Are You Working With the Right Property Management Agency in Dublin?

Working with a property management agency in Dublin can be beneficial for you whether you are a novice or experienced landlord. Hiring pros can make it easier to manage your rental property and significantly reduce your stress.

You have to keep in mind though that not all property management companies are the same. While several firms truly deliver impressive service, a few can make things even more difficult for property owners like you.

This is exactly the reason why you need to be meticulous when hiring a company. You cannot just choose one without checking their reputation.

But what if you’ve already hired one? Well, you have to keep an eye on them for several months to determine if they are good as advertised.

Signs You’re Working with the Wrong Property Management Agency

How do you know that you hired a bad firm? Below are some of the signs you need to watch out for:

Limited Knowledge of Landlord-Tenant Rules

Property managers should know the ins and outs of renting out houses and commercial establishments. They should be well-versed in Ireland’s rental laws, including the rights and obligations of landlords and tenants.

In-depth knowledge of the rules enables them to minimise landlords’ risks of getting fined or sanctioned. It is also the key to resolving issues properly, ensuring that matters don’t escalate and turn into complicated legal battles.

So, if you are getting fines or failing to live up to your duties, it could be because your property manager’s knowledge of tenancy rules is limited.

High Vacancy Rate     

One of the hallmarks of a successful rental property is a low vacancy rate. If you keep losing tenants or your properties stays unoccupied for long periods of time, then your property management firm is clearly doing something wrong.

For one, they may not be exerting enough effort marketing or advertising your property. It could also be that they have rental fees that are too high for your property’s target market or location.

Lastly, the firm may have been getting low-quality tenants, specifically those who get evicted because they don’t comply with the agreement. This issue could easily be avoided if the company is thorough in screening potential tenants.

 

Are You Working With the Right Property Management Agency in Dublin 2

Late Payments

When managed well, a rental property can be a steady source of income – the kind that brings in money on a predictable schedule. If you aren’t getting paid on time, then your property management firm isn’t fulfilling one of its most basic duties.

One of the most common reasons for these delays is bad tenants. Again, this issue could’ve been prevented if the firm did a background check on the tenants. So, the company is undeniably still at fault in this situation.

Another possible reason why you’re not receiving the fees on time is that the property management company isn’t handling the finances properly. This can be due to a variety of things like bad bookkeeping practices and an undermanned firm.

But whatever the reason is, the company’s failure to get payments to you on time clearly shows that they are not doing their job well.

Poor Communication

For the landlord-property manager relationship to proceed without hiccups, both parties should be able to communicate well.

For one, the firm should regularly send you updates, keeping you informed about the current issues as well as the overall state of your rental property business. They should also make sure that they provide correct answers to your questions and properly address any concerns you may have.

Moreover, they should respond to their clients – the landlords and tenants – immediately. If they missed your call, they should ring you back preferably within 24 hours.

It is not just about how frequent the company updates you or how fast they respond to your queries though. It is also about how they communicate with you – their choice of words, manner of delivery, clarity of the message, etc.

Are You Working With the Right Property Management Agency in Dublin 3

Not With the Right Property Management Company? What Should You Do?

The firm does not have to display or do all the things mentioned above for you to conclude that they aren’t the right one for you. One sign should be enough for you to re-think your decision.

Now, what should you do if you hired the wrong property management company? Clearly, it is in your best interest to part ways with the firm. Do it the right way though to avoid any hassles.

Before firing the company, you should review the contract to know what the termination terms are. First, find out what you agreed on regarding the grounds for termination. Some companies allow you to end the contract for any reason. But others only let you do so if certain conditions or reasons are satisfied. Also, know what the notice period is.

Depending on the contract, you might have to pay a certain amount for the early termination. However, if you can prove that there is a valid reason for ending the contract, then you don’t have to worry about this.

When transacting with the firm, make sure that you document everything – put things into writing. This can be very useful when problems arise later on.

Also, see to it that your tenants are informed that you are no longer working with the property management company. Make sure that you let them know who’s going to manage the house or commercial space moving forward.

After you terminate your property manager, you’ll have to decide on the next step regarding the management of your rental property. Are you taking over the landlord duties or hiring a new firm?

If you manage the property on your own, make sure that you can take on all the tasks. Remember, being a landlord can be time-consuming and stressful.

Undeniably, the best option is still to hire a property management firm. Your experience with your current property manager may not be pleasant, but this doesn’t mean that it is going to be the same with other companies. As mentioned earlier, there are numerous firms out there that are reliable. All you have to do is to be thorough during the selection process.

Are you looking for a property management agency in Dublin that delivers on their promises? We’ve helped numerous residential and commercial property owners build a profitable rental business. Call us now at 014959020 or leave us a message on our website to learn more about our services!

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