Editor's note: This brief was summarised by The Property AI Team from a report by Landlord Today. Read the original article for full details.
A property management firm has claimed that using its services, and those of similar companies, could save landlords money in the long term. Rushbrook & Rathbone conducted an analysis comparing the average cost of a fully managed property service with the potential financial penalties and compliance risks faced by landlords in the private rented sector.
According to the firm, the current average monthly rent across England is £1,434. Based on this figure, a typical 5% monthly management fee would result in an estimated annual cost of £860 for landlords opting for a fully managed service.
The analysis is relevant for letting agents and inventory clerks who work with landlords seeking to balance management costs against the risks of non-compliance in the UK property market. The report highlights the financial considerations landlords face when deciding whether to use professional property management services.
Source: Landlord Today