This is probably the question that is on everyone’s lips. How much will it cost?
The costs involved in Property Management depend on many factors. Always be sure to read the small print – less fees up front doesn’t necessary equate to a cheaper option overall!
On the odd occasion a rental payment is missed (and identified on our daily report), an arrears management procedure is initiated. We promptly notify the tenant of the arrears and issue our 14 day notices accordingly in accordance with the Residential Tenancies Act requirements.
Everything we do is to protect your interests to the best of our ability.
Not at all. Usually property owners are not only relieved but are very pleased with the savings they make through having a professional engaged.
Inspections take place prior to tenancy commencement and after a tenancy ceases and the tenant moves out.
During the tenancy period, a tenant can expect that the property they rent will be inspected at a minimum of three times per year. Tenants are provided with a written notice of the inspection day – where a minimum of 48 hours’ notice must be given. Written notice can be via email, letter or text. It is also important to note that there are restrictions on the hours that an inspection can also take place.
In the event of an issue being identified at an inspection, follow-up inspections (as required) will be scheduled and carried out.
Our experience and knowledge of the industry means we have robust systems in place to minimise the risk of placing a poor tenant in a property.
All prospective tenants must complete a comprehensive application form. This allows us to check personal references and have discussions with a tenant’s current or previous landlord. We’ll also undertake a credit check of the applicant to ensure there are no red flags.
We personally arrange a property viewing for every prospective applicant. This allows us to form our own opinions on an individual and their situation. It is important to note that we do decline tenants the opportunity to rent with us (and you) – especially if the reference and credit checks do not satisfy our requirements.
Yes of course! But it’s just not a quick look round and scribble on a piece of paper.
We use a piece of software that allows us to prepare a full ingoing inspection report that identifies any existing defects, as a record at the start of a tenancy. Part of the inspection report is the use of photos evidence which can be used to compare the property’s state when a tenancy concludes.
Once the property is due to be handed over to the tenant and they receive the keys to property, they are also provided with the Inspection Report. This is where there is an opportunity for the new tenant to review the report, confirm that it is accurate and then they sign it as confirmation before a copy is given back to Irelands for filing. The Inspection Report then forms part of the tenancy agreement.
You need to advise your insurance company that your property is to be rented. Each insurance company may have different requirements and can advise on these.
We at Irelands recommend to all landlords and property owners renting out their property to take out a policy that is normally coined the “Landlord’s Extension”. This is similar to a Contents Policy which covers the landlord’s fixtures and fittings within the property. There are other providers who specialise in Landlord Contents insurance and their policies can complement an existing insurance policy.
It’s a legal requirement that insurance excesses are published within all tenancy agreements where a property is insured..
Our policies that maybe of interest include:
Insurance cover on property and contents (to cover the fixtures and fittings).
It is important to note that the tenants are responsible for ensuring their own possessions under their own Contents insurance – this isn’t something that you will need to be covered for.
Another common question we get when circumstances change.
You can place your property on the market whilst tenanted. Contact us to talk through the process and dot the I’s and cross the T’s. You can rely on us to advise what notice periods are required for the tenants.
If your tenant is on a fixed term tenancy, you must sell that tenancy as part of property sale (similar to a going-concern).
The main thing to consider here is that you have the right team looking after you. Your property manager needs to be a great communicator (we are specialists in this area), and understands and respects the property is a tenant’s home. They need to be able to organise property viewings during set times to show potential purchases without treading too much into the daily routines of the tenant.
A happy and cooperative tenant can help attract other property investors – especially if they want to continue living in the property. A tenanted rental is always a good look for new investors!
In short – We look after all the collection of rents and on-pay these to you once or twice a month. Your choice.
The long version – All tenants are required to pay their rent via an automatic payment in advance. Using Irelands’s computer system, a daily reconciliation provides us with the knowledge of rent paid and what’s due on any particular day. Once we have receive the rent into our trust account then the balance less expenses is then paid on to you either monthly or twice a month.
Using this software designed for property management companies, we are able to compile a full statement for our property owners of the rent collected, less fees and payments incurred by the owner. At the end of the financial year we provide a summarised tax year Income and Expenditure summary for your tax returns.
Owning a home is a keystone of wealth… both financial affluence and emotional security.Suze Orman