In a recent survey conducted by buy-to-let lender Landbay, more than half of landlords revealed that they consider property management to be a full-time occupation. The survey provided insights into the habits and preferences of landlords, shedding light on their management strategies and business structures.
The data indicates that only 19% of landlords depend on property management companies, while a quarter prefer to utilize the services of an estate agent. For those landlords without other employment, the majority manage small portfolios ranging from four to ten properties, with 34% overseeing more than 20 properties. A smaller segment, comprising 18%, own between 11 and 20 properties.
Interestingly, landlords who manage their properties independently tend to spend a larger portion of their rental income on property management, despite nearly half of them incurring equal or lesser expenses through estate agents or property management firms. The survey highlighted that 15% of landlords allocate 13% or more of their rental income to management costs.
The preferred business structure for most landlords appears to be limited companies, with 65% operating their portfolios through this setup.
Rob Stanton, sales and distribution director at Landbay, commented on the findings: “We are increasingly seeing landlords treating their portfolios as a full-time business, with the sector becoming more of a career choice. There is no doubt that managing your own portfolio can be very rewarding, although taking professional advice at the right time is essential. We continue to see high levels of activity across the buy-to-let sector. The sector is proving remarkably resilient, despite some challenges.”