BGC TV! What is the different between Let Only and Fully Managed?

So the difference between let only and fully managed is really simple and let only – let’s look at an example. You come to me, as a landlord, and you want me or my business to find you a tenant. We market your property in exactly the same way as we would whether we were managing it or indeed whether we were selling it but for a let only we find you the tenant. We still provide a comprehensive marketing service, which includes the advertising, the listing, photos, the floor plans, putting it online – socially and indeed our own website and the portals, but once that tenant’s been found, having done the due diligence on the tenant, which includes a full suite of referencing, all of our know your customer and customer due diligence procedures – ID, verifying checks, financial references too to ensure that you’re satisfied as a landlord that this is the right tenant.

We also quite crucially prepare the tenancy agreement, which we have a standard legal short hold tenancy agreement that we have consistently through all of our properties. So we prepare all of this documentation, we go through all of that with the perspective tenant. We then advise you as to whether or not the tenant that’s expressed an interest in letting your home is suitable. Once all those boxes are ticked and once we’ve discussed this with you, it’s then over to you. We then have no more really to do with the property, we don’t collect the rent for example, we don’t hold the deposit nor quite importantly, which is one of the distinctions with fully managed properties, we don’t continue to inspect that home every three or six months, which is a really significant part of the service because that essentially means that we, Black Grace Cowley, are your eyes and ears.

You may live in Ramsey, having rented the property out in Douglas, or you might live in France or Dubai or America. So you rely on us when it’s a fully managed property to be your eyes and ears, to make sure that we have got a good relationship with the tenants. The lines of communication are open so that if there are any issues or any problems during the course of the tenancy, they can all be dealt with very very easily. From a fully managed perspective that’s to me a crucial aspect of it because it enables you as the landlord to essentially have peace of mind that your property is in good hands. It’s as safe as it can be and it’s being looked after by a professional team of people.​