Agents’ trade body Propertymark says landlords should wise-up by using a letting agent to improve yields, rather than sell-up because of uncertainties surrounding the private rental sector.
“Anyone thinking of selling their buy to let properties should make sure that they have considered all the alternatives before taking that big step” says the organisation, suggesting that even if they are not currently using an agent, landlords should consult one before selling to ensure that every option for improving returns has been explored.
Propertymark continues: “Almost everything can be overwhelming when trying to tackle it alone. Just as nobody would think twice about consulting a solicitor for legal advice, the first port of call for advice on landlord issues should be a highly trained Propertymark expert. Whatever the problem faced, there will be options to explore, and solutions to be found.”
It insists that despite the increased restrictions on landlords, with more likely to come through an imminent Rental Reform White Paper, a decision to quit the sector “is likely to be premature and ill-advised.”
Propertymark says its own data from agents suggest that rents have increased over the past three months while voids are at their shortest for many years and high numbers of tenants are seeking properties.
The organisation adds: “Navigating the requirements of being a landlord is not easy, particularly for someone new to the experience or who lacks the time or expertise to keep on top of evolving demands.
”Propertymark agents are professionals who are required to be trained to a higher standard than the law demands and can offer advice and support to make the experience of being a landlord simpler. They understand the pressures that landlords are under and can cut through the jargon and confusion to provide the answers and solutions needed, whatever the situation.”
The organisation has a number of landlord guides, available here.