Landlords Seek Agents for Full Management

It seems the winds of change are blowing through the rental market.

According to the latest Propertymark rental market snapshot, letting agents have been receiving an increased number of requests from landlords to take on full management of rental properties. This trend, first spotted in February, is largely driven by the upcoming Renters Rights Act, set to take effect in May.

With a labyrinth of existing laws on property condition and management, plus the new rules in the Act, many landlords who once managed their properties solo are now seeking the expertise of professional agents. It's a classic case of “better safe than sorry,” as landlords aim to navigate the regulatory maze with ease.

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Meanwhile, the rental market is buzzing with activity. The average number of new prospective tenants registering with each Propertymark branch surged to 80 in February. However, with only about 11 homes available per branch, the competition is fierce, with over seven applicants vying for each property.

On the sales front, there’s a bit of a hiccup. The Propertymark report highlights that a whopping 43% of housing transactions are taking longer than 17 weeks to complete. So, whether you're in rentals or sales, it’s clear that the property market is keeping everyone on their toes. Stay sharp and keep those management skills polished!

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Want to hear more? Join Mal & Matt on the Property AI Report Podcast each week!

Access from your preferred podcast provider by clicking here

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