Over half of landlords treat the management of their properties as a full-time job, a survey by buy-to-let lender Landbay has revealed. Only 19% of landlords said they relied on a property management company, with a quarter using an estate agent.
Among the landlords that said they didn’t have another job, the majority owned small portfolios of between four to 10 properties, closely followed by 34% who owned over 20 properties. Only 18% owned between 11-20 properties.
Surprisingly, those who managed their own properties spent the biggest proportion of their rental income on property management. This was even though nearly half of all the landlords surveyed are paying the same or less through an estate agent or property management company. Fifteen per cent of landlords spent 13% or more of their rental income on property management.
The survey found that a limited company was the preferred set-up for most landlords, with 65% of owning their properties through this mechanism.
The aim of the survey is to identify the key issues facing landlords and to establish their opinion on the future of the buy-to-let market. In addition to business and economic expectations, landlords were asked about their plans for their properties or portfolios, for rent and for remortgaging.
Rob Stanton, sales and distribution director at Landbay, said: “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.”
