In the recent landlord sentiment survey conducted by the Property Redress Scheme, it came as no surprise to me to discover that a significant 65% of landlords still opt to self-manage their properties. Therefore, what I am about to say might be somewhat unpopular, though it is a sentiment I stand by.

It is time we cast a spotlight on letting agents and the invaluable contributions they bring to the table when navigating the complexities of property management. In a landscape where the constant proposals of new regulations seem to change faster than you can say “Section 21”, it is crucial to recognise the pivotal role that letting agents play.

Most recently, I’ve observed three categories of landlord: those that remain unaware of impending changes, those who are understandably perplexed by them, or, commendably, some who are taking proactive steps to safeguard their interests. I firmly believe that in today’s climate, the majority of landlords (who do not ‘landlord’ as a full-time profession), require more than mere intuition or DIY efforts to thrive; they need the guidance and expertise that reputable letting agents can provide. However, in reality it would appear (and most likely for cost-saving reasons) the number of landlords self-managing is actually increasing rather than decreasing (65% in 2023 compared to 56.3% in 2022 according to the survey).

Letting agents can serve as the guiding hand that many landlords are hesitant to assume. While it may require some financial investment, isn’t it a worthwhile expenditure when weighed against the consequences of noncompliance or throwing the towel in (assuming that is a last resort for you)?

Now, more than ever, the role of letting agents in ensuring compliance, maximising returns, managing often challenging tenancies and providing peace of mind cannot be overstated. Whether opting for a full management service or adopting a hybrid approach, as 19% of landlords do, engaging with letting agents represents a prudent investment in long-term success.

In the face of evolving regulations and mounting complexities, let us recognise the value of letting agents as indispensable partners in the journey of property management.

In my decades of experience in the field, I’ve seen it all. From DIY landlords struggling to keep up with the ever-evolving legal landscape, to horror stories of rogue letting agents leaving their clients high and dry, I’ve witnessed the full spectrum of property management nightmares, so I fully understand the trepidation. But in this cloud of uncertainty, reputable letting agents are poised to shine brighter than ever before.

With the impending changes in legislation, such as the ban on Section 21 and the introduction of periodic tenancies, the stakes have never been higher for landlords. The overwhelming majority (67.5%) of landlords indicate that legislation is the biggest challenge they face (PRS 2023 sentiment survey). This is a steep increase compared to the 2022 survey, when legislation was a top concern for well under half (39%) of landlords. This contradicts why the majority of landlords still choose to self-manage. Now, more than ever, landlords need to rely on the expertise of letting agents to navigate these choppy waters.

Whether you’re a seasoned landlord or just dipping your toes into the world of property investment, the message remains the same: let the professionals handle it. Sure, you may have had a bad experience with a letting agent in the past, but don’t let that sour you on the idea of full management. The key is finding a letting agent who truly understands your needs and has the expertise to deliver results.

When it comes to choosing the right agent, it’s all about professionalism and communication. Letting agents should demonstrate their deep understanding of the local market and how regulatory changes will impact you as a landlord and your investment. It’s down to letting agents to instil confidence and peace of mind in landlords who may be feeling overwhelmed by the complexities of property management.

Furthermore, while it has been nearly five years since a report by Lord Best recommended setting up an independent regulator for property agents, last week the House of Lords Industry and Regulators Committee called on the Government to take immediate action to act on existing plans for more regulation of property agents to protect landlords, tenants, and other stakeholders.

This long-overdue move towards professionalising the industry will not only protect landlords from unscrupulous behaviour, but also elevate good letting agents to the status of respected professionals they deserve, giving landlords the confidence to work with them.

Landlords, in these uncertain times, letting agents are your allies and partners in property management success. Embrace the expertise, lean on their knowledge, and together, weather the storm.

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Paul Shamplina has joined forces with the National Landlord Investment Show to offer a dynamic educational day designed to empower landlords in efficiently managing their property businesses. This event ‘Landlords – How to Survive and Thrive in 2024’ taking place on Wednesday 5 June 2024 at Hamilton House, London, is designed by a team with decades of experience at the ground level of how to survive and thrive with constant changes in the economy, the rental market, regulation, legislation and taxation. https://www.landlordinvestmentshow.co.uk/landlord-plus  

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* Paul Shamplina is founder of Landlord Action, Chief Commercial Officer at Hamilton Fraser, and is on Channel 5’s ‘Nightmare Tenants, Slum Landlords’ *