Fully managed vs let-only
Last reviewed · Published by madeofmango · Covers England
Letting agents sell their work at different service levels. The main decision for a landlord is how much of the tenancy to hand over, because it drives both the fee and your workload. This guide compares the four service levels madeofmango uses. It covers England; the rules differ in Scotland, Wales and Northern Ireland.
The four service levels compared
Names vary between agents. Propertymark calls the first level "tenant find". Always ask exactly which tasks a quote includes.
| Service level | What it usually covers | Who it suits | Risks to weigh |
|---|---|---|---|
| Let only | Marketing, viewings, tenant checks and setting up the tenancy. After move-in, you take over. | Landlords with one or two properties who can manage day to day themselves. | You handle rent, repairs and tenant contact, and you stay legally responsible. |
| Rent collection | Everything in let-only, plus collecting rent, handling the legal steps around deposit protection and chasing arrears. | Landlords who do not want to chase rent but are happy to deal with repairs. | Maintenance and inspections are still yours, and you need to confirm how rent and client money are held. |
| Fully managed | Everything above, plus tenant contact through the tenancy, organising maintenance and inspections, check-in, check-out and deposit disputes. | Landlords who live far away, have several properties or want little involvement. | Usually the highest percentage of rent, and responsibility still ultimately sits with you. |
| Guaranteed rent | The company promises to pay you rent whether or not the property is occupied, often for a fixed term. | Only landlords who have read the contract closely and taken independent advice. | See the caution below: control, payment and recourse can all be limited. |
Coverage of each level is summarised from Propertymark's landlord guide. Individual agents differ, so check the written terms.
How to decide
- How near and how available are you? A property far from where you live, or one among several, points towards fully managed. A single nearby property can suit let-only.
- Which tasks do you dislike or lack time for? If it is chasing rent, rent collection may be enough. If it is repairs and emergency calls, you want full management.
- Compare the total cost, not the percentage. Let-only is usually a one-off fee, while the other levels take a percentage of each month's rent, plus extras. Our fees guide shows how to compare quotes on one footing.
- Check the agent first. A good service level from an agent without the required redress scheme membership, or client money protection where it holds money, is a poor choice. See how to choose a letting agent.
- Remember who is responsible. Propertymark notes that liability ultimately falls on the landlord even when an agent manages the property.
Find agents by service level
On madeofmango you can ask for agents by service level and compare them on the same assumptions, with each compliance membership marked verified or stated. Try it in ChatGPT or Claude, or search by postcode. Coverage and the data behind it are explained on how it works.
Common questions
What is the difference between let-only and fully managed?
A let-only service finds and sets up a tenant, then you manage the tenancy yourself. A fully managed service also collects rent and runs the tenancy day to day, including maintenance, inspections and check-in and check-out.
Does hiring a fully managed agent remove my legal responsibility as a landlord?
No. Propertymark notes that responsibility and liability ultimately fall on the landlord even when an agent manages the property, which is why the choice of agent matters.
Which service level suits a landlord living abroad?
Propertymark says a fully managed service is ideal when the property is far from where you live or when you let several properties. Landlords abroad should also read our guide for overseas landlords, because tax rules apply to rent paid to non-residents.
Sources
- Propertymark: What does a letting agent do? — tenant find, rent collection and fully managed explained
- Newham Council: advice for landlords choosing a managing agent — guaranteed rent caution
- GOV.UK: Tenant Fees Act 2019 — who pays agent fees in England
This guide is general information for landlords in England and is not legal advice. Rules differ in Scotland, Wales and Northern Ireland, and they change: check the linked sources before you act.
Related guides
Compare agents for your area
madeofmango compares letting agents on identical assumptions, inside ChatGPT or Claude, and shows which memberships were verified and which were only stated by the agency. It is free for landlords.