When someone is thinking of letting their property out via an estate agent, they are usually offered a choice of going for ‘fully managed’ or ‘let only’. It’s an important decision and depends on the needs of each landlord. Student Haus offers both forms of service and can offer expert advice to any landlord who is thinking of using an estate agent.
A let only house means the estate agent, for a fixed fee, will market the property across their website and other services as well as showing prospective tenants around the property. Once a student or group of students say they’d like to move in the estate agent will then undertake the necessary referencing process, sort out the contract and ensure they’re the right fit for the house. They will then usually take the first month’s rent in advance.
The estate agent will then typically take their fee from the first month’s rent and forward everything else to the owner, but once the tenants have moved in everything else is the responsibility of the landlord. The collection of future rents, any problems that may occur with the tenants and as well as the basic maintenance of the property.
At Student Haus we collect deposits for our fully managed properties but where we are handling a let only agreement, the landlord will collect this directly and register it.
Where a let only deal is basically paying a letting agency to market your property for you and finding the right match for both parties, a fully managed property takes all the work away from the landlord.
In addition to everything that was outlined above, the letting agent is also in charge of documenting a full inventory of the property, inspecting it regularly, dealing with day to day issues the tenants may raise and carrying out routine maintenance work using approved and qualified tradesmen. At Student Haus utility bills are included (or not) at the discretion of the landlord and we do not manage these elements.
Finally, they collect all rent payments on behalf of the landlord and take an agreed percentage cut of each payment to cover their costs.
Whichever is best for your needs Student Haus is happy to accommodate both and provide expert advice to any interested party.