Let Only or Full Management?

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Let Only or Full Management?
(for UK 🇬🇧 mainly)
There are different services for letting depending on how much you are willing to spend and whether you have time to manage some of the details yourself.
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👉 LET ONLY
The most basic service offered by letting agents. The agent will find a tenant for your property but is not involved in any other way in the ongoing management of the property.

Pros ➕
. Cheaper option (one-off fee, either fix or relates to a percentage of the first month’s rent)
. Direct communication with the tenant
. Repairs or maintenance can be done by the landlord itself when possible.

Cons ➖
. Dealing with the day-to-day management of a property
. Keeping up with industry legislation and regulation

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👉 FULL MANAGEMENT
A fully managed letting service does everything included in a let-only service, plus all the aspects of the property management. This generally includes: rent collection, management of tenants, safety compliance management, property inspections, assistance in case of disputes.

Pros ➕
. No stress in dealing with unhappy tenants, trying to collect unpaid rent and managing property maintenance should any problems arise.
. Being fully compliant with all the relevant legislation and laws
. The fees can be offset against your tax liability (claim back some of the costs at the end of every tax year)

Cons ➖
. The price (around 10-15% of the rent you collect will go to the letting agent)

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Choosing a let-only or fully managed letting service is a personal decision that needs to be based on your specific situation. If you are still unsure, contact one of our agents to talk through your queries and choose the perfect letting service for you and your property.

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