Employing a letting agent could see landlords save themselves £159 a month, according to the results of a survey carried out by an insurance firm.

Peter Hull, director of Cumbrian estate agent, said: “In the past there have been widespread misconceptions amongst landlords about the value for money offered by letting agents. As a result of the investigation into 500 landlords, the survey has shown the average sum that could be saved on actual fees is £159 per month.

“However, this does not take into account rental income lost in void periods, where tenants cannot be found and properties stand empty. The survey suggests that in these cases, letting agents can in fact save their clients an average of almost £2,000, which is certainly a very significant saving and one worth considering.”

The survey identified that in the case of landlords, most of the savings that could be made were by agents minimising these void periods. Landlords who go it alone marketing their property found it more difficult and costly to find suitable tenants.

Some 76 per cent of people responding to the survey reported that their agent helped them proactively find tenants, as well as providing other much-needed services, such as help with legal and financial matters, overall contributing to a reduction in costs incurred.

Mr Hull added: “At H&H King, we place huge emphasis on our service provision and protecting landlords. It is not only the cost savings that can be made by landlords, but that professional advice offered by letting agents is paramount to ensure that landlords maximise their rental income.”

This is reinforced by the findings of the survey where it suggests that relationships between letting agents and landlords are not only about financial benefits. The personal contact can be very conducive to building a strong partnership, and the results clearly demonstrate that of those landlords who used an agent, 50 per cent were most attracted because of their local knowledge, and for two in five, excellent service provision was the deciding factor.

“It was especially interesting to see that 41 per cent of the landlords surveyed felt the main benefit of working with a letting agent is that it provides peace of mind, while 25 per cent say they actually communicate with their letting agent on a weekly basis,” Mr Hull said.

“We agree that it is important that landlord and letting agents keep the channels of communication open. Our dedicated team at H&H King offer sound advice and guidance on a range of property letting issues, priding themselves on their ability to understand the local market and offering a professional service.”