When landlords use letting agents to rent out their properties, they are usually presented with the choice of going ‘Fully Managed’ or ‘Let Only’. Making the right choice depends on the individual needs of each landlord, and expert guidance from an experienced letting agent.
A brief explanation of each service is below.
For a fixed fee, the letting agent will market the property to find a suitable tenant, undertake a referencing process, arrange the legal tenancy agreement, register the deposit, and take the first month’s rent in advance.
The letting agent will usually take their fee from the first month’s rent, and then forward the money to the landlord. After the tenant has moved in, it is the responsibility of the landlord to collect any future rent payments, and deal with any problems that may occur during the term of the tenancy.
A fully managed service takes all the work and worry away from the landlord.
In addition to finding & referencing the tenant, the letting agent will prepare a detailed inventory of the property and its contents, collect all rent payments on behalf of the landlord, deal with all enquiries from tenants, undertake routine maintenance work using approved and qualified tradesmen, change over the accounts with utility suppliers, and undertake regular inspections of the property to be sure it is being kept to a good standard.
Quality letting agents like Merrick Binch lettings will also offer a free ‘Rent Guarantee & Legal Protection’ policy with their fully managed service to give landlords that extra peace of mind.
At Merrick Binch, we take the time to find which service is right for each landlord. If you have any questions about the difference between fully managed, let only, or a combination of the two, call the Merrick Binch Lettings Team on 02476 578888.