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According to research by Endsleigh Insurance, one of the country’s leading specialist insurance providers, landlords who use a letting agent save £1910 a year compared to those who market their properties directly to tenants.

The survey of has uncovered many misconceptions about the value offered by letting agents. Most of the savings relate to services which help guard against costly void periods. Three in four (76 per cent) respondents reported that their agent helps them proactively find tenants, as well as other services, such as help with legal and financial matters, which contribute to a reduction in overall costs.

The survey also shows that the relationships between letting agents and landlords are not just about the financial benefits. The findings show that of those who use an agent, half (50 per cent) were most attracted to their current agent because of their local knowledge and more than two in five (44 per cent) claim that excellent service is a deciding factor. Quality of life has also proved to be a factor with two in five (41per cent) feeling that the main benefit of working with an agent is that it provides peace of mind.

Head of Property at Endsleigh, David Hadden, said, ‘Landlords who use letting agents find them very useful – especially before a letting – and state they help to reduce stress, free up time and, critically, save them money. The perceived cost of using a letting agent is among the biggest deterrents for many landlords, but those that do use an agent are on average reporting significant savings. Landlords considering letting their properties directly to tenants in light of changing legislation must seek advice to avoid potentially compromising their income, their quality of life and the provision of support and service that agents can offer.’

Director at Granger & Oaks, Andrew Sainsbury commented, ‘this survey proves what we have always believed to be true, that using an agent with expertise and a thorough understanding of the local market ultimately provides a better return for landlords. And also comes with the added benefit of peace of mind and time saved. Using an agent should really be a no-brainer for landlords, but it is up to individual agents to prove this to their clients.’

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