Renting out a property in Dublin can be a good source of supplemental income. When you do it right, it can even turn into a rewarding business.
But how do you make this happen? How do you ensure that your house or apartment turns into a profitable venture? Well, you have to get the help of professionals. You should hire a property management company, especially if you are a first-time landlord.
Why Work with Property Management Companies in Dublin
Property management companies have people with know-how and experience in managing rentals. These property managers understand what this business entails.
You can count on them to employ tried and tested strategies to ensure that you don’t end up in the red which is very common amongst new landlords. With a trusted professional, you can rest assured that your property is in good hands.
But property management companies do not just help you have a successful investment home. They see to it that this happens without causing you any stress.
By working with property managers, you avoid all the hassles that come with leasing a property such as dealing with difficult clients and handling repair works. Moreover, you get to save time and focus on other important matters like your work or your family.
In case you didn’t know, leasing a property can be time-consuming as work does not stop even after you get tenants. There are recurring tasks that you have to take care of like scheduling property inspections. It also involves promptly replying to the tenants’ queries and immediately addressing any issue they may have.
To put simply, these companies make it possible for you to have a profitable investment property. They make renting out properties exciting, hassle-free and less time consuming for you.
With a good management company, you get the freedom to do what you want like going on a vacation without worrying about always being available for your tenants.
What Can Property Management Companies in Dublin Do
Find High-Quality Tenants
One of the advantages of enlisting the help of a property management company is that you get good tenants. This is highly important as the quality of lessee has a significant impact on the success of your rental business.
Good tenants pay on time, rent longer and take care of the apartment. They are easy to deal with and adhere to the lease terms, causing property owners minimal problems.
Property management companies know how to properly screen applicants. Having done this numerous times, they are able to quickly determine if the applicant is being truthful or not. They also know how to effectively probe, asking questions which will help them acquire valuable facts about the potential tenants.
These companies also have the tools essential in conducting a thorough screening process. They can check the applicants’ credit rating as well as contact their previous landlords to learn how they are as tenants.
Collect Rent Efficiently
Timely payment of rent is critical in running a profitable property rental business. You need tenants to always pay on time to maintain consistent cashflow.
While it is not unusual for tenants to make late payments, this cannot be the norm in your business. Lease terms should be enforced; otherwise, tenants will subscribe to the idea that it is okay for them to pay late. Hence, the message needs to be communicated that paying on time matters, and property management companies can do this effectively.
They have strategies in place to ensure that rental fees are paid on their due date. For example, they can use online banking payment or online payment portals to make it easier for tenants to pay.
Minimise Legal Problems
Bad tenants do not just give landlords financial headaches but also legal woes. The latter can be easily avoided if you have a thorough understanding of landlord-tenant laws in Ireland.
Admittedly, familiarising yourself with the requirements and legislations can be challenging as these vary depending on the county or city. But companies have competent property managers who fully grasp and understand these things. In fact, they see to it that they are updated about changes involving rental legislations in Dublin.
With their in-depth knowledge of rental laws and superb management skills, you avoid being vulnerable to lawsuits. Furthermore, you can expect fewer costly legal problems or none at all.
Handle Property Inspection & Maintenance
The government has set certain requirements for apartments to ensure that they are habitable. Property management companies can stay on top of this matter. They can conduct the inspection and take care of any issues, even provide suggestions on what to upgrade, to make the place more attractive to renters.
They also conduct preventative checks on the property to find and deal with maintenance and repair issues before they become severe. These inspections, usually done once or twice a year, let you avoid expensive repairs and lower your maintenance costs. More importantly, they greatly help in preserving and increasing the value of the property.
These are just some of the different things that you can expect property management companies to do for you. It should be noted though that the service menu varies per company. Hence, it is always best to talk to the firm you are eyeing to find out how exactly they can help you.
Are you looking for a reputable property management company in Dublin? We have experienced property managers who have helped hundreds of landlords have profitable investment homes. Call us today on 01 495 9020 to learn more about our services!