Over half of UK landlords have decided to bypass letting and managing agents, preferring to deal directly with tenants.
The claim, from insurance firm Direct Line for Business, is based on a survey of just 293 landlords.We asked for further information about the sample, but have not received answers to questions for example about geographic location and type of portfolio.
The study claims that 63% have not used an agent in the last year, saving an average of £734 in fees across the average portfolio of 5.3 properties.
More than half (53%) of landlords not hiring property managers are saving an average of £1,040 per year, says the survey, which also found that 18% of landlords do not have the appropriate insurance.
Jazz Gakhal, head of Direct Line for Business, said: “Buy-to-let is growing in popularity as a result of rising rental prices and cheap mortgage lending, and many new landlords appear to be taking a much more hands-on approach.
“Estate agent fees can run into thousands of pounds a year, so landlords that can deal with the tenant directly stand to make big financial gains.
“Landlords may be able to make significant savings by taking their properties into their own hands, but it’s vital to have appropriate insurance should the worst happen.”