Uswitch has found that nearly two-thirds of landlords in the UK are considering transitioning to a managed let. Of the 2,000 landlords who participated in the survey, 63% expressed interest in using a letting agent for various reasons, including:
1. No longer having to deal with repairs (32%).
2. No longer having to find tenants (30%).
3. No longer dealing with legal requirements (30%).
4. Limited knowledge of the market (29%).
With upcoming changes in lettings' legislation, it's becoming even more important for landlords to focus on their rental properties. This guide explains what's included in a managed let, how it works, and the advantages of entrusting the management of your property to experts.
A guide to common property management services
Property management services are designed to assist landlords in the care of their rental properties. A fully managed let typically includes a range services, including finding tenants, collecting rent keeping landlords legally compliant, and looking after the maintenance of the property.
What is tenant find?
Tenant find includes some of the more rudimentary letting services including:
- Marketing the property.
- Conducting viewings.
- Qualifying and referencing potential tenants.
- Preparing up-to-date tenancy agreements.
- Conducting inventory checks at the start and end of a tenancy.
Some agents will even collect the first month's rent and security deposit and transfer this into a government-licensed scheme.
What is rent collection?
A rent collection package includes everything from the tenant-find package, as well as ongoing rent collection services. These may include:
- Collecting rental payments and depositing them into the landlord's bank account.
- Chasing missed payments or arrears.
- Providing a yearly rental review to make sure your property is achieving the best possible income.
- Handling tenancy renewals and changes as needed.
What is a fully managed let?
A fully managed let would usually include all the services mentioned already, along with some all-important extras including legal advice and the latest compliance information. Your letting agent will also usually handle most repairs and maintenance jobs.
What is a premium managed let?
Premium managed lets go a step further than standard property management services. Agents often provide training and access to market data to ensure landlords receive the best results from their rental properties. Other premium letting services may include:
- Guaranteeing rental income, even during void periods.
- Keeping a landlord legally compliant.
- Dispute resolution.
Using a premium managed letting service can help you to stay compliant with ever-changing lettings' legislation and navigate the complex rental market. However, for this to work, it’s important to work with a trustworthy letting agent who is well-informed about legal requirements and market conditions.
To explore a range of managed letting services, you can contact your local branch for more information.