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The third option is for the agent to act as a full managing agent. They deal with all management issues, repairs, rent collection, starting the tenancy and some steps towards ending the tenancy.
For example, they may serve notice but not take court action. This is obviously more expensive (perhaps 10% to 15% of the rent), but it is worthwhile if the property owner either does not have the time to manage the property, or lacks the expertise.
The landlord will need to agree with the agent what repairs they can do without asking him, and what repairs he wants to get involved in. The landlord will have to pay for the repairs, hopefully out of the proceeds of the letting.