The let only vs fully managed decision is one of the biggest a London landlord makes. This guide compares the two honestly, so you can pick the option that fits your time, your property, and your peace of mind.
Every landlord faces the same question at the start of a tenancy. Should you use a let only service and run the property yourself, or hand the whole thing to a fully managed service? The let only vs fully managed choice shapes your workload, your risk, and your returns.
There is no single right answer, and we will not pretend otherwise. Let only genuinely suits some landlords. Fully managed is the clear winner for others. The trick is matching the service to your own situation.
Below, we explain exactly what each option covers, where let only can catch you out, and how to decide. We also share what we see most often when self-managing landlords come to us for help.
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What this guide covers
What is a let only service?
A let only service does exactly what the name suggests. The agent markets your property, finds a tenant, carries out referencing, and handles the move-in. After that, the property is yours to run.
You usually pay a one-off fee, often around four to five weeks' rent. From day one of the tenancy, though, everything else sits with you. That means rent collection, inspections, repairs, and, crucially, staying on top of every landlord compliance rule yourself.
What is a fully managed service?
A fully managed service covers the whole tenancy, not just the start. The agent finds your tenant and then keeps the property running smoothly for as long as it is let.
In practice, that includes collecting the rent, chasing any arrears, and arranging repairs. It also means regular inspections, out-of-hours support, and full compliance management. You pay an ongoing percentage of the rent, and in return the day-to-day work is no longer yours.
Let only vs fully managed: the key differences
The clearest way to settle the let only vs fully managed question is side by side. This table shows who does what under each service.
| What matters | Let only | Fully managed |
|---|---|---|
| Finding a tenant | Agent | Agent |
| Rent collection and arrears | You | Agent |
| Repairs and maintenance | You | Agent |
| Property inspections | You | Agent |
| Compliance and law changes | You | Agent |
| Out-of-hours problems | You | Agent |
| Your time needed | High | Low |
| Fee | One-off, at move-in | Ongoing percentage |
Put simply, let only costs less up front but asks far more of you. Fully managed costs an ongoing fee, yet it takes the workload and the legal risk off your plate.
The compliance catch let only landlords miss
Here is the part that trips people up. Renting out a home in London now comes with a long and growing list of legal duties. The rules change often, and they change locally.
Take borough licensing. Many London boroughs, Hackney included, run selective and HMO licensing schemes. The rules shift from ward to ward, and from year to year. Miss a new requirement, and you can face a heavy penalty. Under the Renters' Rights Act, fines for non-compliance now reach up to £40,000.
One of the most common things we see is simple. A self-managing or let only landlord brings us a property after something has slipped. Often it is a borough licensing change they never heard about. Or a compliance rule moved while they were busy with everyday life. By contrast, with full management, staying current is the agent's job, not yours.
Let only vs fully managed: which should you choose?
Your answer comes down to three honest questions about your own situation.
When let only can work
Let only suits a hands-on landlord with real time to spare. If you live locally, manage just one property, and enjoy keeping up with changing rules, you can make it work. You will need to track licensing, handle repairs, and act on every legal update yourself.
When fully managed makes more sense
Fully managed fits almost everyone else. Do you have a full-time job, several properties, or just want to know your rental is always compliant? Then it is the safer choice. It also helps if you live away from the property, since problems rarely wait for a convenient moment.
The honest middle ground
Some landlords start with let only and switch later, usually after one stressful repair or a missed rule. There is no shame in that. A quick advice call can tell you which service truly fits where you are now.
How Homefinders keeps your property compliant
We have let and managed property across Hackney and East London since 1988. So we know the local licensing schemes, and we track every change so our landlords do not have to.
Our fully managed service handles rent, repairs, inspections, and complete compliance management. That includes Section 13 rent notices and PRS Database registration when it launches. We offer tiers to suit different needs, from rent collection up to a fully hands-off package with guaranteed rent. You can compare the detail on our Hackney lettings page. You can also read how a managing agent helps in our Renters' Rights Act guide.
Let us carry the compliance for you
Speak to our East London team and find the management level that fits your property.
Frequently asked questions
Understanding the two services
What is the difference between let only and fully managed?
Let only means the agent finds a tenant and moves them in, then hands the property back to you. Fully managed means the agent also handles rent, repairs, inspections, and compliance for the whole tenancy. Let only is a one-off service, while fully managed is ongoing.
What does a fully managed service include?
A fully managed service usually covers tenant finding, rent collection, arrears chasing, repairs, regular inspections, out-of-hours support, and full compliance management. Many agents, including Homefinders, also offer rent guarantee and legal cover as part of their top tier.
Do let only landlords handle their own compliance?
Yes. With let only, every legal duty after move-in is yours, including borough licensing, safety checks, and keeping up with law changes. A missed requirement can lead to fines of up to £40,000, so it needs real attention.
Choosing for your London rental
Is fully managed worth it for a London landlord?
For most London landlords, yes. London's licensing and compliance rules change often and vary by borough, so full management removes a lot of risk and time. It is especially worth it if you work full time, own several properties, or live away from the area.
How much does fully managed cost compared with let only?
Let only is usually a one-off fee of around four to five weeks' rent. Fully managed is an ongoing percentage of the monthly rent. You pay more over time with full management, but you also hand over the work and the legal responsibility.
Which is better for a first-time landlord?
Fully managed is often the safer start for a first-time landlord. The rules are complex and easy to get wrong. So having an agent handle compliance and repairs reduces your risk while you learn the ropes.