We’re talking about whether it’s better to manage your own rental property or to hire a professional Dublin property management company to help you. Before becoming a professional property manager, I was a DIY landlord, so I can approach the question from both perspectives. When I entered the market as a property investor, I assumed that all I had to do was find a tenant and let them pay the rent, and it would be an enjoyable experience. I found that this is not always how things play out. Yes, you do find a tenant, and if all goes well, that tenant pays the rent. 9 times out of 10, that’s what happens. But that 1 time out of 10, when things go wrong and you’re busy in your job or your private life, you don’t really have the time to resolve the issue or fix the problem that your tenant is experiencing.
Tenant disputes can cause a loss of rental income and also a lot of stress. The tenant may be unhappy with the service he/she is receiving, and they might stop paying rent. It’s that 1 time out of 10 that a professional agency can really help. When you have a good Dublin property manager in your corner, it’s money well spent. The property manager will protect your best interests at all times and negotiate on a professional basis rather than a personal basis. We have systems and procedures in place. It’s best to assume that things will go wrong; and if they do, we have a process that allows us to take action. As a private landlord, you may not have that capacity. If the tenant rings when you least expect it, you can fail to meet the expectations of your customer. A tenant is paying you rent and expects service in exchange for that rent. If the heat doesn’t work or an appliance breaks down, your tenant wants it repaired or replaced immediately.
As a professional agency, we run your property as a business. A lot of new landlords don’t see their property as a business. They expect that the value of the property will increase while they collect rent, and eventually they’ll sell and make a profit. In theory, that’s how it should be, but you have to work to achieve that. Landlords need to invest in the right property manager so the property and the owner’s financial interests are protected. So many things can go wrong from a legal and financial standpoint. If you don’t know the rules or you don’t have the time, make the investment in a Dublin property manager.
If you can do the job, make sure you have the time to do it. Otherwise, you should hire a professional property manager whose job is to manage properties every day. We work full time and we have systems and procedures to ensure any scenario is addressed immediately. It’s our business, and this is what we do.
If you’re deciding whether to manage your property on your own or hire a professional manager, please contact us at The Property Company.ie.