The key Differences Between Letting Packages

25th March 2024

It’s essential for landlords to carefully consider their needs and objectives when selecting a letting agent package to ensure they choose the option that best meets their requirements.

Fully Managed:
In a fully managed package, the letting agent takes on the responsibility for the day-to-day management of the property on behalf of the landlord.
This includes tasks such as finding and vetting tenants, handling all communication with tenants, collecting rent, organising repairs and maintenance, conducting regular property inspections, and dealing with any issues or disputes that may arise.
Landlords who opt for a fully managed service typically prefer a hands-off approach to property management and value the convenience and peace of mind that comes with having a professional handle all aspects of the tenancy.

Let Only:
In a let-only package, the letting agent’s involvement is limited to finding and vetting suitable tenants for the property.
Once tenants are secured and the tenancy agreement is signed, the responsibility for managing the property and dealing with tenants directly falls to the landlord.
Landlords who choose a let-only service typically prefer to handle the ongoing management of the property themselves and are comfortable with the administrative tasks involved in managing a tenancy.

Marketing Only:
A marketing-only package focuses solely on advertising the property and finding suitable tenants.
The letting agent will market the property through various channels, such as online listings, social media, and their own website, to attract potential tenants.
Once tenants are found, the landlord is responsible for all other aspects of the tenancy, including vetting tenants, preparing the tenancy agreement, collecting rent, and managing the property.
Landlords who opt for a marketing-only service typically prefer to handle the entire tenancy process themselves and simply require assistance with advertising the property to a wider audience.

Key Considerations:

Cost: Fully managed packages usually come with the highest fees, reflecting the comprehensive range of services provided by the letting agent. Let-only and marketing-only packages are typically more affordable, as they involve fewer services.

Level of Involvement: The level of involvement required from the landlord varies depending on the package chosen. Fully managed services offer the most hands-off approach, while let-only and marketing-only packages require greater landlord involvement in managing the tenancy and staying up to date with relevant legislation.
Convenience vs. Control: Landlords must weigh the convenience of having a letting agent handle all aspects of the tenancy against the desire for greater control and involvement in managing the property themselves.

Ultimately, the choice between fully managed, let only, and marketing-only packages depends on the landlord’s preferences, level of involvement, and budgetary considerations.