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How Are Lettings Different From Property Management?

People often confuse letting services be the same as that of property management, but they are different in a few ways. It is crucial to understand the distinction, especially if you are a landlord. Whether you are managing your property on your own or hiring a service, there are a lot of legalities involved. And, if you are a tenant, things can get really confusing if you do not understand the basic differences. So keep reading this article, to get an insight about both the services.

Estate & Letting Agent Isle of Dogs help the property owner to find a suitable tenant for their property. They advertise the property, screen the applications, and choose the best tenant that would suit the requirements of the landlord. However, it is the property owner who is going to make the final decision about who is going to move into the property. This is the primary job role of a lettings agent. However, few agencies now have started providing upgraded services as they are collecting rent on the behalf of the landlord and even offering full property management services.

Property management involves the initial process of tenant hunting and then the property managers will remain engaged with tenants throughout their tenancy period. From maintenance, to repair of the property, to rent collection, the property managers will do everything on behalf of the landlord. They would also issue rent statements and address any problems that the potential tenants might have.

Estate & Letting Agent Isle of Dogs now offers all-around property management services and landlords can now get all levels of services under one roof. However, if you are a tenant it is essential to remember that you can always contact the landlord in case you are not happy with the property manager. And if you are a landlord, it is crucial to understand that as the tenant has signed a contract with you, all the responsibilities will still fall on you even if you hire lettings or property management services.

The property managers, during the period of tenancy of a given tenant, are hired to look after the following aspect on behalf of the landlord:

  • They should be able to provide adequate protection to the deposits.
  • They should be successful in maintaining the standards of the property.
  • The building should meet all the safety standards. In case anything goes wrong, the manager should be able to offer an instant solution.
  • They should confirm that the tenant is following all the rules when they are set to leave the property.

So what you choose between the two would depend on your individual needs and preferences. If you do not want to bear any hassles, hire a lettings agent with property management services.