The main differences between a property manager and a letting agent is that a letting agent is more short-term (focusing on tenant sourcing and filling vacancies) while a property manager handles long-term landlord operations such as ongoing maintenance, rent collection and tenant management.
A letting agent will handle things like property listing, tenant screening and filling vacant rooms whereas a property manager is there to keep tenants satisfied, ensure that the property is in good condition and supports the landlord in the day-to-day running of their rentals.
At J Property Management London, we do both. From high-quality tenant-sourcing and filling vacancies to providing year-round property maintenance, rent collection and 24/7 tenant support so that landlords can take a fully hands-off approach while enjoying their rental income. Contact us today which service might be the best for your specific needs.
What Are The Different Responsibilities For A Property Manager And A Letting Agent
Property managers and letting agents differ significantly when it comes to their main responsibilities.
Letting Agent Responsibilities
- Professional property marketing
- Managing property listing and uploading to major property platforms
- Scheduling property visits
- Conducting property visits
- Screening tenants and running background checks
- Assisting with tenancy agreements
- Making sure that the tenancy agreement is understood and signed by tenants.
Property Manager Responsibilities
- Professional property marketing and management of property listing
- Strategic rent valuation
- Handling property viewings
- Tenant sourcing and screening
- Rent management and collection
- Ongoing financial management
- Full legal compliance for landlords including adherence to acts like the Renters’ Rights Act, legal eviction processes and keeping documents up to date
- Property maintenance, scheduled inspections and repairs
- Communication with tenants, 24/7 support and tenant dispute resolution.
As you can see, when it comes to level of involvement, property managers offer a more comprehensive support for landlords. Property managers are there so that landlords can have a totally hands-off approach while still enjoying the monthly profit of their property investment whereas letting agents are just there to get tenants into the property.
What Are The Main Differences Between Property Management Companies And Letting Agents?
The key differences between property management companies and letting agents include:
Scope Of Service
Letting agents have a limited scope in what they can offer. They are there to get tenants in and their service ends once the lease is signed and the tenancy begins. Property management companies offer ongoing support to manage tenancies and ensure that the property is well looked after – every step of the way.
Duration Of Involvement
Property management companies have a long-term relationship with the property and have an active involvement throughout the tenancy whereas a letting agent’s role stops as soon as the tenant moves in.
Role Of The Landlord
The role of the landlord differs significantly depending on whether they use a property manager or a letting agent. With a letting agent, the landlord won’t be involved in the tenant sourcing stage but will need to step in once the tenancy begins – that includes handling ongoing property maintenance, tenant support, rent collection and more.
With a property management company, the landlord can outsource everything so that they can be totally hands-off and enjoy their rental income with none of the day-to-day stress.
Price
For letting agents, there is a one-off fee that could be a set rate or a percentage of the tenant’s rent. The cost of property management companies is an ongoing monthly cost that is calculated as a percentage of the monthly rent.
At J Property Management, we believe in full transparency when it comes to costs – no hidden fees and no surprises. Our full property management services cost just 10% of the monthly rental or 12% with guaranteed rent collection. Just looking for a letting service? We’ll source tenants for you (including marketing, viewings, tenant screening and move-in) for a one-off fee of £900. Contact us today about our property management services and prices!
Which Is Better: Property Management Or Letting Agents?
Choosing between property management services or a letting agent will depend on what you want your involvement as a landlord to be and your budget.
Property Management
Property management services are better for landlords who want full peace of mind. Rather than tapping out once tenants are in place, property management companies are dedicated to the upkeep of your property and supporting your tenants for as long as you need.
With ever-changing laws, property management companies make sure that your property and tenant communications are fully legally compliant to help you dodge any disputes or costly penalties.
Ongoing property management also ensures that your rental property is well cared for all year round. From scheduling regular inspections to ensuring rapid repairs, property management companies help preserve the value of your rental property for years to come.
Property management companies are also there to ensure tenant satisfaction, on call 24/7 for your tenants so that you don’t have to be. This means they can answer any queries quickly and deal with issues as they come up so that they don’t evolve into something more serious. Happy tenants equals minimum turnover and stable rental income for landlords: win-win!
Letting Agents
Letting agents are a good option if you just need an extra hand with sourcing tenants and filling property vacancies. Rather than doing it yourself, wasting serious time and energy and potentially getting in unreliable tenants, letting agents are professionals. They’ll make sure that your property is professionally listed and seen by the right people. Then, they’ll conduct viewings, screen tenants and get them into your property quickly to minimise any vacant periods. From that point on, it’s on you.
A let only option is good for landlords looking to be more involved. They ensure that tenants are professionally sourced and placed and can then pick up an active role including rent management, tenant communication and property maintenance.
It can also be a good option if landlords want to make a one-off payment rather than ongoing monthly payments.
Ongoing Property Management And Letting Service With J Property Management
At J Property Management, we can help with whatever level of service you need. Just need us to handle property marketing and tenant sourcing? No problem. Our professional Let Only service does exactly that – with professional marketing, property viewings, tenant screening and a smooth move-in day.
Looking for a more hands-off approach? Our full property management services are there to give you total peace of mind – from tenant sourcing and ongoing tenant support to property maintenance and full legal compliance. We can even handle rent collection.
Get in touch today to see which property management service is right for you!
