The Three Levels Of Property Management - Which One Is Right For You?
Whether your a portfolio landlord or your buying your first buy-to-let property, the assistance or a letting agent is essential finding a quality tenant. But once your property is let, do you want to be hands on or hands off when it comes to looking after the tenancy and your investment?
In this article we explore the different levels of property management available to help you discover which option works best for you and your lifestyle.
Let-Only
A let-only service is exactly what it says on the tin. Your chosen agent will market your property on the national property sites, as well as their own website, and, at the same time, match your property to their database of potential tenants.
Generally agents will be happy to handle all of the viewings, and when a suitable tenant is found, will arrange all of the references, lodge the bond with an approved scheme, check all of the properties certificates are upto date, as well as providing and administering the setting up of the tenancy agreement.
Once the tenant has moved in, the landlord will be responsible for collecting rent, maintaining upto date certification, dealing with issues that arriviste with the tenant, and will need to arrange repairs as and when they are required.
Agents charge a fee for this, which is generally inline with the cost of one months rent.
If you would like further information on the let only service offered by Nicholsons - Click Here
Rent Collection Service
A rent collection service offer the same as a Let-Only with the additional benefit of taking away the stress of collecting and chasing rental payments. The agent will also provide monthly rental income statements, which can be used when preparing your self assessment tax return.
A Rent Collection Service would suit a landlord who wishes to manage all of the maintenance and ongoing certification side of the property and tenancy, but who doesn’t want to get tied up in ensuring the rent comes in each month and get involved in chasing payment if the need arises.
There is generally an initial set up fee for this type of tenancy, which is similar to that of the Let-Only service, and then a reoccurring fee each month which will be a small percentage of the monthly rental amount.
If you would like further information on the rent collection service offered by Nicholsons - Click Here
Full Property Management
A full property management service is ideal for landlords or investors that want to be fully hands off. Full property management means that the agent handles every aspect of managing the tenancy including breakdowns and maintenance issues. They will arrange cleaning and repairs between tenancies, inspect the condition of your property on a periodic basis, chase rent payments and serve notices if required. You’ll also receive statements of your income and expenses which you can use for your annual tax return.
Most landlords opt for full property management.
A full property management service generally has a lower initial set up fee, but the agent takes a slightly higher percentage of the reoccurring monthly rent.
If you would like further information on the full property management service offered by Nicholsons - Click Here
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