Property Management Dublin – Everything You Need to Know

A rental property can be a good source of passive income particularly in cities like Dublin. In a report by PWC, Dublin has been named as the third most desirable place in Europe for real estate investments.

Succeeding in this venture is not easy though. To reap the financial rewards, you need to stay on top of things.

This means having sufficient knowledge about the letting process and staying abreast of the developments in the industry. You also need to handle several tasks from marketing the property and interviewing potential tenants to taking care of repairs and collecting rent.

To put simply:

Letting a house demands a great deal of time and effort. Hence, taking the DIY approach is not the best option if you are already juggling many things. You may just end up getting overwhelmed and unable to accomplish critical tasks which can be detrimental to the success of this venture.

What should you do then? Hire a good property management company!

Enlisting the help of professionals is a smart decision, especially if you have no time for landlord duties. It is also the right choice if you have several rental properties or intend to expand your business.

Property Management Dublin – What Can a Reputable Company Do for You?

A property management company has a team of people who are knowledgeable and experienced in handling rental properties. These experts may perform a range of essential tasks such as:

Ensuring Your Compliance with Laws

A property management company sees to it that you and your rental property comply with government laws and regulations. Abiding by these rules is imperative to avoid penalties and other government sanctions.

Given their extensive knowledge of rental property laws in Ireland, you can count on property managers to stay on top of these requirements.

Plus…

You can expect them to always be aware of the changes in these regulations and consequently, take the necessary steps for you to be compliant.

Determining the Best Rental Rates

Setting the right rental fees is crucial to the success of this kind of business. Price it too high and you would d end up turning away tenants. Price it too low and you would end up without a profit.

You need to strike a balance between maximising your income and keeping it affordable for your target market. A property management company knows exactly how to do this.

To come up with the right rates, they conduct a thorough market study and factor in your expenses. They focus on allowing you to maximise your profits while keeping vacancies low.

Marketing Your Property

Property managers have the know-how needed to market your house properly. They also have an extensive network that enables them to reach more people in a short span of time. More importantly, they can craft compelling advertising materials that can increase interest in your property.

What Are the Responsibilities of Landlords in Ireland

Finding the Right Tenants

You can trust the property management company not just to fill the vacancy but also to find the best tenants for you. They screen the applicants to ensure that you won’t end up with problematic tenants. On top of calling their references or previous landlords, they also conduct criminal and credit checks.

Managing the Tenants

During the tenancy, the company sees to it that you fulfil your duties as a landlord. They conduct routine inspections of the property and maintenance work to keep the place in tiptop condition. They also make sure that tenant concerns are addressed in a timely manner.

It is also the firm’s responsibility to see to it that the tenants adhere to the rules stated in the tenancy agreement. This includes paying the rent in full and on time as well as keeping the rental home clean and habitable.

Tips on Choosing a Property Management Company in Dublin

A property management company makes being a landlord easy, stress-free and profitable. The amount you pay for their services is nothing compared to the benefits you would be getting.

However, to ensure that you get your money’s worth, you must hire a good property management company.

Look for a firm that is known for its exemplary service. It should have a reputation for managing rental properties well and keeping transactions smooth for both tenants and landlords.

A reputable company also has a team of people who are committed to giving the best service to their clients. They make it a priority to give their property managers the training they need to be able to do their jobs well.

Ideally, the firm should be in business for several years. Seasoned companies have a wider network than newly built ones. Their process is also more seamless as they have been refining it over the years.

Of course, you should also consider the company’s fees. But make sure that you do not decide based on which firm has the lowest rates.

Remember:

Exceptional service does not come cheap.

This does not mean though that trusted property management companies have overly expensive fees. Their rates are reasonable given the quality of their service. You can be certain that every penny you spend on them is worth it.

What Are the Rights of Landlords in Ireland Part 1

How to Find a Reputable Property Management Company in Dublin

The quickest way to find a good firm is to search online. In just a few seconds, you are going to get a list of Dublin property management companies.

Just a word of caution:

Do not hire a firm just because it appears first on the list. Being number one does not mean that the company offers the best service.

What should you do instead is create a shortlist of around five to eight firms and check each one of them. Visit their website to learn about their business – the services they offer, their rates and their history, amongst others.

Make sure that you also read reviews as these can be great sources of information. For one, they can give you an idea of whether or not the firm renders excellent service.

But when you read the reviews, you have to remember that the goal is not to find a company without negative feedback as this is rare. Focus on looking for a firm with consistently good reviews.

Based on the online research you’ve done, narrow down your list to three companies. Then, schedule a meeting or consultation with them.

This should be an opportunity for you to learn more about the firm. So, in case you have unanswered questions, this is the perfect time to ask them.

The meeting should also be a chance for you to learn about the firm’s plan for your property in case you hire them. If possible, ask them to walk you through their process.

Aside from gathering pertinent information, assess if you can work well with their people. You are going to deal with the company for months or even years. Hence, it is important that you choose a firm that you can trust.

In conclusion, managing a rental property is not a walk in the park, especially if you have no experience in this kind of business. It is best to let a reputable property management firm handle it not just for you to avoid stress but to ensure that it becomes a profitable venture.

Are you looking for a property management company in Dublin? Choose MTS – a trusted company that is known for its ‘hands-on’ approach and tailor-made letting packages. Call us now on 01 495 9020 to learn more about our services!  

Photo by Maryland Apts  

Image by Our Home At  from FlickrCC BY-SA 2.0

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