What is a let only agreement?

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a let only agreement

This is when the service that the landlord pays for excludes property management and only focuses on moving in a new tenant. A ‘let only’ service only covers the finding of a tenant, hence the term ‘let only’.

What is a let only service?

A let only agreement is an arrangement where a landlord hires a letting agent to find and secure a tenant for their rental property, but the landlord remains responsible for managing the property and the tenant thereafter.

At Cozee, you pay a one-time fee and our letting experts handle:

  • Advertising your vacant property
  • Conducting viewings
  • Vetting prospective tenants through referencing
  • Preparing the tenancy paperwork
  • Getting the new tenant moved in
  • Collecting the first month’s rent and security deposit
a tenant moving in with a let only service

We’ll then hand over the management of your property yourself once the tenancy begins.

If necessary, our service will also cover the costs of

  • Additional marketing to find a tenant
  • Arranging required compliance checks like gas safety and EPCs
  • Making sure international tenants have the right to rent

Looking to find a tenant with a let-only service?

Have a chat with our lettings team and get a tenant in no time

Signs that a let-only agreement is right for you

The following reasons could point to some good reasons why you may want a let-only service. The reasons for someone not wanting to outsource the full management of a property vary but here are some ideas that would suggest a let only agreement could be right for you.

You want to learn how to manage your own property

If you’re interested in gaining hands-on experience in property management, a let-only agreement can be a great way to start.

By taking on the responsibility of managing your property after the tenant moves in, you’ll learn valuable skills such as handling maintenance issues, communicating with tenants, and keeping accurate records.

A man learning how to manage his property himself

This experience can be beneficial if you plan to expand your property portfolio in the future.

you don’t mind the hassle

Managing a rental property can be time-consuming and sometimes stressful. If you’re prepared to handle the day-to-day responsibilities and occasional challenges that come with being a landlord, then a let-only agreement may be a good fit for you.

Read details on how a full property management can save you from hassle

This includes dealing with tenant inquiries, arranging repairs, and ensuring that rent is paid on time. If you have a busy lifestyle or prefer a more hands-off approach, you might consider a full management service instead.

You live nearby the property you’re managing

Living close to your rental property can make a let-only agreement more manageable. If you need to conduct property inspections, meet with tenants, or oversee maintenance work, being nearby can save you time and make the process more convenient.

living next to a property you own as a reason to use a let only agreement

This proximity also allows you to respond quickly to any urgent issues that may arise, which is essential for maintaining a good relationship with your tenants and protecting your investment.

You’re confident with rules and regulations

As a landlord, it’s crucial to stay informed about the various laws and regulations that govern the rental sector.

If you have a good understanding of your legal obligations and feel confident navigating the complexities of the landlord-tenant relationship, a let-only agreement may be suitable for you.

If not, including property management as part of your service will be more suitable.

Get more information on our full property management service

This includes knowledge of tenancy deposit protection schemes, gas and electrical safety requirements, and the eviction process.

Is it a good idea to get a let only service in London?

It could be argued that a let only service is the right choice for many landlords, particularly those with just one property or a small portfolio of rental properties in the capital.

The reasons are as follows:

  • There are a large amount of contractors and professionals who can help in the capital
  • Transport in London is good so it is easy to navigate between your investments as a solo landlord
  • The competition for tenants is tough in many parts of the capital – using experts can be a great help

A closer look into what is included in a let only service

So, we know that a let-only service discludes the management of a property and the tenants within, but what are the services that are provided in depth?

A rental valuation

Before marketing your property, it is important to find an accurate rental valuation as the first step in finding a tenant in your property.

Get a free rental valuation in 24h

Let only agreements are a great way it increase rental yields. It all starts with the right rental valuation. Get yours in 24h!

Cozee’s experts will provide a rental valuation to ensure your asking rent is correctly priced for the current London market.

If this step isn’t conducted properly, there is a chance that you could be undercharging rent, losing out on money. Or, you could overvalue the rental figure and your property could remain in a long void period without any tenants for a long time.

Cozee considers a property’s location, condition, size, amenities, and comparable listings to maximise your rental income while still attracting safe, and reliable tenants.

Marketing and advertising

When you choose Cozee’s let only service, your rental property listing will be expertly marketed across the major online portals like Rightmove, Zoopla, and OnTheMarket to maximise exposure to prospective tenants.

We tailor the approach for your property based on the location of a property and where we know your tenants are actively looking online for somewhere to stay.

The reason why users love using Cozee’s let only service is because we focus on finding reliable tenants using our international database.

International tenants in a let only agreement

Part of our marketing service includes reaching our to our international clients to let your property, 30% of which pay at least 6 months up front.

Other services included with marketing are:

  • Professional photography of your property
  • Detailed property listing descriptions
  • Exposure on social media
  • Drafting of a property’s floor plan

Accompanied viewings

An important part of a let only package is accompanying prospective tenants on viewings of your rental property.

Our experienced staff know how to highlight a property’s best assets and field any questions from applicants.

At the same time, we remove some tenants from the applicant pool based on any red flags found at viewing. Of course, landlords are kept up to date throughout the entire process.

This ensures only serious applicants view your property and are able to make and offer.

Obtaining references

Before presenting a tenancy agreement, Cozee will vet all applicants by conducting comprehensive referencing checks.

This includes verifying income and employment, reviewing credit reports, obtaining landlord references if applicable, and confirming their right to rent.

Need to reference tenants accurately?

Cozee references tenants quickly and safely, using our refined process of tenant onboarding that keeps landlords safe

You can have full confidence that any prospective tenant put forward by Cozee has passed all necessary background and affordability checks.

Tenancy agreements

When all has gone to plan and the best applicant has been picked for your property when working with Cozee, we’ll meet with the tenant if necessary, and create a comprehensive assured shorthold tenancy agreement complying with the latest regulations.

We finalise the details of the agreement with our landlords beforehand so it is only a matter of letting us deal with the paperwork. Once signed, we’ll provide copies to all parties.

Cozee will ensure all other necessary compliance addendums and prescribed information area adhered to like issuing a copy of the How to Rent guide to tenants, another mandatory part of the tenant onboarding process.

Organising Initial Gas/Electric Safety Checks and EPCs

Before your new tenant can move into the property, Cozee will ensure all legally required safety checks and certification are completed as part of their let only service.

A gas safety check done on a cooker

This includes:

  • Obtaining a new Energy Performance Certificate (EPC) if needed
  • Arranging a Gas Safety inspection and certificate
  • Testing electrical installations and appliances for safety

Your property cannot be let until these checks are satisfied and any necessary remedial work is carried out. Cozee will oversee this process before move-in.

What are the pros and cons of a let only service?

Having a let only service isn’t the best for everyone. In the below subheadings we go over what this means and what you can expect the downsides of using a let only service to be.

Pros of a let only service

Let only services are generally cheaper, allow greater communication with the tenant and allows them to maintain full control.

Cheaper

One of the biggest advantages of choosing a let only service from Cozee is the lower upfront cost compared to a fully managed option.

Let only services typically charge a one-time fixed fee rather than an ongoing percentage of the monthly rent.

Direct Tenant Communications

With a let only arrangement, landlords can communicate and build a relationship directly with their tenants rather than going through a third-party management company once the tenant has been sourced.

A man communicating directly with his tenant in a let only agreement

This allows for a quicker resolution of issues that may arise ins some cases and a more personal relationship with tenants.

Maintain Full Control

As you’ll be self-managing after tenant placement, a let only service enables landlords to maintain full control over their rental property and how it’s managed on an ongoing basis.

Cons of a let only service

On the downside, let only services can be more hassle for landlords as they have to deal with the property management side of a property portfolio.

In a fully managed setting, a landlord is fully supported on any issue they may encounter in their property.

More Hassle

The obvious trade-off of a let only service is that landlords take on more of the day-to-day responsibilities and hassles of property management themselves after the initial letting is complete.

Regulatory Compliance

Keeping up with the constantly evolving landscape of landlord legislation, regulation, and compliance requirements in the rental market can be challenging for self-managing landlords using let only services.

government regulations around let only agreements

Lack of Management Support

Unlike a fully managed service, let only landlords won’t have the backing of professional property managers to handle missed rental payments, property maintenance/repairs, tenancy renewals, inspections, disputes, etc.

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