As the news cycle gets populated with staggering figures about the amount of “notice to quit orders” issued to tenants post pandemic, we delve deeper into the issues tenants are causing for landlords across the republic and how property managers are helping to nullify them.
In 2022 only 31.2% of overall tenancies went into a second year contract and another 11% of all residential contracts were either exited or ended before the contract end date.
As any landlord or property manager will tell you, the most challenging aspect of property management is not finding tenants, but identifying the right tenants, who will occupy the property not just till the end of the contract but ongoing year on year.
As a rule of thumb an ideal tenant is someone who does not cause any issues or complaints, pays on time and holds the tenancy for more than just one contract term. The reason for this is finding the right tenants is difficult, and once a tenant is in a contract, it can be very difficult to remove them from a property if required.
This is why it’s so important from the outset to know the pitfalls and mistakes in selecting tenants, but without structured marketing it can be different to have the volume of enquiries required to find the ideal tenant.
Why Would I Pay a Property Management Company?
Property managers deal with both the property and the tenants. From marketing the property, staging it for viewing and increasing kerb appeal to Tenant Selection and Vetting, a reputable property management company will invariably save you time and money.
It’s not just the money or time saving aspect that appeal to landlords, it’s also the reach a large property manager has in terms of marketing. A good property manager doesn’t just advertise your property where you would think to, they will also provide you with clever marketing strategies to advertise their properties on media and affiliate channels that are proven to attract the most attractive demographics (30+ couples etc).
By expanding your marketing reach you receive more applications and therefore can be more selective.
What is the property manager’s first responsibility to the owner?
A property manager’s first responsibility – regardless of the tenant or owner – is to the property that they oversee, and the protection of it. The property manager is then responsible for marketing the property, finding the right tenants and ensuring that rent is paid on time. They do have a responsibility in a convoluted sense to the tenant in the fact they must make sure the property meets all legal requirements which by definition benefits the landlord as well.
Do landlords recommend using a property management company?
In a recent survey conducted on single and multi-property landlords, 86% said they were better off since having a property management company work on their behalf. We have bullet pointed the top 8 reasons below:
- Better screening of tenants
- Ensuring legal safety requirements are met
- Quicker occupancy rates
- Higher rental values
- Better maintenance of your property
- Not having to deal with tenants face to face
- Ensuring rent is paid on time
- Providing a robust tenancy agreement
Property Management Company Dublin
KPM Group has helped countless landlords free themselves from the day-to-day management of their portfolios and trust us to deliver the maximum return on investment while providing quality property management services.
If you would like to speak to us here at KPM about your portfolio, then get in touch today, and a staff member will be happy to help in any way we can.
