Letting agents play a pivotal role in connecting landlords and potential tenants, ensuring that the rental process is as seamless and efficient as possible. However, not all letting agents offer the same range of services, and their level of involvement can vary significantly. Before you hire a lettings agency, you need to investigate their levels of service and decide which level is right for you. Letting agents usually provide a selection of two or three service tiers, each tailored to meet different degrees of involvement and responsibility. In this guide, we will explore the different levels of letting agent services, shedding light on the various options available. Let’s jump straight in.
What is a tenant-find service?
The lowest level of letting agent service is the tenant-find only service. In this level, the letting agent’s primary responsibility is to locate suitable tenants and facilitate the initial administrative tasks. This includes tasks such as conducting tenant reference checks, running credit assessments, collecting security deposits, and drafting essential legal documents like tenancy agreements and inventories.
The main distinction here is that the day-to-day management of the property remains firmly in the hands of the landlord. This option is ideal for landlords who are comfortable overseeing the daily affairs of their rental property.
What is a rent-collection service?
Building upon the tenant-find only service, the rent-collection service extends the agent’s responsibilities to include the collection of monthly rent payments from tenants, and the diligent pursuit of any overdue payments. While this level of service lightens the landlord’s load when it comes to financial aspects, it still leaves the day-to-day property management duties squarely on the landlord’s shoulders.
What is a fully managed service?
At the highest level of service, the fully managed option provides landlords with a comprehensive solution that takes care of every facet of the letting process, from start to finish. In addition to finding tenants and handling rent collection, the letting agent assumes full responsibility for the property’s daily operations. This includes addressing maintenance issues, scheduling and conducting regular property inspections, and addressing tenant concerns.
Landlords who opt for the fully managed service can enjoy a hands-off approach to property management, allowing them to focus on other aspects of their investments or personal lives, with confidence that their property is being expertly cared for.
What level of service do I need?
Most landlord’s initial consideration when choosing which level of service to go with will be the cost. The second thing to consider is whether you are capable of handling all the aspects of being a landlord yourself.
Some landlords choose to not use a letting agent at all. Hiring a letting agent isn’t right for everyone, but they can definitely help with certain aspects of the lettings process.
Ultimately, the choice of service level depends on the landlord’s preferences, availability, and comfort level in managing various aspects of their rental property.
A full property management service can be especially useful if you don’t have much spare time, don’t want to deal with tenants’ queries and would prefer to have an intermediary barrier, you live elsewhere to where your rental property is, or you’re unfamiliar with private rental sector legislation.
However, if you prefer to be a hands-on landlord, you may only want a tenant-find service. This may also be the preferred option if you live in the same area as your rental property, you want to keep costs down, or you know a network of reliable professionals that you can rely on to help with any facilities issues.
Each service tier offers a distinct balance of involvement and convenience, allowing landlords to select the one that aligns best with their needs and objectives.
How Aspire to Move can help
Here at Aspire to Move, we offer specialised landlord services across the Bath and Bristol areas. We prioritise adapting our services to match your requirements.
Whether you just want help finding tenants, need us to collect rent, or want the whole package, we’ve got you covered!
Don’t hesitate to reach out today and have a chat about your specific needs. Find out how Aspire to Move can make your property management experience a breeze!
