.

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