Fully managed, rent collection or tenant find?
Tenant find (let only)
The agent markets the property, does viewings and referencing, and prepares the tenancy. After move in, you collect the rent and deal with repairs yourself. It's the cheapest option if you live nearby and have time.
Rent collection
As tenant find, plus the agent collects the rent each month and chases arrears. You still handle repairs and inspections. Usually a lower monthly percentage than full management, often with the same set up fee.
Fully managed
The agent handles everything day to day: rent, repairs, inspections, deposit and end of tenancy. It costs the most, typically 14.4% of the rent each month here plus a set up fee, but suits landlords who live far away or don't want the calls.
Which to pick
- One nearby property and time to spare: tenant find.
- You want the money side handled but not the property: rent collection.
- Several properties, distance or no time: fully managed.
Whatever you choose, read exactly what's included. Two agents' "fully managed" can cover different things, for example how many inspections a year.
Fees change. Always check the agent's own fee page before you sign.