This may seem like a simple question, but there are a few things to consider when deciding whether you should manage a property you are letting, or pay an agent to do so. Managing a rental property can take up a lot of time, and there are mistakes you could stumble into that professionals should know how to avoid.
Research conducted recently indicates that just over 60 percent of landlords are using agents to manage their rental properties. This is seven percent higher than the number in the last quarter of 2016. This study also indicated that the number of landlords who are managing their own rental properties fell during the previous year to 39 percent from 46 percent.
This is taking place as landlords face more pressure to maintain healthy returns after increases in taxes.
How much time do you have?
Letting agents charge fees, so on the surface, it would appear that the DIY approach would have to be cheaper. However, you may underestimate how many hours a week it takes to stay on top of the situation. If there is a problem tenant, then the time needed to deal with this could be significant, and on activities that are draining and stressful.
Agents also know the legal side of the business, so they can deal with issues efficiently and effectively. With around 150 items of legislation that relate to letting, this is a lot of knowledge to acquire to do things properly. For more on legal requirements, see this report from The Telegraph (http://www.telegraph.co.uk/property/landlord-guide/do-you-really-need-a-letting-agency). If you are thinking about property management in Dublin, it would be a good idea to consult experts in the local area such as http://clients1st.ie/, who can give you helpful tips and advice.
There are benefits in using letting agents that can be worth more than money. With the rental property in professional hands, this means you don’t have to worry about it, as the agents will take care of any problems for you. And if money is a concern, then there is some good news.
What is spent on agents can be offset against tax and claimed back. With a little research you can probably find effective agents who will do the job for a reasonable price.