A recent buy-to-let survey has revealed that nearly two-thirds of landlords in the UK are contemplating a switch to a managed let. Over 2,000 landlords participated in the survey, with 63% expressing interest in using a letting agent for various reasons, including:
1. No longer dealing with repairs (32%).
2. No longer finding tenants (30%).
3. No longer handling legal requirements (30%).
4. Lack of strong market knowledge (29%).
Given upcoming changes in lettings' legislation, it is crucial for landlords to focus on the management of their properties. In this guide, we'll explore what's involved in a managed let, how it works, and the benefits of entrusting your property to experts.
What managed letting packages do agents offer?
Management services are designed to assist landlords in caring for their rental properties. A fully managed let typically includes services such as:
Tenant find usually includes marketing the property, conducting viewings, tenant qualification, referencing, and preparing tenancy agreements. This service may also include inventory management, rent and deposit collection, and liaising with utility companies.
Why use this? It can help landlords avoid the hassle of finding tenants and reduce the risk of scams and fraud. Letting agents offer effective tenant qualification and referencing.
In addition to tenant-find services, rent collection involves collecting rental payments from tenants, addressing missed payments, and conducting rental reviews. It may also handle tenancy renewals and changes.
Why use this? For landlords seeking a consistent relationship with their agent while enjoying tenant-find benefits and rent security.
Fully managed let
This comprehensive service encompasses all the above, along with legal protection and most repairs and maintenance. It alleviates the burden of dealing with property repairs, a significant concern for landlords.
Why use this? A fully managed let provides complete peace of mind by handling repairs, maintenance, and legal protection. It is particularly attractive to landlords looking to reduce the time and cost of property maintenance.
Are there any other letting services offered by agents?
Some agents offer premium managed letting services, which go beyond the standard managed let. These services may guarantee rental income even during void periods and cover all aspects of the tenancy while providing legal protection in case of disputes.
Summary: Why are landlords switching to managed lets?
Thanks to the changing landscape of lettings' legislation and the desire to streamline property management, more landlords in the UK are considering the benefits of managed lets and the assistance of letting agents.
To explore the range of managed letting services, contact your local branch.