In recent years Ireland has shifted significantly towards a tenant-centric approach, marked by a growing emphasis on providing better incentives, tax benefits, and improved tenant accommodation options.
As tenant rights continue to gain traction and become increasingly entrenched in the real estate sector, the role of landlords has grown increasingly more complicated with each passing day. Understanding the responsibilities of being a landlord, including property management and tenant care, now requires a higher level of expertise.
In light of these complexities, it has become more and more vital for landlords to seek the assistance of seasoned and well-informed management/letting agencies.
Engaging the services of such agencies is essential to ensure efficient and up-to-date management of properties and tenants.
What is the role of a property manager?
Property management has become an evolving discipline, with PMs now being tasked with not only marketing the property, providing maintenance and collecting rents but with the ever-changing laws and regulations surrounding renters, a property management company is now tasked with navigating the legal minefield which is the Irish real estate sector.
In essence, a property management company should be appointed upon purchase of a property, a reputable agent will then be able to manage everything on behalf of the landlord.
Why are property management companies becoming more important to landlords?
There are many reasons that property managers are becoming more essential to landlords but the main factors are:
Legal compliance
Legal compliance is a very important reason for landlords to consider using a property manager. Laws and legislation have changed rapidly in the last few years, and as the strain on the property market (specifically the rental sector) continues to increase, laws and regulations will likely continue to evolve and change. Keeping a singular property in line with these ever-changing rules, in itself can be a full-time occupation. A property manager will not only keep abreast of these changes but proactively make the required provision to ensure the property is kept within all legal boundaries.
By ensuring legal compliance landlords can avoid incurring fines or penalties that are a result of non-compliance. This alone could negate the expense of hiring a property manager.
Maintenance
Another big reason property management companies are becoming so important to landlords is maintenance. With interest rates and inflation continuing to rise, the price of products and services is becoming more and more expensive. A property management company will often have engineers, electricians and contractors, often repairs can be done in bulk and are at a much lower cost than if you contacted a contractor directly.
Industry Experts Opinion
In an article recently published by the Irish examiner, Mark Rose of Rose Properties was quoted saying
“It’s so complicated now, even before, some property owners would have gone, ‘I’ll look after things myself — I’ve time and I’m well able to do it’ but simply advertising a property and dealing with the response has, of itself, become such a challenging task, almost everybody much prefers to have a professional agent deal with it.”
Property Management Ireland
For almost 25 year’s KPM Group has been delivering the highest standards in Property Management.
We act for private investors, lenders, as well as domestic and international funds. Sectors of expertise include Private Rental, build-to-rent projects, owner management companies, Local Government agencies and best-in-class Social Housing developments.
If you are unhappy with your current property manager or are considering employing one for the first time, then the experienced team at KPM can help. Contact us today for more information.
