Nearly two-thirds of UK landlords are contemplating switching to managed lets. A recent survey revealed that of the 2,000 landlords surveyed, 63% were interested in using a letting agent in the future. The reasons given for this shift include:
1. Avoiding repairs - 32% of landlords no longer want to handle property repairs.
2. Finding tenants - 30% seek to offload the responsibility of looking for reliable tenants.
3. Legal compliance - 30% of landlords would like help with navigating the latest legislation.
4. Market expertise - 29% feel they lack sufficient knowledge of the rental market.
Given upcoming changes in lettings legislation, it's crucial for landlords to future-proof their rental properties – and managed lets can provide a solution. Coming up, we’ll run through the main types of services letting agents offer.
This entry-level letting service package usually includes:
- Property marketing
- Tenant qualification and referencing
- Tenancy agreement preparation.
That said, tenant find may also involve inventory management, handling the security deposit, and liaising with utility companies.
In addition to tenant-find services, rent collection manages:
- Rental payments including following up on any missed payments.
- Annual rent reviews to help you to make the most from your investment.
- Tenancy renewals and changes.
Fully managed let
A fully managed service addresses the top concern of landlords, eliminating the need to deal with property repairs. It will also provide a certain level of legal protection, ensuring that landlords know what to expect with any upcoming changes to their let.
Premium managed let
Some agents offer premium managed services that handle all aspects of the let, including legal enforcement and protection in case of disputes. In some cases, a premium managed service will even guarantee rental income even during void periods.
Should I switch to a managed let?
For landlords, the decision to use managed letting services can alleviate the burden of managing various aspects of their rental properties, ensure legal compliance, and provide expertise in an ever-changing rental market.
Whatever you choose to do, it’s important to work with a trusted letting agent like Hunters who is well-versed in rental legislation and market dynamics.
To learn more about managed letting services, reach out to your local branch.