Brock Delappe take the stress and hassle out of letting and managing your property. We’ve developed a comprehensive letting and management service that is designed to maximise your income and minimise your costs.
Prior to renting your property you should inform yourself as much as possible to avoid any nasty surprises.
WHAT TO CONSIDER
- Know what rent to expect by getting an accurate rental valuation
- Value lower vacancy rates over marginally higher rents, in most cases the income benefit is greater when vacancy rates are minimised
- Expect normal wear and tear and budget for it. We provide efficient cost effective maintenance solutions
- Understand your tax liability, view our Landlord Tax Guide
- Know your legal obligations as a landlord; these will determine how to handle certain issues, view our Legal FAQ’s Guide
- Adopt a pragmatic approach to your property; avoid personalising issues which can cause unnecessary stress and expense
presenting your property
One of the first considerations people have is what to leave, or what to put in. I would say aside from the main furnishings, remove anything that has significant monetary or sentimental value. Items such as cutlery and crockery are supplied by the tenant. When decorating cost should be a crucial factor, often capital expenditure isn’t reflected in rental income. The main things that should be carried out are a basic paint job and a deep clean. Assess the furniture; old mattresses and couches can be deal breakers.
sourcing a tennant
Deciding on a tenant is the most important consideration when renting property. The right tenant will ensure a continuous income stream and performance of the asset. The wrong tenant can interrupt the income stream and damage the fabric of the dwelling. With over 15 years renting property, we draw on our experience and instinct when recommending a tenant.
Prior to a tenant moving in the following will need to be finalised:
- One month’s rent in advance and one month’s deposit paid upfront
- Signed lease agreements
- Utility bills must be either transferred or cancelled
- An inventory needs to be taken
- A standing order for the rent should be set up
Once a property is ready for market we carry out an initial inspection. We use a dedicated software package to produce a detailed reported together with images and recommendations. This forms the basis for all future inspections. Once a tenant vacates we carry out another inspection to determine what needs to be done to re-let the property and assist in making a considered judgement regarding the refund of the deposit to the outgoing tenant. If any work is carried out a new inspection report is prepared prior to the commencement of the next tenancy. During a tenancy we carry out inspections on request, but we would caution against doing too many as they can present the tenants with a forum for frivolous requests which have to be considered. These inspection reports act as a vital tool in monitoring your investment and considering expenditure.
maintenance and management
Ideally there would be no maintenance issues; however the owner needs to prepare themselves for such eventualities. We have experience in dealing with every type of problem and draw on the expertise of our team of fully certified sub-contractors. Cost is an issue here and we have a bias towards fixing things rather than replacing them.
We have a competitive fixed cost structure that we pass onto the client. In our experience, maintenance problems need to be dealt with quickly. They don’t go away and can manifest with poor tenant relations and/or potential further costs. With this in mind we have favourable credit terms with our sub-contractors allowing us to attend to maintenance issues efficiently. Prior to any maintenance work being carried out, the client is informed, with problems reported, solutions explained and costs agreed.
Income is the most important aspect when renting a property and should be prioritised. We use a customised software package to track rents when they come due. Late rents need to be acted on immediately with a resolution found promptly. Rent is unlike other bills in that it’s a fixed monthly payment that we expect tenants to pay without delay. In the unlikely event that the rent is significantly late, we advise the owner the steps necessary to resolve the situation.
Not only is good account management essential to measure and monitor your investment, it is required when completing your tax returns. Landlords are sent monthly statements together with original copies of any maintenance invoices to ensure transparency. Annual year end account summaries are available on request, making life easier for you or your accountant when completing your tax returns.
Under the revised Residential Tenancies Act, provided the rent does not exceed market rent, it can be increased by 4% every 12 months, for more information see our Guide for Rent Caps. You will be notified well in advance of when we can increase the rent and advised accordingly.
From the outset the deposit should be retained separately and not treated as rental income. This will facilitate prompt refund provided the rent has been paid in full and the property has been left in suitable condition save for normal wear and tear. Normal wear and tear is extremely subjective and difficult to assess. In short a landlord can’t expect the property to be in the same condition as it was at the commencement of the tenancy.
Our inspection reports will provide before and after images together with recommendations which help owners make a considered judgement in this regard.
For our letting and management service we charge 6% of the monthly rental income, payable on collection. The service is comprehensive; incorporating letting, maintenance, rent collection, account management and lease renewals. Our fee is designed to be competitive and by charging in this manner there are obvious cash flow benefits for the client. Please note our fee is subject to VAT at 23%.
Call us now on +353 (0)1 633 4446 for more information or send us a message.