As a property management company in Ireland, we know how challenging it can be to be a landlord in today’s market. With frequently changing regulations, rising costs, and demanding tenants, it’s crucial to stay on top of best practices to avoid hassles down the road. Here are our top tips for landlords in 2024:
Understand Your Legal Obligations
The Residential Tenancies Act lays out all the rights and responsibilities for landlords letting residential properties. Be sure you understand the law when it comes to security deposits, maintenance and repairs, inspections, terminating tenancies, and more. Keep detailed records showing you have met obligations like providing a rent book and contact information.
Keep Up With Registration and Notices
Register all your rental properties annually with the Residential Tenancies Board (RTB), submit notifications when required, and keep your registration up to date. Provide proper written notices to tenants for things like rent increases, inspections, termination, etc. Follow required timelines for notices or risk-facing complaints.
Perform Regular Inspections
Carry out move-in and move-out inspections thoroughly, documenting conditions with photos and signed reports. Conduct periodic inspections every 6-12 months to check for damage, cleanliness, repairs needed, unauthorised occupants, etc. Follow proper notice procedures when accessing property and document findings.
Handle Maintenance Issues Promptly
Stay on top of repairs – failing to maintain standards could lead to RTB complaints. Categorise issues (emergency, urgent, routine) and respond promptly. Keep a maintenance log documenting reported issues, repairs attempted, and costs. Consult experts for large/complex issues.
Review Rents Annually
You can increase rent every 12 months; review annually against market rates. In Rent Pressure Zones, increases are limited to general inflation. Provide proper 90-day notices of increases in writing. Be cautious not to exceed market rates. Consider market conditions and tenant satisfaction as well before raising rents.
Build a Good Relationship with Tenants
Create an open line of communication with tenants and respond quickly if issues arise. Make it easy for tenants to contact you if there are problems. Visit the property occasionally to chat with tenants and ensure things are operating smoothly. Happy tenants tend to stay longer and take better care of the property.
Have a Plan to Handle Difficult Situations
Occasional conflicts or challenges are inevitable – non-payment, unauthorised occupants, damage, etc. Know how to respond calmly and legally. Provide proper written notices as needed. Seek guidance from a solicitor for more complex evictions/terminations. Don’t delay or ignore problems.
Ensure You Have Adequate Insurance
Protect your investment with landlord insurance like buildings, contents, loss of rent, and public liability policies. Review insurance needs and coverage limits when renewing leases. Maintain adequate coverage for repairs, replacements, lost income, and liability claims. Compare policies and pricing at least annually.
Following these tips can help avoid common landlord pitfalls and make property management easier in 2024. Stay informed on the latest regulations and best practices. Consult experienced property management professionals like KPM when you need guidance navigating landlord obligations
Seek Professional Property Management in Ireland
With frequently changing regulations, rising costs, demanding tenants, and other challenges, being a landlord in Ireland isn’t easy. Working with a professional property management company can help take the stress out of rental property ownership.
Companies like KPM handle all aspects of managing your investment – finding tenants, collecting rent, maintenance, repairs, inspections, landlord registrations, understanding regulations, dealing with difficult situations, and more. This allows you to step back from the day-to-day demands and simply collect passive income from your rental property.
Professional property managers know the Irish rental market and stay up to date on the latest rules and regulations. Their expertise and experience can prove invaluable in avoiding hassles and headaches for rental property owners. They have established processes and networks of vendors to efficiently handle any issues that come up.
In short, partnering with a property management company in Ireland provides landlords with helpful guidance and practical support. The services they provide are well worth the fees to reduce stress and make rental property investment more passive, profitable, and protected.
