Landlords are feeling overwhelmed by a growing number of regulations and responsibilities, prompting them to turn to professional agents for help, according to a report by prominent buying agent and property manager, Jo Eccles, from her Eccord property consultancy.
In her recent report, Eccles highlights a trend among landlords who are increasingly seeking assistance from property management services. She notes that some landlords who previously managed their properties independently are now re-evaluating their strategies, aiming for higher-quality management even in the midst of ongoing tenancies.
Eccles outlines two primary reasons for this shift in landlord behaviour. The first is the emergence of a string of poor-quality tenants, leading to a desire for more robust tenant screening and management. The second reason is the inconsistency and inexperience of some property managers, which has left landlords frustrated and searching for more reliable alternatives.
Additionally, Eccles points out that portfolio landlords, who manage multiple properties, are now looking to consolidate their operations. This means replacing multiple letting agents and property managers with a single, more capable firm that can handle their entire portfolio efficiently.
The report also delves into the importance of high-quality property management in justifying rent increases of up to 15 percent. With tenants spending more time at home, their expectations have risen, making a strong landlord-property manager relationship crucial.
Eccles emphasizes the necessity for collaboration between letting agents and property managers to streamline the rental process and provide a better experience for both tenants and landlords.
As the regulatory landscape continues to evolve, and landlords face increasingly complex responsibilities, the role of property management services appears to be growing in significance. Landlords are finding that professional expertise not only eases their administrative burdens but also enhances the overall quality of their rental business.