There are many different types of landlords out there. Some of them like to invest their money in a property and then use it as a business by applying a hands-on approach. Others just want to keep a portfolio of properties without actually spending their time managing tenants and all of the tasks associated with lettings. This is especially the case if someone has become a landlord without planning to, for example through inheritance or going abroad and leaving their property for tenancy.
Whatever the case may be, landlords need to consider their options in regards to let-only or fully managed property management services. It is obvious that managing a property by yourself is pretty difficult, so you will do well to consider your options.
In this guide, we will shed more light on what let-only and fully managed services are, as well as their main pros and cons.
This kind of service is a basic option that letting agents provide. Essentially, it means the agent will find a tenant for the property and let it out on behalf of the landlord. The agent is not involved in any other form of managing the property or dealing with further tasks. Services that letting agents provide with this option vary, but in the most general case they include:
Pros and cons of a let-only service
Perhaps the biggest benefit of this service is the fact that it costs less. Letting agents normally charge a one-off fee, either fixed or somehow related to a percentage of the first month’s rent. This kind of service is ideal for landlords, who prefer to be more engaged with their tenants. They can communicate directly with them and work to resolve any issues.
The main disadvantage of this service is that the landlord will have to keep up with the regulations and rules of the industry. They have to know how new legislation affects them and their property. It also means that landlords need to invest a lot more time in managing their property.
Fully managed letting service
A fully managed letting service includes the same package as let-only service along with other additions. With this kind of service, landlords can leave most of the work to their letting agents, who will do a lot for them:
Pros and cons of fully managed letting services
Any landlord who doesn’t want to deal with all of the stress of letting a property should choose a fully managed to let services. Placing all issues, such as dealing with tenants, collecting unpaid or late rent, managing issues as they arise and communicating with tradespeople in the capable hands of a letting agent can be a landlord’s best decision. One very important aspect of fully managed letting services lies with the knowledge that experts provide in terms of legal matters. Landlords can rest assured that they fully comply with the relevant laws and legislation because their letting agent will see to it. Whenever any changes affect the property, the agent will let the landlord know immediately.
The major downside to choosing such a service is the fact that it will cost the landlord around 10-15% of the rent collected each month. That is the amount letting agents usually charge and the price of having experts deal with everything related to letting a property.
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