PRS: A growing sector
What an impressive document the 2018 English Private Landlord Survey (EPLS) is. This national audit of landlords and letting agents who own and/or manage privately rented properties in England was last carried out in 2010, …
The results of the latest Private Landlord Survey make for excellent reading. It’s the first time the survey has been compiled since 2010 – five years in which the rental sector has changed dramatically. Despite the industry’s overwhelming complexity when it comes to compliance and red tape, over half of landlords do not use an agent to let or manage their properties.
Delving deeper in to the findings, letting agents should take note that a third of landlords questioned (34%) use an agent for let-only; 9% use an agent for both lettings and management; and the remaining 5% use an agent for management services only.
The figures should not be viewed as a negative but as an opportunity. That’s an untapped market of landlords who are probably breaking the law by self-managing. Unsurprisingly, the report also found that agents were more likely than landlords to be legally compliant, with agents more diligent when it came to Right to Rent checks, issuing the How to Rent guide, providing a copy of the EPC, and meeting gas and fire safety obligations.
The above in itself should form the backbone of a letting agent’s next marketing campaign, with a nod to the fact that landlords operating without an agent are missing out on professional advice that adds value, protects assets and improves rental income.
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