3 weeks ago

How to Choose Between Let-Only and Fully Managed Services

When landlords in Leeds and across West Yorkshire look at their options for managing a rental property, they often face one of the most important decisions they will make after buying the property itself – should they go for a let-only service, or a fully managed service? Both come with their own advantages, costs, and responsibilities, and making the wrong choice can result in unnecessary stress, financial losses, or even legal problems. At Keystep Properties, we regularly guide landlords through this decision. Drawing on years of experience in the Leeds property market, we understand that every landlord’s circumstances are unique. In this post, we’ll explore the key differences between let-only and fully managed services, highlight which option might work best depending on your goals, and show how professional support can maximise your returns while reducing hassle.

Understanding Let-Only Services

A let-only service, sometimes called tenant-find only, is a package where a letting agent sources and vets tenants for your property but hands management back to you once the tenancy begins. It’s often favoured by landlords who have the time and confidence to deal with tenants directly. With Keystep Properties, our let-only service ensures that your property is marketed on the best platforms, tenant referencing is carried out thoroughly, and the tenancy agreement is drafted in line with current regulations. Once the tenant moves in, though, the ongoing responsibility for rent collection, maintenance, and legal compliance sits squarely with the landlord.

Typical features of a let-only service include:

Professional marketing of your property across online portals and local networks.
Comprehensive tenant referencing, including credit checks, employment references, and previous landlord feedback.
Preparation of tenancy agreements that comply with current law.
Collection of the first month’s rent and deposit.

This type of service works well for landlords who live locally, are confident handling maintenance and tenant queries, and want to save money on management fees. However, it also comes with risks. If something goes wrong with the property or a tenant stops paying rent, you are the one who must step in to resolve it.

What a Fully Managed Service Includes

A fully managed service is designed for landlords who want the benefits of property investment without the day-to-day workload. With Keystep Properties, this package covers everything from finding tenants to managing the property throughout the tenancy. It’s especially valuable for landlords with multiple properties, those living outside of Leeds, or anyone who simply wants peace of mind.

Our fully managed service typically includes:

Everything provided in the let-only package.
Regular property inspections to ensure tenants are looking after your investment.
Ongoing rent collection and prompt payment to you.
Handling of maintenance and repairs with trusted local contractors.
Serving of notices and dealing with legal compliance issues, such as safety certificates and deposit protection.
Acting as the first point of contact for tenants, reducing your stress and time commitment.

The advantage here is clear – landlords can step back and let us take care of the complexities, knowing that the property remains compliant and tenants are looked after. The cost is higher than let-only, but many landlords find that the time saved and issues avoided more than justify the fee.

Financial Considerations

One of the most common questions we hear from landlords is: how much does each option cost? With let-only services, you will usually pay a one-off fee, often the equivalent of one month’s rent. Fully managed services, on the other hand, are charged as a percentage of the monthly rental income. At Keystep Properties, our management fees are competitive in the Leeds market, starting at 7% for HMO management, and are structured to provide excellent value given the level of service and compliance support included.

According to the English Housing Survey, 19% of households in England are in the private rented sector, which shows just how competitive the rental market has become. With growing compliance requirements and rising tenant expectations, many landlords are finding that fully managed services provide greater stability and security in the long term.

Which Option Is Best for You?

The right choice depends largely on your circumstances. If you are a hands-on landlord who enjoys interacting with tenants, has time to respond to maintenance calls, and lives close to your property, let-only may be a suitable option. It gives you full control, saves you the cost of ongoing fees, and still benefits from professional tenant sourcing.

If you are a busy professional, live outside West Yorkshire, or simply prefer your investment to be hands-off, then fully managed is almost always the smarter choice. This is particularly true if you own multiple properties, or HMOs, where the workload can become significant. Fully managed services ensure consistent income, reduce void periods, and keep you compliant with an ever-changing set of legal obligations.

Legal and Compliance Risks

Landlords today face stricter rules than ever before. From gas safety certificates to deposit protection schemes, the list of responsibilities is long and constantly evolving. For example, failure to protect a tenant’s deposit in an approved scheme within 30 days can result in financial penalties of up to three times the deposit amount. Similarly, not carrying out Right to Rent checks can result in fines of up to £3,000 per tenant.

When you choose a fully managed service with Keystep Properties, we take care of these legal requirements for you. This not only reduces risk but also ensures tenants are reassured that their landlord is compliant and professional.

The Hidden Costs of Self-Management

Some landlords choose let-only because they believe it will save money. While this may be true in the short term, it’s worth considering the hidden costs. Chasing late rent, arranging emergency repairs, or dealing with difficult tenants can quickly eat into your time and resources. Inexperienced landlords may also face fines for non-compliance, or find that poor management leads to longer void periods.

By contrast, a fully managed service spreads these risks. At Keystep Properties, we use tried-and-tested systems to minimise arrears, carry out proactive inspections to prevent costly repairs, and maintain excellent tenant relationships to encourage longer tenancies.

Why Keystep Properties?

Choosing between let-only and fully managed services is ultimately about trust. At Keystep Properties, we offer both, but our reputation has been built on providing outstanding fully managed services to landlords across Leeds and West Yorkshire. Our team understands the local market, provides transparent pricing, and always puts landlord and tenant satisfaction first.

When you work with us, you gain:

Local expertise from a team based in Leeds who know the rental market inside-out.
Transparent and competitive fees.
A personal service where you are not just another number in a large chain.
Access to trusted contractors and partners who help maintain your property to the highest standard.