Fully managed vs let-only: which is right for Tunbridge Wells landlords?

Two service models, two cost structures, two very different liability profiles. The Renters' Rights Act has changed the commercial logic of choosing between them. This is the five-minute version of which one is right for your situation.

At Kings Estates we run both models — let-only and fully managed — across our lettings book. We have an average let time of 14 days across TN1–TN4 and 386 pre-registered tenants on the books. The question we are asked most often by new and experienced landlords alike is “which one should I be on?” — and the honest answer has shifted since May 2026.

This article is the practical read, written by Mike, who has run the lettings side of the business for over twenty years and holds MARLA and FNAEA. The conclusion at the bottom is commercial, not commercial-for-us — there are landlords for whom let-only is the right answer; there are landlords for whom it isn't.

What each model actually covers

Let-only

Let-only is a tenant-find service. The agency markets the property, qualifies prospective tenants, references the chosen tenant, prepares the tenancy paperwork, collects the first month's rent and the deposit, and registers the deposit. The agent's role ends at move-in. From there the landlord manages the property themselves — rent collection, repairs, statutory compliance, inspections, rent reviews, end-of-tenancy work.

The fee is a one-off: typically 10–14% of the first year's rent, or the equivalent of one month's rent. On a £2,000pcm property the let-only fee is £2,400–£3,400 once.

Fully managed

Fully managed is everything let-only does, plus everything after move-in. The agency becomes the single point of contact for the tenant. Rent comes through the agent and is paid to the landlord net of fees on a monthly cycle. Repairs are triaged and instructed by the agent within Awaab's Law statutory timeframes. Inspections happen on schedule. Gas Safety, EICR and EPC renewals are diaried and actioned. The agent serves Section 8 or Section 13 notices when relevant.

The fee is a monthly percentage of rent — typically 10–14% — plus the initial set-up. On a £2,000pcm property fully managed runs £2,400–£3,400 per year, every year. See our fully managed lettings service for the detailed scope.

The hidden cost of let-only post-RRA

Five years ago, let-only was a sensible default for landlords with one or two properties and the time to manage them themselves. The Renters' Rights Act 2025 has shifted that calculation in three specific ways:

1. 01Awaab's Law timeframes. Repairs to damp, mould and (from 2026) cold, heat, hygiene and structural hazards have statutory response windows — 24 hours for emergencies, 10 days for significant hazards. The clock starts when the landlord is notified. Self-managing landlords with day jobs, holidays, or other commitments need a robust system to log, triage and instruct repairs inside those windows. Missing the window can trigger fines from £7,000 to £40,000.
2. 02PRS Database registration. Every property must be registered with the PRS Database (commencing late 2026) and the landlord enrolled with the PRS Ombudsman. Records need to be current — EPC renewals, EICR renewals, Gas Safety, deposit registration. Falling out of date is illegal advertising and triggers civil penalties.
3. 03Rent reviews need defensible evidence. Tenants now refer rent increases to the First-tier Tribunal, which can't award higher than the landlord proposed. Self-managing landlords without access to live comparable evidence risk losing the increase outright. See our pillar guide on the Renters' Rights Act for the mechanics.

The net effect: the operational standard for let-only landlords has risen to the level that fully managed used to be. For an experienced landlord with the systems and time, that's still manageable. For a landlord with one or two properties and a day job, the let-only path now carries materially more risk than it did three years ago.

The commercial comparison

On a £2,000pcm three-year tenancy:

• Let-only. £2,400–£3,400 once. Total over three years: £2,400–£3,400. Plus your own time managing the property.
• Fully managed. £2,400–£3,400 per year. Total over three years: £7,200–£10,200. No time investment from the landlord.

The maths looks favourable for let-only — until you factor in what self-management costs and what the downside risk is. The practical calculus:

Let-only makes sense if

• You have one or two properties and ten or more hours per month available for management.
• You live close to the property — same town, ideally same postcode.
• You're comfortable serving Section 8 notices, interpreting Section 13 rent reviews, and managing the new Section 8 grounds.
• You have a tested supply of vetted contractors (plumber, electrician, gas-safe engineer, decorator) who respond inside Awaab's Law timeframes.
• You have a system — calendar, paperwork folder, contractor list — that will keep PRS Database records current.
• Your tenant is settled, low-issue, and the property is in good order.

Fully managed makes sense if

• You have more than two properties.
• You live outside Tunbridge Wells (and especially outside Kent).
• Your professional commitments mean you can't reliably respond to a damp report within ten days.
• You don't have a contractor network you can call at short notice.
• Your tenant has a history of issues or you've inherited the tenancy mid-cycle.
• You want the agent to carry the regulatory risk rather than carrying it yourself.
• You want a passive yield rather than a part-time job.

A note on hybrid arrangements

Some agencies offer a third middle-tier — “rent collection” — where the agent collects the rent and chases arrears, but doesn't handle repairs, inspections or compliance. We don't recommend it. The middle tier carries most of the cost of full management with most of the risk of let-only, and the regulatory regime in 2026 doesn't reward a half-managed property well.

If you're reviewing your setup

The most useful first conversation is a private compliance review. We walk through your live tenancy agreement, the certificates (Gas, EICR, EPC), the deposit registration, the rent-review record, and your contractor network — and tell you whether let-only is still defensible or whether full management would save you money on a five-year view.

Book a private rental review with Mike. No obligation to switch, and you walk away with a written summary either way.