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Managing the Property yourself or using a Letting Agent


	Managing the Property yourself or using a Letting Agent One of the key considerations with an investment property is deciding whether to manage the property yourself or to use a letting agent or management company. What does managing the property myself involve? Managing investment property yourself can be a time consuming activity and requires a lot of effort to: · Advertise the property · Arrange viewings · Screen Tenants and check references · Complete the lease agreement · Register with the PRTB · Ensure the rent is paid on time · Deal with on-going repairs · Handle tenants issues and complaints Remember when managing property directly you must be professional at all times. What are the options when using a letting agent? There are two main options when using a letting agent 1) Let Only Service: Some landlords use an estate agent to find and screen tenants and then look after the on-going maintenance and tenant management themselves 2) Full Management Service: Some landlords use an estate agent or management company to manage the whole process from finding tenants to the on-going management of the property The estate agent or management company will: · Advertise the property · Arrange viewings · Screen tenants and check references · Complete the lease agreement · Register with the PRTB · Ensure the rent is paid on time · Deal with on-going repairs · Handle tenants issues and complaints Which option is best? It depends on your individual circumstances and the amount of time you can devote to managing your property. The full management option suits those who do not have the time or may not want the hassle of managing property directly, or may not live close to their property. Letting Agents may have the advantage of having contacts with trades people and suppliers who can quickly get repair jobs done. How much does it cost? The fees charged can vary significantly, as can the quality of service received so shop around. Never evaluate potential letting agents based on the fee alone. Like any other business there are good agents and bad agents. Don’t be afraid to negotiate the fee if you have a number of properties. Tip: The cost of using an estate agent or management company is an allowable expense against tax on rental income! See Also: Evaluating Letting Agents irish landlord is a free resource for irish property investors and landlords From landlord information to free lease agreements, from landlord rights to PRTB information it's all on irish landlord.com

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