The differences between a let-only service and a full property-managed service are as follows:
1. Let-Only Service
*Basic Option: A let-only service is a basic option offered by letting agents.
*Tenant Finding: The agent finds a tenant for the property and lets it out on behalf of the landlord.
*Limited Involvement: The agent is not involved in any other form of managing the property or dealing with further tasks.
*Landlord Responsibility: The landlord is responsible for ongoing management, including rent collection, property maintenance, and tenant communication.
*Cost-Effective: This service is generally cost-effective, with letting agents typically charging a one-off fee, either fixed or related to a percentage of the first month’s rent
2. Fully Managed Service
*Comprehensive Management: A fully managed letting service includes everything a let-only service does, plus a whole lot more.
*Extensive Support: The letting agent handles all aspects of managing the property, including tenant management, rent collection, safety compliance, property inspections, and property maintenance.
*Tenant Disputes: They assist in any disputes and take up the reins of looking after the property on behalf of the landlord.
*Legal Compliance: The letting agent ensures that the property complies with all legal obligations and handles all legal matters related to the tenancy.
*Ongoing Fees: Fully managed services typically charge ongoing fees, usually between 10-15% of the monthly rent, payable for the whole period of the tenancy
In summary, a let-only service is a more hands-on approach for landlords who prefer to be more engaged with their tenants and are willing to manage the property themselves. On the other hand, a fully managed service provides comprehensive support, allowing landlords to sit back and have the letting agent handle all aspects of managing the property. The choice between the two services depends on the landlord's preferences, level of involvement, and resources.
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