If you're a landlord in the UK, whether you've purchased an investment property, inherited a house, 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 Goodfellows 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.
Why should landlords use a fully managed letting 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:
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.
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 Goodfellows, we have 33 years of experience letting in the local South West London and Surrey markets, in places such as Sutton, Mitcham and Morden.
Cutting-edge online tools
Leading lettings agents offer innovative online repairs reporting and maintenance management tools. These user-friendly systems streamline communication between tenants and the agent. Goodfellows tenants can submit repair requests 24/7 through Fixflo, allowing us to address minor issues promptly. This not only keeps your property in top condition but also enhances tenant satisfaction.
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.
Knowledge of complex and ever-changing 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.
What does Goodfellows offer as part of our fully managed letting service?
Here at Goodfellows we offer a number of services as part of our fully managed letting package. These include but are not limited to:
- Provide market appraisal of your property in line with market conditions and suggest areas of improvement
- Upload your property onto the Goodfellows website and major portals to help find tenants for your letting
- Arrange inventory and check in if required
- Collect rent on a monthly basis held and protected in our Client Account
- Pursue non-payment of rent and provide advice on rent arrears
- Advise and implement new legislation changes
- Negotiate renewal 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 Goodfellows, 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