Editor's note: This brief was summarised by The Property AI Team from a report by Letting Agent Today. Read the original article for full details.
Compliance Tops Landlord Reasons for Switching Management
Compliance is now the top reason landlords change how they manage their property, according to August's Landlord Survey. The survey found that 65% of landlords have changed their management arrangements in the last two years.
The findings, reported by Letting Agent Today, show that 27% of landlords had left a letting agent and now self-manage, while 26% had taken one on. A further 12% have switched agents.
What's Driving the Change
Compliance and legal complexity was the most common reason for such changes, cited by 27% of respondents. It came ahead of wanting more control (22%), poor service (20%) and fees (14%).
For letting agents and inventory clerks, the results show how central compliance has become to landlord decision-making. With more than a quarter of landlords citing compliance and legal complexity, demonstrating compliance expertise may be a significant factor in winning and retaining landlord business.
The survey also points to a notable level of movement in the market: the 27% who moved to self-management, the 26% who appointed an agent and the 12% who switched agents suggest a landlord base actively reviewing how their properties are managed.
What the Survey Reports
The survey, published in August, asked landlords about their management arrangements and the reasons behind any changes. Compliance has overtaken other factors as the primary driver of change.
The survey does not provide further detail on the types of compliance issues landlords cited, nor does it break down the results by region or portfolio size.
Source: Letting Agent Today