When you first step into the world of property letting in Leeds, it can feel like a maze. With so many options available for landlords, one of the biggest questions is whether to use a full property management service or a let-only arrangement. Both have their merits, but let-only is often overlooked, despite being a flexible and cost-effective solution for many landlords. In this article, I will explore what let-only services involve, who they are best suited to, and why they might be the right choice for your property in Leeds.

A landlord’s story

To put this into context, I want to share a story about a landlord I met during my time editing a property magazine. Sarah owned a two-bedroom terrace in Beeston, a popular rental area in Leeds. She had managed the property herself for years but found the process of advertising, vetting tenants, and sorting tenancy agreements increasingly stressful as her workload grew. However, she didn’t want to hand over full control to a property management company, as she was confident she could handle maintenance and rent collection herself. Sarah decided to try a let-only service. Within two weeks, the letting agent had found her reliable tenants, completed all the referencing checks, and set up the tenancy paperwork. Sarah took it from there, managing the ongoing relationship, and she told me it felt like a perfect balance. This story is not unique, and many landlords find themselves in the same position.

What is a let-only service?

A let-only service is essentially a halfway house between doing everything yourself and opting for full property management. The letting agent is responsible for marketing the property, handling enquiries, conducting viewings, vetting prospective tenants, and setting up the tenancy agreement. Once tenants are in place, the landlord takes over the day-to-day running of the property. That means dealing with rent collection, maintenance, and any issues that might arise. For landlords who like to remain involved, it offers the best of both worlds.

Why landlords in Leeds are choosing let-only services

Leeds has one of the most vibrant rental markets in the UK, driven by its student population, young professionals, and growing families. According to data from Zoopla, average rental prices in Leeds rose by over 8% in 2023, a trend that shows no sign of slowing as demand outstrips supply. This creates opportunities for landlords but also competition. Tenants are choosy, and finding reliable renters quickly is key to avoiding costly void periods. A let-only service helps landlords stand out in a crowded market. By using professional marketing channels, photography, and tenant referencing, letting agents can dramatically cut the time it takes to secure a tenancy. At KeyStep Properties, for example, our team helps landlords find tenants fast while ensuring all legal requirements are met, giving peace of mind that your investment is in safe hands.

Who benefits most from let-only services?

Not every landlord will find let-only the best option, but it suits a large number of property owners across Leeds and West Yorkshire. The landlords who typically benefit include:

• Experienced landlords who already have systems in place to manage rent collection and maintenance.
• Landlords who live close to their rental property and can respond quickly to tenant issues.
• Property owners who want to save on management fees but still need professional support to find tenants.
• Landlords who are confident with property legislation but want to ensure tenants are properly vetted.

If you recognise yourself in any of the categories above, a let-only service could be an excellent fit.

The costs involved in let-only services

Let-only services are typically charged as a one-off fee, often calculated as a percentage of the annual rent. For example, if your property in Leeds rents for £900 per month, a letting agent might charge 8% to 10% of the annual rent as their fee for finding tenants. While this might seem like a sizeable expense, it’s worth considering the cost of advertising, tenant checks, and legal paperwork if you were to handle everything yourself. Many landlords find that outsourcing these critical steps is a worthwhile investment.

The legal side of things

One of the biggest benefits of using a let-only service is staying compliant with UK rental laws. Regulations are constantly evolving, from Right to Rent checks to deposit protection schemes and updated tenancy agreements. In fact, a recent report by ARLA Propertymark found that over 60% of self-managing landlords had accidentally failed to comply with at least one legal requirement. That’s a worrying statistic, because mistakes can lead to fines or disputes. By using a professional service, you remove the risk of getting tripped up by legalities. At KeyStep Properties, we ensure that every tenant is fully vetted and that all documentation complies with current legislation.

Comparing let-only with full property management

Choosing between let-only and full management comes down to how much involvement you want in your rental property. Full management takes away the burden of collecting rent, dealing with repairs, and handling tenant queries. For landlords who live far away or simply don’t have the time, it’s a worthwhile option. But for those who prefer to retain control and save on fees, let-only can be more appealing. It’s also worth noting that some landlords start with let-only and later switch to full management when their portfolio grows. Flexibility is the key.

The challenges of let-only

While let-only services can be hugely beneficial, they’re not without challenges. The biggest one is that the landlord remains responsible for rent collection and property upkeep. If a tenant defaults on rent or if a boiler breaks in the middle of winter, you will need to step in directly. This is where many landlords underestimate the workload. If you are not confident handling those situations, full property management might be a safer bet. That said, if you have the time and resources, the savings from let-only can make a real difference.

The Leeds rental market outlook

With Leeds continuing to grow as a hub for finance, education, and technology, demand for rental properties is likely to rise further. Knight Frank predicts that rental prices across the UK will grow by 25% over the next five years, with cities like Leeds outperforming the national average. For landlords, this means strong opportunities for capital growth and rental income. Let-only services provide a cost-effective way to maximise these opportunities while keeping control of your investment.

Why KeyStep Properties is a trusted choice

At KeyStep Properties, we specialise in helping landlords across Leeds and West Yorkshire achieve their goals. Our let-only service is designed for landlords who want reliable tenants without the hassle of marketing, viewings, and paperwork. We handle the complex parts so you can focus on managing your property day to day. From HMO investment strategies to guaranteed rent options, we provide tailored support for every type of landlord. Whether you are looking for a letting agent in Leeds or want to explore investor property sourcing, our team can help you make informed decisions.

Final thoughts

Deciding whether a let-only service is the right choice depends on your circumstances, experience, and long-term property goals. For many landlords in Leeds, it offers the perfect middle ground – professional tenant sourcing combined with the freedom to manage the property yourself. If you’re confident about handling the ongoing management but want peace of mind that your tenancy starts on the right foot, let-only could be the solution you’ve been searching for.

Are you considering a let-only service for your property in Leeds? Speak with KeyStep Properties today to learn more about how we can help you secure tenants quickly, stay compliant with regulations, and maximise the potential of your rental investment.