There are so many different types of landlords out there, and while many of them entered the market with a plan there is an increasing number that is doing so without any planning. It might be that they inherited a property, they are working abroad, or are holding onto their home having moved in with a partner.
Whatever the reason, it’s important to actually have a plan and it can be handy for tenants to also know the difference for when they are ready to rent. In this guide, we will break down what a fully managed letting service is as well as dip into what a let-only service means.
What is a Fully Managed Letting Service?
You can expect a lot from a fully managed letting service. It’s the package where the letting agent does everything for you, so all you need to do is kick back and relax. The agent will handle a lot of things for you including:
- Management of tenants
- Collection of rent
- Safety compliance management
- Property Inspections
- Management of property maintenance
- Assistance in any disputes
Why is a Fully Managed Letting Service Good?
A fully managed letting service takes the stress away from you as the landlord. There is so much to worry about with tenant management and rent collection that having someone else deal with it can take the weight off your shoulders. Maintenance and management are issues of the past for you, and you still have the option to step in and help if you want to.
You can also further relax because you know you’re completely compliant with the relevant legislation and laws since the letting agent takes full control over that aspect too. They will be fully updated with any changes that can impact your property and are well-versed in legal jargon (which can be confusing for even the best of us).
How is a Let-Only Service Different?
A let-only service covers the very basics. They take the first and last month’s rent, arrange viewings and credit checks, and will also advise you on how much rent can be charged for the property. As the landlord, the rest is up to you and it means a lot of extra work on your plate. Sure, it doesn’t cut into your profits but it does leave you with a lot of extra stress.
There are pros and cons to both forms of letting service, but it can be easily agreed that a fully managed letting service is the way to go. It takes the pressure off you as the landlord and both you and your tenants can rest comfortably knowing that things are being handled by professionals. You might lose a little profit, but it is absolutely worth it for what you gain.