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Are you thinking about renting out some of your properties? It is important to consider whether you want to manage the property yourself or if you want to instruct a letting agent to manage the property for you and take most of the workload off your plate. To help you with this decision, we’ll go through some of the various services a letting agent will offer you and explain the differences between Let Only and Fully Managed packages for your rental properties.
Finding a Tenant / Let Only
The basic service that both Let Only and Fully Managed services will offer you is finding you a suitable tenant for your property. Part of this service is usually arranging for marketing materials to be created for a listing on Rightmove and other property portals, as well as arranging viewings and advertising your property in the local press.
Once a suitable tenant has been found, the Let Only service can also include the necessary checks that need to be made before a tenancy can commence, including referencing, right-to-rent checks, and setting up legally enforceable tenancy agreements to be signed by both tenants and landlords. On top of this, your agent can also create an inventory of the property so you can account for any deposit deductions at the end of the tenancy should they be necessary. You will usually be charged a one-off fee for a Let Only service.
A Let Only service will usually end at this point, leaving you to manage the ongoing aspects of the tenancy, including rent collection, maintenance and any maintenance issues, property inspections, and deposit disputes yourself.
Fully Managed or Let Only?
Let Only services are ideal if you love the day-to-day work that comes with being a landlord and if you are planning on making being a landlord your (almost) fulltime job.
However, if you are a new landlord and this is your first forray into property management, you need to make sure you become acquainted with the necessary legislation. This is crucial to avoid the consequences and legal ramifications of, for example, getting the deposit wrong. If you are not ready to take this on, it might be a better idea to opt for a Fully Managed package instead.
Fully Managed means that the agent will take the work and worry away from the landlord. They will collect all the rent on your behalf, deal with enquiries and maintenance issues, and undertake regular inspections to make sure the property is kept to a good standard.
Protection Offered by Accredited Agents
By law, your letting agent is required to be part of a redress scheme. This ensures that you can refer any complaint you mighthave against the agent to a mediator organisation and will offer you the possibility of compensation. Aston Knowles is proud to be part of the Property Redress Scheme.
In additon to a redress scheme, your agent should also be part of a Client Money Protection scheme, which ensures you are entitled to claim any moneys lost through misappropriation of your funds or if the agent goes bust. Aston Knowles is RICS registered which means we are automatically covered under their CMP scheme.
In addition to the protection offered to you by Aston Knowles, we are also experts in lettings and pride ourselves on being up to date on the latest regulation and laws in the private rental section. This ensures that any tenancy agreements or documents we draw up for you will be legal and follow the latest guidelines and legislation.
Interested in getting a no-obligation free rental valuation on your property or want more information? Don’t hesitate to get in touch with us today on 0121 362 7878 or enquiries@astonknowles.com. We’d be happy to advise you on any property-related matter and answer any questions you might have regarding letting your property.
