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So, you’ve decided to let your property but are debating whether to choose your agent’s let only or full management service. Whether you are new to the world of buy-to-let or if you are an experienced property owner, this decision should be based on a variety of factors and should not be made lightly! Aston Knowles is proud to now also offer both a premium Let Only and Property Management Service, for more information and to find out how to secure your FREE Market Rental Appraisal, stick with us till the end of this article!
Let Only vs Property Management
A Let Only service means that the agent will market the property, arrange and carry out viewings, and set everything up for the new tenant to move in, including arranging for the paperwork to be in order and conducting an inventory. Once they’ve moved in, the agent’s job is finished and you have to perform all the maintenance, rent collecting, and other tasks that come with being a landlord yourself. A Let Only service is usually charged as a one-off fee.
A fully managed service includes all of the above, but in addition the agent will also take care of rent collection and handling maintenance, legal obligations, and property inspections. Fees for Full Management are often charged as a one-off fee for setting up the tenancy, after which you will be charged a percentage of the monthly rent for the management services.
Which Service is Right for You?
Choosing which of these two services works best for you depends on a few factors, with what you enjoy doing and how knowledgeable you are about the letting business being no small part of this.
If you love the day-to-day work that comes with being a landlord, a Let Only service might be the best choice for you, as you get to handle everything that comes after the tenant has moved in yourself. However, if you don’t like the idea of your tenant having your contact number and getting in touch with you directly at all times of the day and night of if you are reluctant to deal with day to day repairs, a Full Management service might be more to your liking.
If you are planning on making being a Landlord your (almost) full-time job, you need to ensure you have the time and motivation to become acquainted with the necessary knowledge and legislation. This is essential in order to be successful and, more importantly, to avoid the consequences for getting it wrong; the legal ramifications for example, of registering a deposit the wrong way can be large (think a steep fine or even imprisonment!). But if you are not, it might be a better idea to enlist an agent to deal with the management of your property.
Using a Full Management service provided by an agent you can trust will save you a lot of time, and un-necessary stress! While you might have bought your property as an investment, you can still have an emotional attachment to it. This can then be the cause for you and your tenants to get into small arguments which can build up into a big fallout, which is totally unnecessary! Agents can deal with issues in a timely manner, all while keeping your interests at heart and emotion out of it.
In the end it all comes down to what your personal needs and preferences are. If you already own properties that you want to let, or if you are thinking of investing, now is the perfect time to get in touch with our dedicated lettings team. Aston Knowles provides both a let only and detailed property management service, as well as a FREE market rental appraisal! Get in contact today to learn more and learn how we can help at 0121 362 7878 or enquiries@astonknowles.com.
Sources:
PropertyGeek – Should You Self-Manage or Use a Letting Agent?
Personal Property Shop – Should I Use a Letting Agent to Manage My Property?
