If you're a landlord in the UK, whether you've purchased an investment property for rental income, inherited a property, or have temporarily relocated, your property is a valuable asset. But managing it can be a demanding task. That's where a fully managed lettings agent, like Davis Tate, 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.
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.
For more information on property management, its different levels, and what it can involve, read our detailed blog.
What are the advantages to using a fully managed service?
Choosing a fully managed lettings agent provides you with a wealth of expertise at your fingertips. Here's all the things a good letting agent has at their disposal that makes a fully managed service for landlords worth considering:
1. 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.
2. 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.
3. 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.
4. Knowledge of complex and ever-changing legislation
Landlords in the UK must be aware of a huge number (over 170) of safety regulations and pieces of legislation, including but not limited to the Housing Act, Tenancy Deposit Protection, and Gas Safety Regulations. 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 up to date on the latest changes.
What does Davis Tate offer in our fully managed letting service?
Here at Davis Tate we offer a number of services as part of our fully managed letting package. These include but are not limited to:
- Qualify potential tenants and obtain references through an independent referencing company including employment, previous landlords, and credit checks
- Collect all monthly payments in advance by standing order
- Chase rent arrears
- Visit the property 6-8 weeks after the tenants move in, and thereafter on a periodic basis during the tenancy
- Upon request arrange the landlord’s Gas Safety Certificate
- Regularly produce Property Marketing update reports
- Advise on issues of compliance
- Seek agreement from landlord and tenant for renewal beyond initial tenancy term
- Upon instruction find a new tenant at the end of the tenancy
For a more comprehensive list, take a look at our landlord services page.
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 Davis Tate, 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