Where do I start?

Lettings to the uninitiated can be a bit of a legal minefield. There are a number of areas that you will need to address and it would therefore be sensible to contact a Lettings Agent to guide you accordingly and get you started.

Back to top

How does a Letting Agent estimate the rental value of my property?

A professional Lettings Agency will need to visit your property before being able to carry out a realistic valuation. We will carry out a Competitive Market Analysis which will take into consideration

a) The popularity of an area
b) Proximity to Transport
c) General demand in your area
d) The rental price of other properties available
e) Rents achieved for other similar properties we have let recently
f) The decorative condition and layout of a property
All of these factors will allow us to accurately assess the best marketing price.

Back to top

What if I think it is worth more?

Although valuing is not an exact science there are generally rental ceilings that Tenants will not go beyond for different types of properties. Any Lettings Agency that asks you what you think it is worth and then just agrees with you is worth being wary of. You should try and establish:

a) How long the valuer has been a Letting Agent and
b) Does the agency have a number of prospective Tenants waiting for properties like yours.

However most agencies will initially try the Landlords own figure with a view to gently persuading them to be a little more realistic if the property fails to achieve any offers.

Back to top

(a) How can I find a suitable Tenant (b) How important is it and (c) How long will it take?

(a) A good Letting Agent will impress on you how important the quality of your Tenant is. It is essential check the Tenants’ credentials along with Employers and previous Landlords references (if applicable). These background credit checks are normally linked to an optional insurance policy, which can cover rent arrears and provide you with legal protection.

(b) A bad Tenant can cost an unfortunate Landlord thousands of Euros in legal fees, lost rent and dilapidations. It is therefore important that the Landlord satisfies themselves about the quality of a Tenant prior to them moving in. Unfortunately, it takes more time and the costs are considerably greater to get a Tenant out than it does to get them in.

(c) This obviously depends on the market and the rent being asked. Generally we suggest marketing at least three weeks prior to wanting the property occupied. The Lettings process, depending on the Agency’s internal procedures, should take no more than 7-10 days. The quality of the Tenant and the Legal/Safety aspects of the transaction are paramount, therefore we suggest being very wary of Agencies who insist that they can provide a Tenant who can move in within one or two days.

Back to top

How long is the Tenancy normally for?

There is no defined timescale as to how long a Tenancy should run but generally most parties agree to One Year. Some Landlords feel uncomfortable that if they commit for a lengthy period, they will have difficulty getting possession of their property back earlier, for a breach of the agreement by the Tenant or should their circumstances change. This is not the case. If the Tenant breaches the agreement, under the Residential Tenancies Act 12004, there are effective prescribed ways of concluding the Tenancy.

Back to top

What happens if the Tenant does not pay the rent and/or damages the property?

Unfortunately, it can never be totally guaranteed that a Tenant will pay the rent. A professional Letting Agent will suggest a number of ways to protect you such as credit referencing, legal and rent protection insurance, contents insurance and taking a damage deposit. Ultimately if all else fails you will be entitled to seek the possession of your property and use your insurance to pay for the legal costs. As far as damage is concerned it is important to have a well prepared Inventory of the property and its contents. This should be signed prior to the Tenant taking occupation and will document the condition of the property at that point.

Back to top

What Guarantees do I have that I will get my property back at the end of the Tenancy?

The Residential Tenancies Act 2004 governs the majority of residential leases in existence today and has a set process in relation to the eviction of a non rent paying tenant. Crucially this agreement will contain clauses that will allow you to take possession of your property at the end of the Tenancy. Suffice to say however, in the event of being faced with a non rent paying tenant, the legal process of correctly evicting a non rent paying tenant can take approximately 6-8 months from start to finish.

Landlords need to very carefully consider the associated costs with such problems – several months of lost rent and legal fees. Such expenses can easily run into several thousand Euros causing a landlord potentially fatal financial consequences in relation to their investment. Therefore, protecting your rental income should be of paramount concern to each and every landlord. Contact myproperty@weblettings.ie for more information on how to avoid such problems.

Back to top

What safety requirements do I have to meet and am I obliged to carry them out?

Landlords have a statutory duty to carry out safety checks to your property prior to a Tenant taking occupation. A knowledgeable Letting Agency will be able to provide assistance to you about:

a) Gas Safety Regulations
b) Fire Safety Regulations;
c) Electrical Equipment Regulations

Non compliance with such regulations can result in heavy financial penalties and/or imprisonment for more serious breaches of the above. Landlords need to be wary of avoiding making short term economies in savings when it comes to letting their property at the expense of much greater costs later on.

Back to top

Who should I seek permission from to let my property?

You will usually require the written authority from your Lender (if any) before a Tenancy is granted. In the case of a leasehold property permission is also usually required from the Freeholder. Furthermore you should check with your insurers that you have adequate cover for rented property. If you are unsure of what type of cover you require as a landlord, please email myproperty@weblettings.ie for more information on ensuring you have adequate insurance cover in relation to your property.

Back to top

fd