11:55 AM, 14th September 2016, About 6 years ago 13
An increasing number of buy-to-let landlords are becoming ‘self-sufficient’ by letting and managing their own rental properties, according to a new report.
Two thirds (65%) of landlords have an active role in the maintenance of their property and deal with any tenant issues independently without the assistance of a letting or managing agent.
41% of landlords manage everything to do with their buy to let property by themselves whereas 35% use an agent to do everything.
24% use an agent to find suitable tenants and then manage the property themselves.
The report analysed over 10,000 addresses and has revealed that a fifth of landlords live within a mile of the property they rent out and 46% live between one and 10 miles away.
The close proximity of landlords and their buy to let properties could explain why many are now able to independently manage their investment, without the help of agents.
“There is a vast amount of information available for landlords across different platforms such as the Property 118 website and our Landlord Zone, which is helping landlords become increasingly savvy,” said a spokesperson for Property 118’s landlord insurance provider Discount Insurance.
“In addition to having more know-how, if a landlord lives close to their buy to let, it is much easier for them to manage the property because if an emergency arises and something needs to be repaired quickly, the property can be reached relatively easily,” added the spokesperson.
The majority of landlords own just one home, with 45% of those polled owning a single rental property.
40% own between two and five properties and 15% said they have a portfolio of more than five properties, the report by Simple Landlords has revealed.
65% of landlords have made a conscious decision to invest in buy to let property, however 17% identify themselves as ‘accidental landlords’ who decided to rent out a property that was inherited or were unable to sell their home.
9% of landlords bought their property specifically for a family member to live in, such as for a child when moving to university.