Thinking about Letting a property?

Q: I’m thinking about letting a property but the process seems so complicated! Where do I start?

 

Eileen Sheehy, managing director Sherry FitzGerald Sheehy Lettings, offers her expert advice.

 

A: If you’re considering letting a property – either your own home or an investment property – the first step is to speak to an agent. The legislation is complex, and liable to change at short notice, so it makes sense to talk to someone who is up-to-date. Look for an agent who is licenced by the Property Services Regulatory Authority (PSRA), the statutory body with responsibility for licensing and regulating the property services sector. They will be able to help you price, pitch and prepare your property correctly.

At Sherry Fitz, all our agents have PSRA certification. Typically, they’ll meet you at the property and walk through it with you. This will enable them to value the property and let you know the range of possible rents. The agent will also advise on how to make the property suitable for letting. There are minimum standards in rental accommodation, enforced by the local authority. For example, each rental property must have a fridge-freezer, a microwave oven, and a 4-ring hob with oven and grill. There are also safety requirements like a carbon monoxide detector and a fire blanket. There’s a full list of Minimum Standards for Rented Housing on Citizens Information and property must meet these standards for the letting to proceed.

Once the minimum standards are met, the agent will recommend any changes you can make to improve the property. These include simple things, like power-hosing the decking, cleaning the windows, and trimming the garden. With lettings, presentation is hugely important and these changes can make a huge difference to potential tenants. People aren’t buying your property, they’re renting the experience of living there and it’s all about style! You want your property to have “curb appeal”, meaning that a passerby will look at the property and think it’s fabulous.

Potential tenants will want to know about amenities in the area, including schools, public transport, and shops. Choose an agent with local knowledge of the area around the property you’re planning to let, as they will have all this information to hand. If your property is part of a new apartment development, tenants will often look for safe car parking or bicycle storage so your agent needs to have all this information readily available. It’s well-known that quality tenants look for quality properties, so be prepared to present yours to its best advantage and fully inform your agent about everything it has to offer.

When we find a suitable tenant, we’ll undertake the standard screening service by checking their identity, financial references, and ability to pay the rent. We’ll also look for a reference from a previous landlord and, where appropriate, employment details. This, and all of the above, is included in our letting service. Fees can vary for this service, so you should speak to your letting agent and get a quotation.

Once your property has been let, most letting agents will be able to provide a full property management service. There can be many benefits to using this service. It inspires confidence; when a tenant knows their rental is being managed by a professional agency, they feel they are in safe hands.

A comprehensive property management service typically includes a check-in inspection, a mid-term inspection (around six months into the tenancy), and an end-of-tenancy inspection, all fully documented with photographs.

Before the tenant moves in, the property will be professionally cleaned, and proof of this will be provided. At the end of the tenancy, tenants are asked to do the same, ensuring the property is returned in good condition. This process helps prevent misunderstandings and disputes, giving landlords peace of mind.

During the tenancy, the property management team acts as the point of contact for tenants' issues. For example, if a washing machine breaks, the tenant can log the problem in an automated system and receive an immediate response. The landlord will then be contacted to arrange for repair or replacement. Having access to qualified tradespeople, the agency can promptly handle necessary repairs. This service is convenient and hassle-free, providing transparency about costs so landlords always know where they stand.

Another advantage of using a property management service is the systematic organisation of all property-related information. Landlords can access this information at any time, making it easier to present to tax accountants and manage their property efficiently.

If you're considering renting out your property, get in touch with Sherry FitzGerald Daly, Kenmare for more information.