There is nothing wrong with managing your rental property in Dublin on your own if you have the time and live near it. But if you are pursuing other endeavours, living out of the country or own numerous properties, hiring a professional property management company is a better choice.
Engaging the services of a property management firm in Dublin can save you time and worry. You would not have to handle its operations and maintenance. Moreover, with the company’s know-how and experience, you can maximise your profits and even grow your rental property portfolio.
But of course, working with these experts does not come free. As a wise landlord, you would undoubtedly want to know first how much you would be spending before hiring them.
Professional Property Management Fees in Dublin
How much do these companies charge? The monthly fees vary depending on various factors. In Dublin, property management companies charge anywhere between 3 to 20 per cent of the annual rent.
One of the things that affect fees is location. Basically, you can expect firms to charge higher fees for properties located in prime areas like Dublin and Cork. This is primarily because houses in these places command higher rents.
The type and size of the property also have an impact on the fees. Managing commercial spaces or buildings tend to be more complicated than residential homes. So, firms charge higher to handle them. Similarly, bigger properties have more expensive management fees than smaller ones because they require more work.
Another factor that affects property management fees – one that plays a big role – is the extent of work to be done. Do you want the firm to take care of everything or just handle some of the tasks? For example, you can opt to delegate marketing tasks and tenant screening to your chosen property management firm.
If you want to take a hands-off approach, then a fully managed service is the right choice for you. However, this is going to cost you more as compared to letting the firm handle some tasks.
Professional Property Management Fees – Other Things You Should Know
- A standard property management service in Ireland typically includes rent collection, property inspection, maintenance and tenant correspondence. This means that you have to pay extra if you want them to promote your property and screen renters.
- The contract should state how the fee was computed as well as the services that are included.
- For the monthly management fee, the company may either charge a flat fee or a percentage fee. In Ireland, the latter is what most firms implement.
A flat fee means paying a specific amount each month, typically based on the property’s size and services provided. If the company charges a percentage fee, you have to pay them a percentage of the monthly rent.
- Some firms charge higher but more inclusive fees. This means that they are going to render more services. So, make sure you check what’s included in their fees before you turn them down.
- Aside from the monthly management fee, the company may also require you to pay an initial set-up fee. This may already cover the costs to inspect the property and inform tenants about managing the house or commercial space.
- As mentioned earlier, tenant placement is usually not included in the standard services of Dublin property management firms. As such, you have to pay a separate fee if they find you a tenant. Like the monthly fee, this can either be a flat fee or a percentage of the rent.
- In most cases, firms do not charge maintenance fees as it is already included in the monthly management fees. However, if something needs to be fixed, you have to pay for the repair costs.
- Some property management companies charge extra when they handle tenant evictions. You can also expect them to pass on the court costs to you.
- Most firms charge what’s called an early termination fee when owners like you end the contract prematurely.
In conclusion, while it is crucial that you take it into consideration, the property management fee shouldn’t be the deciding factor on whether you should hire the company or not. Put more weight on the benefits, on what the firm brings to the table.
Remember, a good company may have higher fees, but they can also improve your property’s rental value and vacancy rates. These things can translate to a higher rental yield for you.
Are you looking for a professional property management company in Dublin? Choose MTS to get top-notch property management services at a very reasonable price. Call us now at 014959020 or leave us a message on our website.