As a landlord, managing your rental property can be a challenging and time-consuming task. Whether you're just starting out or have been renting out properties for years, understanding the differences between the various property management options available to you is crucial. Two of the most common choices are Let-Only and Full-Service property management.
Both offer distinct services, and knowing which one best suits your needs can save you time, effort, and money. In this blog, we’ll explore the key differences between Let-Only and Full-Service property management, helping you decide which option is right for your rental property.
What is Let-Only Property Management?
Let-Only property management is essentially a basic service where the letting agent’s responsibility is limited to finding a suitable tenant for your property. This means they will market the property, show it to prospective tenants, and carry out reference checks to ensure the tenant is reliable. Once a tenant is found and a lease agreement is signed, the agent’s involvement typically ends.
What Does Let-Only Include?
- Advertising and Marketing: The agent will list your property on rental websites, social media, and other channels to attract tenants.
- Tenant Viewings: They’ll schedule and conduct property viewings with potential tenants.
- Tenant Referencing: The agent will carry out background checks to ensure tenants can afford the rent and have a good rental history.
- Tenancy Agreement: The agent will prepare the legal paperwork for the lease agreement.
Once the tenancy agreement is signed, your involvement in the property management increases as the agent's role ends. The landlord becomes responsible for ongoing maintenance, rent collection, and dealing with any tenant issues.
Ideal For:
Let-Only services are best suited for landlords who have the time and expertise to manage the property on their own. If you’re comfortable handling maintenance requests, rent collection, and tenant communication, this option could be a good fit.
What is Full-Service Property Management?
Full-Service property management, on the other hand, is a comprehensive solution where the letting agent handles every aspect of the property management process. From finding tenants to managing day-to-day issues, Full-Service property management takes the responsibility off your shoulders, ensuring everything is handled professionally and efficiently.
What Does Full-Service Include?
- All Let-Only Services: As part of the full-service package, all the Let-Only services mentioned earlier will still be provided. But the agent will take care of much more beyond that.
- Rent Collection: The agent will handle collecting rent on your behalf, ensuring timely payments and following up on late or missed payments.
- Property Maintenance: They’ll arrange for repairs and maintenance as required, using trusted contractors or in-house teams. If something goes wrong in the property, they’ll take care of it.
- Tenant Communication: The agent will be the primary point of contact for your tenants. This includes dealing with complaints, resolving disputes, and addressing any other tenant concerns.
- Legal Compliance: A Full-Service management company will ensure your property remains compliant with all relevant regulations, including gas and electrical safety checks, EPC requirements, and more. They’ll keep track of necessary inspections and certifications.
- End of Tenancy: The agent will manage the end-of-tenancy process, including conducting inspections, handling the return of the deposit, and making arrangements for the property to be re-let.
- 24/7 Emergency Support: Many full-service agents offer 24/7 emergency support for both landlords and tenants, ensuring that any issues that arise are dealt with quickly and professionally.
Ideal For:
Full-Service property management is ideal for landlords who want to take a hands-off approach or who don’t have the time to deal with the day-to-day management of their property. If you own multiple rental properties or simply prefer the convenience of having experts manage your investment, this service provides peace of mind.
Key Differences Between Let-Only and Full-Service Property Management
1. Level of Involvement
- Let-Only: You are responsible for the majority of the property management tasks after the tenant is placed, including rent collection, maintenance, and tenant communications.
- Full-Service: The agent takes care of everything, from tenant finding to day-to-day management, so you don’t have to worry about any of it.
2. Services Provided
- Let-Only: This option primarily covers tenant sourcing, advertising, viewings, and reference checks.
- Full-Service: A Full-Service package covers everything from the initial tenant placement to ongoing property management, including rent collection, maintenance, and ensuring legal compliance.
3. Cost
- Let-Only: Let-Only services tend to be cheaper as they provide fewer services. Agents usually charge a one-off fee or a smaller percentage of the first month’s rent.
- Full-Service: Full-Service management is more expensive because it involves a wider range of services. Agents typically charge a monthly fee, which is a percentage of the rent collected (usually between 10-20%).
4. Control and Flexibility
- Let-Only: You maintain control over the property and tenant relationship, which may be ideal if you want flexibility and prefer to make decisions yourself.
- Full-Service: You hand over control to the agent, which can be beneficial for landlords who prefer a hands-off approach but may feel less involved in the property’s day-to-day management.
5. Tenant and Property Care
- Let-Only: After securing a tenant, it’s up to you to handle any maintenance issues or concerns that arise. You’ll also be responsible for rent collection.
- Full-Service: The agent handles everything related to tenant management, from rent collection to property repairs and ongoing communication, so you don’t have to deal with any tenant issues directly.
Which Option is Right for You?
Choosing between Let-Only and Full-Service property management depends on your personal preferences, the time you have available, and how much involvement you want in managing your rental property.
- If you’re a hands-on landlord who enjoys the process of managing tenants and maintaining your property, Let-Only might be a better option for you.
- However, if you prefer a stress-free, hands-off approach and want experts to handle every aspect of your rental property, Full-Service property management could be the right choice.
Regardless of which option you choose, it’s important to select a reputable letting agent or property management company that understands your needs and can provide the right level of support.
Conclusion
Let-Only and Full-Service property management both offer distinct advantages depending on your circumstances. Whether you want to be more involved or prefer to leave it all to the experts, understanding the key differences can help you make an informed decision.
If you’re still unsure which option is best for your rental property, contact a trusted property management company today for advice tailored to your situation. This way, you can ensure your property is in good hands while you focus on what matters most.
By clearly understanding the differences between Let-Only and Full-Service property management, you can select the service that best aligns with your goals and ensures your rental property runs smoothly.
Looking for expert property management services that take the hassle out of being a landlord? At Bluestone Properties, we offer tailored solutions to suit your needs, whether you're looking for a Let-Only service or a comprehensive Full-Service management package. Our team is dedicated to ensuring your property is well-maintained, compliant with all regulations, and generating the best returns possible.
Contact Bluestone Properties today and let us handle the hard work for you! Whether you're new to renting or have an extensive portfolio, we’ve got the expertise to support you every step of the way.
Reach out now for a consultation and find out how we can simplify your property management journey!
Bluestone Properties – Your trusted partner in property management.
