Do property management companies provide a service that is worth the expense? To answer that, it is important to understand the extent of the service they provide, so we outline that in this article.
Buying a rental property is often a wise investment, as it can provide an additional income and help to pay your existing bills. It can provide healthy returns through monthly rental income and potential capital growth. Investing in a rental property can be a very rewarding investment, but if not properly managed, you can quickly find yourself in an emotionally and financially stressful situation.
Employing a property management company to handle all aspects of your property’s letting and management can massively reduce the risk and stress of running a successful rental property and provide a better return on investment. You can have as much or as little involvement in the day to day running of your property as you wish, by using a tailored management service.
Property management companies have a comprehensive understanding of the market, legislation, regulations, and have expertise in the field. This ensures a smooth process in letting and managing your property, with minimal hassle and risk to you. Property management companies are constantly researching the current market, legislation, and regulations to ensure that you are in accordance with the ever-changing property market.
Property management companies are particularly helpful if you do not want your rental property to be overly time-consuming or if it is at a distance from your residential home. They offer many services to landlords in the overall property letting and management cycle – this cycle can be broken down into three segments: the ‘beginning’, ‘middle’ and ‘end’.
The Beginning – What Property Management Companies Do to Get your Property to Market
Advisory Service
Property Maintenance and Refurbishment
Property Advertising and Marketing
From the initial stages of renting your property, the management company will be on hand to offer an advisory service to answer any questions you may have with regards to how to present your property, marketing, rental legislation, minimum standards, and tenant selection.
They will make sure that your property is rent compliant with all current legislation and your property is up to minimum standards. The management company can take charge of preparing the property for market, all advertising and marketing of the property. They will ensure that your property is targeting the correct rental market and is presented in the most appealing manner online, looking its best, so that it can attract the right tenants for you. An experienced management company can share your property with their extensive list of contacts to give you the best chance of securing a good quality tenant as quickly as possible.
The Middle Bit – Tenant Vetting to Handover
Tenant Selection and Vetting
Tenancy Negotiations
Tenancy Agreement Preparation and Execution
Deposit and Rent Hand Over
Inventory and Condition Report Management
Key Handover, Utility Transfer and Standing Order Setup
Tenant introduction
Point of Contact for Issues Arising
Once the right tenant has been found, the management company will complete comprehensive vetting, mediate any lease negotiations, prepare a custom tenancy agreement for you and secure the first month’s rent and deposit. A comprehensive custom tenancy agreement will ensure that the landlord is protected as much as possible by having all agreed terms in writing and signed by the tenant.
An inventory and condition report should be prepared by the agent on your behalf to ensure that all contents are accounted for and a photographic report of the condition of the property is complete. This will provide the highest level of protection to landlords should excessive wear and tear on the property arise during the tenancy.
When the tenant is ready to move in, the company will arrange a handover of keys and be available on move in day to answer any questions the tenant may have about the property.
Should the tenant have a question or require assistance during their tenancy, the management company will be on hand to address their queries. Likewise, should there be any problems with the payment of rent or maintenance issues, the management company will handle them directly on your behalf. They will also regularly carry out detailed inspections of your property and can provide a photographic inventory report if required.
Should the need for a ‘notice to vacate’ or a ‘notice of rent increase’ need to be served during the tenancy, your management company will complete and serve this notice on your behalf ensuring that the notice is accurate and served in the correct manner and format. If a notice is not served in the correct manner or format it will not be valid.
The End – When the Tenant is Moving Out
Notice
Tenant Vacation
Property Inspection
Inventory review
Deposit return
Dispute Resolution
During a tenant’s vacation of a property or when their lease is up, the management company will make sure that all payments are up to date, the correct notice has been served and the tenants are provided with details on how the property should be returned.
Should there be any issues, the company will handle these appropriately with the tenant and make sure the impact to the landlord is minimal. Should a dispute arise between tenant and landlord during or immediately after the tenancy the agent will be on hand to help resolve the dispute or represent the landlord in the RTB should the need arise.
The renting process involves a large amount of work, so it makes sense to hire specialists who are experienced in handling all the finer details and day to day management of your property. Management companies will have the technology, experience, and contacts at their disposal to deal with any issue that may arise.
A rental property should not be a time-consuming burden, it should exist mainly to provide you with further earnings and/or a capital gain. By allowing a management company to deal with all the details from the beginning to the end and all that comes in between, you can relax and look forward to the benefits it provides without any concerns.
Herbert & Lansdowne is a Dublin Estate Agency and Property Management Company that provides a comprehensive property management service that allows you to focus on your next move and the rest of your life.
Click here to complete an enquiry form or complete the form below to avail of our 3 months’ FREE Property Management for new client landlords.
Click here to see a schedule of the Services and Fees charged by Herbert & Lansdowne. Note that our fees are a fully tax deductible expense.
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