Why use a letting agent?
Maryanne Bowring 12/10/2020
2617
How Many Landlords Use Letting Agents?
A recent Landlord Today survey found that only 25% of landlords use a letting agent to fully manage their properties, while 15% use an agent occasionally, mainly for tenant-finding services. With 2,000 landlords polled, the results highlight a growing trend of landlords managing their rentals independently.
The Cost Factor: Why Some Landlords Avoid Agents
Many landlords are put off by the cost of using an agent, especially since the tenant fees ban. With agents now charging landlords directly instead of tenants, some property owners feel that the extra expense isn’t worth it.
The Key Benefits of Using a Letting Agent
Despite the cost, letting agents provide several valuable services that can make property management easier and more efficient:
- Location Matters: If your rental property isn’t near your home, an agent can handle tenant searches, repairs, and emergencies on your behalf.
- Expert Knowledge: Agents understand both the local market and legal compliance, helping landlords avoid costly fines for unintentional rule-breaking.
- Time-Saving: From tenant screening to right-to-rent checks and tenancy agreements, a letting agent can streamline the process—ideal for first-time landlords or those with limited time.
The Risks of Self-Managing a Property
While some landlords prefer to go DIY, self-management requires confidence in legal compliance and thorough tenant screening. Mistakes can result in:
- Unsuitable tenants
- Legal issues
- Missed rental payments
A Smart Alternative for DIY Landlords
For landlords who prefer not to use an agent, Ringley’s PlanetRent platform offers a simple, automated solution. This pay-as-you-go platform provides:
- A dashboard for easy management
- Individual portals for landlords, tenants, and agents
- Compliance support to ensure legal obligations are me
Finding the Right Approach for You
Whether you choose a letting agent or self-manage, the key is to find a system that works for your needs. If avoiding agent fees appeals to you, PlanetRent offers a flexible, cost-effective way to stay in control while ensuring legal compliance. Why not try it today?
Planetrent Properties
info@planetrent.co.uk
0208 0599 550 (for sales)
Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.
Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.
Let: This term signifies an established binding rental agreement between the landlord and tenant.
For both lettings and sales, the guidance addresses additional terms:
New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.
New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.
Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.