Fully managed vs. let only: which is right for you?

Choosing how to let your property is one of the biggest decisions you’ll make as a landlord. Whether you’re just getting started or have a growing portfolio, deciding between a fully managed vs let only service can significantly affect your stress levels, legal risk, and bottom line.

This guide from Martin & Co breaks down both options clearly, helping you understand the pros and cons so you can decide which service suits your investment goals, lifestyle and level of experience.

Why your letting service choice matters

Letting out a property isn’t just about finding tenants and collecting rent. Landlords in the UK face a raft of responsibilities, from legal compliance to property maintenance, tenant disputes and rent arrears.

That’s where letting agent services for landlords come in. But not all services are the same. Depending on how involved you want to be, you might choose:

• Let only: where the agent markets your property, finds tenants, completes referencing and sets up the tenancy. After that, it’s over to you.

• Fully managed: where the agent takes care of everything from tenant find to ongoing property management, rent collection, maintenance, compliance and renewals.

Choosing the right service isn’t just about convenience. It can impact your profitability, compliance, and long-term success.

Fully managed vs let only: what’s the difference?

Let’s start with a side-by-side comparison.

When is let only the right choice?

Let only services can work well if you:

• Live near your rental property and can respond quickly

• Have time to handle issues, paperwork and tenant queries

• Are familiar with current landlord legislation

• Want to save on letting fees

Landlords managing their own properties often say they enjoy the control and the savings. But this option does come with more responsibility. You’ll need to stay up to date with changing regulations, including:

• Right to Rent checks

• Gas safety and EICR compliance

• Tenant Fees Act

• Section 21 reforms

Missing a legal requirement, even unintentionally, could result in fines or invalid notices.

And don’t forget the admin. Between rent collection, chasing arrears, arranging repairs and handling disputes, self-managing a property can feel like a full-time job.

If you’re considering switching from let only to fully managed, speak to your local Martin & Co office for a tailored quote.

When is fully managed the best fit?

For many landlords, especially those who want hassle-free income, a fully managed service offers valuable peace of mind.

It’s ideal if you:

• Live far from your rental property

• Work full-time or have other business commitments

• Own multiple properties

• Are new to being a landlord

• Want someone else to stay on top of legal changes

A fully managed service means:

• You don’t get midnight calls about leaks

• Your agent chases rent arrears for you

• Routine inspections flag issues early

• You stay compliant without reading legal updates every month

• Tenants have a 24/7 point of contact

Martin & Co’s fully managed landlords also benefit from proactive marketing, detailed inventories, deposit protection, and expert renewal negotiations to keep rent competitive and fair.

In many cases, the cost of full management is offset by fewer voids, fewer mistakes, and better tenant retention.

Why compliance matters more than ever

Landlord legislation in the UK is changing fast. From energy performance requirements to changes in eviction notices, keeping up is more than just best practice – it’s essential.

Recent and upcoming changes include:

• Renters Reform Bill – proposing the end of Section 21

• Minimum EPC ratings – tightening rules for energy-efficient homes

• Local licensing – additional rules in selective licensing areas

With a fully managed service, your letting agent takes responsibility for monitoring and acting on these changes. That means you’re less exposed to fines or legal risk.

Our local teams also understand how regulations vary by council. That’s something a national online-only letting service may miss.

Unsure if your property is fully compliant or what it could be worth? Book a free valuation and compliance check with your local Martin & Co team.

What the market says: landlord trends and data

Property market data shows a growing preference for full management. According to recent insights:

• More than 60% of new landlords now choose a fully managed service (source: Goodlord Lettings Report)

• Tenant expectations have risen, with many preferring properties where repairs and issues are handled professionally

• Areas with the highest rental yields often correlate with higher tenant turnover, making professional management more valuable

Rightmove and Zoopla data both show that rent values have risen steadily across much of the UK, especially in commuter towns and growing cities. But higher rents bring higher tenant expectations – and that means more pressure on landlords to deliver professional, responsive service.

Cost comparison: upfront savings vs long-term value

Let’s talk about fees. Let only is usually charged as a one-off, often a percentage of the first month’s rent. Fully managed services are typically charged monthly, based on a percentage of the rent collected.

At a glance:

• Let only: often 75-100% of one month’s rent (e.g. £750 – £1000)

• Fully managed: typically 10-15% of monthly rent (e.g. £95 – £142 on a £950/month rental)

While let only seems cheaper, landlords should consider the hidden costs of:

• Void periods from poor tenant fit

• Legal issues from non-compliance

• DIY maintenance and emergency callouts

• Missed rent increases or arrears

In many cases, landlords using fully managed services achieve better net income due to fewer mistakes and smoother tenancies.

Want to know what you could earn with a fully managed service? Get a free rental valuation today.

Scenario spotlight: two landlords, two paths

Scenario 1: Let Only

• New landlord with a flat in a city centre

• Uses let only service to save money

• After 6 months, tenant stops paying rent

• Landlord struggles to navigate eviction process

• Property sits empty for 3 months

Scenario 2: Fully Managed

• Owns a house in a commuter town

• Chooses fully managed from day one

• Agent finds quality tenant quickly

• Rent collected every month, no voids in 2 years

• Landlord gets annual rent increases and inspection reports

In the long run, the second landlord earns more despite higher upfront costs.

Conclusion: choose the letting support that fits your life

Let only work for some landlords, especially those with experience, time and local knowledge. But for many others, the fully managed route offers peace of mind, better protection, and a smoother experience.

Whether you want hands-off investing or simply less admin, Martin & Co can tailor a service to your needs.

With over 35 years of letting experience and branches across the UK, we offer trusted support backed by local expertise.