Potential landlords have much to consider when thinking about letting a property including preparing the property for viewings, marketing the property, screening tenants, drafting a tenancy agreement as well as satisfying various legal agreements.
Once the property is let, landlords have further responsibilities including insuring the property as well as the management of the property which involves repair and maintenance and ongoing rent collection. It is clear that letting a property can be a stressful process.
When you want to let a property, you can take advantage of the expertise of Mulvihill Property Services. We are a member of the Society of Chartered Surveyors Ireland (SCSI) and follow the standards set out by the SCSI in the Private Rented Sector Code of Practice.
Prior to letting your property, your first consideration should be to obtain an accurate assessment of the rental value of the property. We will provide you with a realistic rental assessment which will reflect current market conditions and will be based on comparable evidence.
We have access to a wealth of research, knowledge and information in relation to the residential rental property market in Ireland including annual and quarterly reviews of the residential property market which track trends in the market at a local and regional basis.
These results can be used to provide a realistic forecast of the property market and is used by us to provide real-time advice to you in relation to the rental value of your property.
Once you have decided to let your property you may decide to engage us as the service a letting agent. If you employ us as an agent to undertake the letting, you will need to sign an agreement with us (known as a Letter of Engagement) which outlines our charges and the length of the contract.
This is a requirement by law. It should be clarified whether the service required is in respect of a letting only or letting and rent collection to include subsequent management services. It is important that you understand the contract before you sign. You will have to pay a fee for acting on your behalf.
We are a member of the SCSI and we follow the guidance set out in the SCSI Private Rented Sector Code of Practice. We are licensed by the State in order to let property in Ireland. This license is issued by the Property Service Regulatory Authority (PSRA).
Preparing the home that is to be let is very important and is central to attracting the right tenant. By law landlords must ensure that the property meets certain minimum standards, however it is also important to ensure that the property is in good decorative order, tidy and that all necessary repairs have been carried out.
The better the condition of the house, the better quality tenants you will attract, as first impressions are important. We can provide you with a wealth of professional advice in relation to preparing your property for viewings.
We can advise you if your property requires small additional improvements in order to attract the right tenant or if it requires more substantial work. You should also be aware that, under new regulations, properties cannot be advertised for rent until a Building Energy Rating (BER) is completed on the property.
The inclusion of a BER in all residential letting advertisements including newspaper adverts, internet advertisements and window advertisements is now mandatory. We will ensure that the energy performance indicator of the current BER certificate for the property is stated in any advertisements relating to the letting of the property.
Once you are ready to market your property, we will discuss with you the type of tenant you would like to attract and the terms on which you would be advised to let the property in order to meet your individual needs.
Once you have confirmed your instruction, we will commence the marketing of the property and will advertise the property on your behalf in order to find suitable tenants. we will take photographs of the property and advertise it online and in the print media. A “To Let” board can also be erected if necessary.
We will undertake the viewings and ensure that the property is let without delay. We will carry out all the necessary arrangements in terms of showing the property to prospective tenants including providing reasonable and appropriate notice times if there are already tenants in situ.
We will also validate all references provided by any prospective tenant. This generally includes checking credit references, previous employers and landlords and where necessary guarantors references.
Once this has been concluded, we will provide you with a shortlist of tenants. Once you have chosen a tenant that satisfies your requirements we can arrange for a security deposit to be collected. We follow a particular set of regulations regarding the holding of client money in order to ensure that deposits and indeed rent can, at all times, be accounted for.
When you have found suitable tenants for your property you will need to agree the terms and conditions of the let with them. To avoid disputes and confusion at a later date, a tenancy agreement is recommended. We draw up a tenancy agreement which must be signed by both the landlord and the tenant and will likely include the following:
Prior to the commencement of the tenancy, we also prepare an inventory which lists everything in the property and the condition it is in. This will be vital in settling any disputes which arise in relation to damage of the property. This will also have to be agreed by the tenant and the landlord.
Upon the commencement of the tenancy a number of legal requirements must be satisfied including the landlord registering with the Private Residential Tenancies Board (PRTB). All tenancies must be registered with the PRTB within one month of the commencement of the tenancy. The PRTB has a statutory basis and part of its remit is to resolve disputes which arise either during or after the termination of a tenancy.
Landlords have a responsibility to ensure that property is legally safe for occupancy. This includes ensuring that all gas, fire and electricity installations are in correct working order. We provide guidance in relation to this and organise the necessary inspections. Upon the commencement of the tenancy, the tenant becomes responsible for the payment of the various utility bills. We also can advise on the transfer of utilities under the tenants name and arrange a standing order for their payment.
Rental income on investment property is subject to income tax. We will therefore maintain proper records of rents received and details of expenses incurred for inspection by the Revenue Commissioners if required.
Once the property is let, landlords have further responsibilities including insuring
the property as well as the ongoing management of the property which involves repair and maintenance and rent collection. We manage the ongoing repair and maintenance obligations associated with the property.
Matters of disrepair will be dealt with promptly and in a timely manner appropriate to their urgency, placing a priority on reducing any risk to the tenant as well as minimising disruption. We are responsible for the ongoing collection of rent as per the individual agreement with them.