Franchising is becoming more popular among small business letting agents, according to a new report.
The report, by property management company, Ashton Burkinshaw, claims that, as landlords reap the benefits of rising rental prices and the higher demand for properties, many are looking at franchise opportunities as a way to expand their business.
Analysts at Ashton Burkinshaw believe the surge in demand for rental properties is partly down to recent increases in interest rates and first time buyers who are apprehensive about their first step on the property ladder due to the uncertainties of the housing market.
The report also claims that the buy to let sector now accounts for 81 per cent of lettings in both the private and corporate sector.
A spokesperson for Ashton Burkinshaw said: “This change of format from traditional business methods demonstrates that the letting industry is becoming more outward looking by recruiting potential franchises from both within and outside the industry with emphasis on local knowledge and business know-how.”