A fully managed service is something that a lot of lettings agents will advise that you go for, for a number of reasons. When choosing to go for a fully managed service over a let only service it can be quite hard to understand the difference between the two. We have put together a list of why you should choose the fully managed service and what it offers you.
Hands off approach for the landlord –
This is the better option if you work full time or live in a different area to the one you are renting the property in as it alows for the lettings agency to have full control over the day to day running of the property.
Point of contact for both the tenants and landlord-
Any issues that need to be sorted will go thorugh the agency. This means any maintenance works will be organised by the lettings agency and agrred with both the tenants and landlords, which makes it a lot easier for both parties to get job finished.
Collecting the rent –
The lettings agency will be able to collect the rent and sort out the payment process with tenants. This means that every month the rent will be paid through a standing order and if it isn’t paid the tenants will be called asking why the rent hasn’t been paid and if it continues for more than 24 hours the landlord is notified of the situation.
Help to limit tenant changes –
This is a great point if you are looking for a long-term contract, as it would allow the tenants to form a relationship with the managing agents, which would encourage them to keep renewing the contract and stay in the property rather than constantly changing the tenants in the property. This is especially important if you are a landlord that doesn’t live in the area of the property you’re renting out as some tenants can fel as though they are unable to contact their landlord and are more likely to leave due to being unable to have sufficient contact with their landlord.
Day to day management –
The day to day management of the properties would fall to the lettings agents so this may be anything from a little problem to a bigger issue, the lettings agents would be able to sort out the problems without the need for the landord to visit the proeprty everytime an issue occurs.
Landlords often tend to forget to inspect their property on the assumption that because rents are paid on time the property will be in good condition, this isn’t always the case. However, with Leighton Paul Property we carry out routine inspections and flag any issue immediately, which keeps the property condition to a good level for the course of the tenancy.
Rent Guarantee Insurance –
Clients have the opportunity to purchase rental guaratee insuranace when taking up a managed service, which allows them to adequately forecast their income with the guarantee that rents will be paid to them even if the tenant didn’t. Rent Guarantee policies also include a legal policy which pays for the tenants eviction should they default on their rent payment obligations; this legal policy includes the serving of section notices through to court eviction.