While some landlords like to manage their own properties, others prefer to put their portfolio on the hands of a letting agent or management company. Whether landlords have a large portfolio or a single buy-to-let, they can hand over the day-to-day running of the property because they do not have the time or the experience to manage it themselves. There are many types of property management companies, so it is advisable to do some research to find the right one for your needs.
Local v Global
There are different types of letting agents. If you have a small portfolio or all your properties are in one location, an independent company might suit you because it would have local knowledge, such as those offering property management in Dublin . If you let several properties or have company lets, an agent which is part of a bigger organisation may be more appropriate. Some estate agents have a lettings section, which means they might have access to more marketing resources and more contacts. Overall responsibilities include managing the property, collecting money from tenants, health and safety and general maintenance.
First Impressions Count
Contact several firms to see what they actually offer and their cost. This will also give you an indication of their professionalism. Check out their advertising material, offices, website and social media posts to get an overall impression. When looking for property management in Dublin, you can also check their advertisements in the local media.
You could also get in touch with local business associations and fellow landlords to see who they would recommend. Many agents will also be members of professional associations and adhere to best practice, such as the Association of Residential Letting Agents, or abide by the RICS Blue Book.
Letting Agent Fees
You will find that property management in Dublin varies from firm to firm, so it is best to check first what the fees are and the exact level of service you get for your money.
Some agents charge a flat fee, while others will charge a percentage of the rent. Ask about any additional costs, as many firms make an additional charge for setting up a contract or if the tenant renews the contract, even though there is little work involved. Sometimes they levy a fee when the property is empty.