Why landlords should consider a fully managed letting service
Posted March 28th 2024
If you’re a landlord in the UK, whether with one inherited property or an extensive portfolio, your property is a valuable asset, but managing it can be a demanding task. That’s where a fully managed lettings agent, like Thomas Morris, comes into play.
In this blog, we'll go through what fully managed letting is, explore the reasons why landlords should opt for a fully managed service, and what qualities to look for in an experienced agent like Thomas Morris.
What is fully managed letting?
Fully managed letting is a type of property management service where an estate agent manages your rental property on your behalf. What this management involves can depend on the agent and the needs of the landlord.
What are some advantages of using a fully managed service?
Choosing a fully managed lettings agent provides you with a wealth of expertise at your fingertips. Here are all the things a good letting agent has at their disposal that make a fully managed service for landlords worth considering:
Local market knowledge
A good lettings agent knows the local rental market inside and out. Their experience enables them to help you achieve the best rental income from your property. They understand the nuances of pricing, marketing, and maintaining your property for optimal returns. Here at Thomas Morris, we have over 30 years of experience in letting and are one of our area's leading estate agents.
Comprehensive tenant services
An experienced agent will have an extensive database of tenants actively seeking properties. They'll meticulously vet prospective tenants through credit checks, employment verification, and previous landlord references. This ensures that your property is matched with high-quality tenants, reducing vacancy periods and potential issues.
A hassle-free property management system
Many landlords choose fully managed services to eliminate the hassles of property management. An adept agent will be able to handle routine property checks, coordinate repairs, and ensure your property is well-maintained. This proactive approach prevents minor issues from escalating into costly problems.
Knowledge of complex and ever-shifting legislation
Landlords in the UK must be aware of a huge number (over 170) safety regulations and pieces of legislation, including but not limited to the Housing Act, Gas Safety Regulations, and Tenancy Deposit Protection. Compliance is crucial to avoid legal issues, especially with potential upcoming changes to EPC legislation and the Renters Reform Bill. A good letting agent will ensure you are compliant and keep you abreast of the latest changes.
At a time when the lettings industry is constantly evolving, the decision to opt for a fully managed service with a lettings agent is a smart move for landlords to make. A capable, experienced, and trusted agent, like Thomas Morris, can transform the management of your rental property into a seamless and profitable venture.
If you’re interested in our fully managed landlord service, contact our Property Management team for more information
