More than a quarter of buy-to-let landlords are turning to the web
Monday 13 June 2016
More than a quarter of buy-to-let landlords are turning to the web to attract potential tenants over traditional letting agencies, a survey has found.
While the high street may still be a strong option, and the starting point for many of those who are perhaps not tech savvy, the findings suggest 27% of second-home owners see online business as a more attractive proposition.
Meanwhile, property consultancy, Allsop, who commissioned the survey, predicts it could only be the start of the trend.
The report reads: "It would not surprise us if the preference for online lettings grows in the coming years.
"A hybrid model of providing expert advice by technological advances, allows for innovative management and letting solutions."
Logging on may save landlords money
Allsop even found that 31% of landlords feel logging on may even save them more money, which would be particularly welcome for landlords who have been looking over their shoulders in recent months following a string of game-changing moves by the Government.
This, of course, includes the rise in stamp duty that came into force at the start of April, the scrapping of the wear and tear tax in favour of a new replacement relief and the phasing in of a new mortgage interest relief.
Indeed, the survey carried out for Allsop found that 59% of landlords felt the Government's tax changes in the private rental sector could leave them out of pocket.
The sharp rise in popularity of such as Rightmove or Zoopla could be testament to landlords becoming less reliant on the traditional estate agents with experts claiming property owners are spending up to half of their profits on agency fees.
At a reduced cost, some online firms simply just advertise the properties, while prospective tenants are put directly in touch with the landlords, thus cutting out the estate agent altogether.
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