Many Landlords are ditching estate agents to manage their own properties
Friday 30 September 2016
Landlords are ditching estate agents to manage their own properties, results from a survey have suggested.
Despite leading franchisers such as Belvoir and Winkworths recording a surge in profits over the past year, statistics show more second-home owners are opting to cut out the middle man and help boost their profits.
With profit margins receding in the aftermath of tax changes, landlords are now finding other ways to tighten their belts with letting agents often one of the costliest overheads.
And a survey by Simple Landlords Insurance found that 41% not only deal directly with tenants, but also do the majority of the maintenance on their properties rather than hire workmen.
Around a quarter of landlords also only use letting agents to find a tenant before taking full control of the property.
Many of those self-managing landlords live close to their second properties, with 20% within a mile and 46% within 10 miles.
Despite an increase in the number of landlords taking on extra properties, many still have just one additional home that they rent out, which makes it easier to manage it themselves.
Simple Landlords Insurance's Alex Huntley said: "We are seeing an increasing trend of savvy landlords taking direct control of how their property is let and managed and becoming much more self-sufficient.
"While it can be easy to bash landlords as faceless investors, these results show they are more likely to be part of the community they invest in and take a personal interest in making sure their property is well maintained and tenancies are long-term.
"We are also seeing a growing demand from landlords to be able to manage their insurance policies online 24/7 and to buy flexible and scalable policies as their investments change and grow."
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