landlords – Page 2

July 10, 2012

Infographic: The Dublin Rental market

With the rental market in Dublin approaching its busiest time of the year we take a look at the market and what is available.

Once again, a few quick notes on what we can take from this.

There is a huge supply of rental property in Dublin at the moment meaning the market is highly competitive for the agencies while tenants benefit from such a large supply with less demand. Interestingly enough I just checked Daft.ie to compare our figure as we created this early last week and they are identical, so not much movement for now.

Secondly, as expected Apartments are the dominant property type throughout the city, this is was obviously going to be the case in such a highly congested city with most house’s outside for the city having homeowners. Thankfully there is only 227 flats as I have a hatred towards them after my year long stay in Rathmines during college 🙂

Out of the 4756 properties currently on the market the majority (A total of 77.3%) are two and three beds, interestingly the number of 3 bed apartments available is just over three hundred less than two beds.

Lastly we breakdown the amounts of properties available at the various and most comment rental prices, starting with the bargain hunter @ 0-€500 they have a limited selection of 146 rental properties. From there the number of properties gradually rises through the next two rent brackets and peaking during the €800-€1,100 bracket with over two thousand properties on the market in that price range.

As always we would love to hear your feedback on this topic.

Other property infographics –

The NPSRA & Licensed property services providers

Landlords and tenants infographic

by Andreas Riha

June 28, 2012

Automatically generating agency invoices

Product Development Update- After listening to agencies through out the country we understand that a huge headache for agents is generating the invoices for fees to landlords. Whilst its great to have the ability to generate an invoice as it represents revenue it can sometimes be a pain to generate the invoice. Not anymore!!

Now through Rentview you can generate an invoice for your agency in seconds, not only will the invoice be branded towards your agency but as always with Rentview’s Transparency it can be viewed on line for your landlords through their secure login via your agencies Sub domain.

Rentview’s application will also pre-set your monthly management invoices for the period of the lease. All agency invoices which are generate are located in your agency account section and with one print off you can have your end of month, quarter or annual vat returns ready.

Now letting agents can focus on what they do best.. Letting properties

Generating Agency Invoices with Rentview.com from Rentview on Vimeo.

As always we would be happy to hear your feedback on this topic.

Please feel free to comment, share , tweet etc.

by Rentview

June 25, 2012

Rental property availability Ireland

With seasonal adjustments the summer months of June & July have traditionally been the months with most available properties to let across Ireland. One of the main reasons behind this is the large amount of student rentals that are available to let over the summer period. During the months of August and September the number of available units should decrease. If we look at the Dublin rental market going by the leading property rental adversing site Daft.ie the number of advertised units in Dublin was somewhere around the mid 3,000’s today it is somewhere around 4,800. That is an increase of over 35%.

So does that mean that with more availability rents are adjusting downwards? Typically not, competition for properties will pick up significantly over the next couple of months and most landlords will hold out to secure the best rent. Also with the recent reports out that rents are increasing however marginal landlords are not willing to reduce. Some however may be to let their property now at a good rate rather than wait the extra month to fill the property.

As always we would be happy to hear your feedback on this topic.

Please feel free to comment, share , tweet etc.

by Andreas Riha

May 11, 2012

Managing property, rentals and landlord deductions through Rentview.com

You’ve advertised the property and found the perfect tenants; all that’s left is the administrative tasks. One of these tasks is collecting the security deposit. The main purpose of a security deposit is protection from costs associated with damages that go beyond normal wear and tear e.g. broken windows, appliances, smoke stains etc. or the non-payment of rent. The deposit is taken at the very start of the tenancy, when all the paperwork is being taken care of. It usually amounts to one month’s rent, although some landlords might ask for six weeks’ worth. A separate document should be prepared when taking the deposit, (preferably on company headed paper) stating the tenants’ name, landlord’s name, agent dealing with the property, the property itself, the amount and the date. The tenant should also receive a receipt for the payment, again on headed paper.

Similar to a previous blog on rent payment issues, landlords can also cause some hassle when they owe money for invoices. You’ve organised for the plumber or the electrician to go to the property to fix whatever the problem is, they’ve done a good job and now they’re waiting to be paid. And waiting. And waiting. This can have severely negative effects on the contacts you’ve built, possibly as bad as ending the relationship. Like tenants, landlords may just need a gentle reminder in the form of a phone call. If that doesn’t work, try moving to an email and if they still haven’t paid then a formal letter. In extreme situations, the pressure that a solicitor can bring might be needed. But take a positive outlook and hope that it won’t come to that!

A solution to this problem would be to offer property management and a rent collection service. Offering a property management service without the collection of the rental payments can result in far more headaches then the additional work in the collection of the rents. Your agency will be able to increase revenues by offering full management and rent collection. Not only will this increase your offering but now you will have happy tenants who are getting issues relating to a problem rectified earlier. Happy tenants = Longer tenancies.

Through Rentview your landlords can see the deductions that will be made in advance of the rental payments being made. This way when the rent comes in you as a rent collection agent can make the deductions and pay your service men on time. Your landlord is kept informed in advance of deductions through his own login to his accounts, your landlord can view the invoice relating to the property and have his end of year accounts only a click of a button away. Your workmen are happy to continue to work for your agency on credit. Its a win, win.

As always please feel free to comment, share, tweet or follow us

You may also enjoy reading – Landlords accounts and maintaining them

by Andreas Riha

February 13, 2012

Attracting tenants

Generation Yers or echo boomers … call them what you like but this group of professionals in their 20s and 30s make up a significant portion of the rental population and will probably therefore be a fair share of the potential tenant pool.

So how do you attract these tenants to your property?

Figure out their needs, match your property to them accordingly insofar as possible and market the property so the Gen Yers know you’ve got what they want! Sounds simple doesn’t it? But we all know economic conditions are not making life simple at the moment. However, here are some tips on attracting Generation Yers to get you started.

Attracting tenants with mod cons

Mod cons are a must. The property doesn’t need to have everything under the sun in it, but basic expectations should be met. Going above expectations such as having the latest model of a fridge instead of one from a few years ago or under-floor heating would be a plus, but of course may not be possible. Generation Yers may want to add their own mod cons as time goes by and of course it is at the landlords’ discretion whether or not they’re happy to go with it.

Image credit Adegie

Tech savy tenants

Internet connection is also a must. While Generation Yers may not have been immersed in technology since birth like the Net Generation, they are still very tech-savvy. Working for companies like Google and Facebook means that the internet and various technologies and gadgets are a part of their daily lives, and will obviously extend to their home lives. Because of this, being able to connect to various cable outlets for gaming or for music is also important.

Leading on from the above, we’ve all heard some variation of the phrase ‘my phone is my life; I’d be lost without it’. The theft or damage of some technological gadget is a great loss to a Generation Yer, and so they need to know that their belongings are not covered by a landlord’s contents insurance, (s)he needs to have their own.

Amenities

Another feature of how you will attract more of Gen Yers is how they’re always connected to others. Again this is mostly through technology but most of them are not hermits, they like real life interaction too! Therefore, you need to emphasise how close your property is to others. Not just other homes but also to shops, cafés, parks etc. Also when advertising, use every platform you possibly can. Don’t just stick to the old reliables, check out smartphone and tablet apps.

Transparency

Offer your Gen Yers a renting platform like Rentview. This way they can have complete access to the rent schedule with their own secure login. They will also have access to a complete online detailed picture inventory and monthly rent receipts, to name but a few features.

Feedback

Finally, when the lease is over, ask the tenants what they thought of the property and how it could be improved for future tenants. Learning is a lifelong process, and being open to it could mean a faster agreement and a higher rent in the future. Maybe even as soon as the next tenant!

by Andreas Riha

January 26, 2012

Landlord Costs – Costs of Renting out a Property

landlord-costs

Landlord Costs

Landlords, just like tenants, face a number of costs when renting out their property. If using a property management agency to rent the property, there will be letting, management and services charges. Companies will usually offer a discounted rate for a letting and management package. Shopping around is always a good idea and choosing an agency that use good letting agency software is a super starting point.

Landlord costs in Ireland: Non-Principal Private Residence Tax

Also referred to as the second property tax (NPPR), this is a charge of €200 on any residence that is not your primary living one, i.e. if you live in Dublin but own a property in Kildare, then you must pay tax on the Kildare property but not the Dublin home. It must be paid within two months of March 31^st (liability date), although there is a month’s grace period. After that a late fee of €20 per month is charged. Applications and payments can be made online at www.nppr.ie.

Landlord costs in Ireland: The Household Charge

The Household Charge came into effect on January 1^st of this year. It’s a precursor to the full property tax agreed as one of the terms of the EU/IMF bailout and will be used to pay for local services such as libraries, fire brigade services, street cleaning etc. that had been paid by the Exchequer up until now. All residential property owners must pay €100 for each property they own. This does not just mean the physical building, but the number of residential units e.g. a building split into 3 bedsits will require 3 lots of the charge. As with the NPPR, payment must be paid before March 31^st or penalties of 10%, 20% or 30% will be charged. Payments can be made through and more information found at www.householdcharge.ie and can be paid in total or in installments.

Landlord costs in Ireland:Income Tax

Rental income is subject to tax, just like any other income. There are some expenses that can reduce your income tax liability such as management fees, insurance premiums, accountants’ fees for preparing rental accounts and cost of repairs. Details on calculating and paying this tax can be found on www.revenue.ie/en/tax/it/leaflets/it70.html. Consulting an accountant on tax returns available is advised as it can be a complicated process.

Landlord costs in Ireland:PRTB Registration

All residential properties must be registered with the Private Residential Tenancies Board, as must all changes in tenancies and tenants who have been renting for over 4 years must be re-registered. To register, an application form must be completed (found online at www.prtb.ie or through a letting agency) and a fee of €90 has to be paid. If the registration is made after one month of the tenancy has passed, a late fee of €180 will be charged. Be sure to check the website for further details.

Landlord costs in Ireland:Water Charges

While not upon us yet, Minister of State Fergus O’Dowd has confirmed that water charges will be introduced from 2014. Details about how much the charge will be and payment methods etc. are unclear at the moment.

With all of these costs to face, do you still want to be a landlord in Ireland? Can you think of ways to improve a landlord’s prospects?

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January 24, 2012

Cost of Renting – 5 costs of renting for Tenants

Cost of Renting – for Tenants

Cost of Renting #1 – Rent

All tenants have to remember that the rent isn’t the only cost they’ll be facing when they move. The average rental in Dublin, for example, is approximately €950, but as with every other non-rental household there are a number of costs to be covered.

Cost of Renting #2 – Deposit

Most, if not all landlords will look for a deposit before tenants move in. This is usually one month’s rent and may be used to cover repair costs, unpaid rent or utilities at the end of the tenancy. The general rule for all other costs is the user pays, although it is always worth clarifying with the landlord first. These costs include the following:

Cost of Renting #3 – Electricity/Gas

Rates vary between the Electric Ireland (operating as part of the ESB Group), Airtricity and Bord Gáis and may be affected by government policy. Information on the rates can be found on their websites www.esb.ie , www.airtricity.com.ie and www.bordgais.ie . The letting agent can now no longer switch a tenant from one service provider to the another, unless in certain circumstances.

Cost of Renting #4 – TV:

A TV license (at the time of writing) costs €160. A tenant may query why he or she has to pay this instead of the landlord. The answer can be found on the TV license section of the An Post website (www.anpost.ie). ‘Any person in occupancy at an address where a television set is held is legally responsible for the licensing of the television set regardless of ownership of either the premises or the set itself.’ Similarly, any TV subscriptions to UPC, Sky or any other internet, phone or television company must be paid by the tenant. Costs will vary depending on the package sought. For those who think they can avoid this cost by not having a TV, a proposal exists to launch a broadcasting charge for all households, regardless of whether they have a TV or not. It covers those who watch programmes on non-traditional media e.g. laptops. The proposal is in the early stages so it’s unclear if it will be passed.

Cost of Renting #5 – Waste:

This applies if the property rented is a house. Recent changes have seen Dublin City Council pass control of waste collection services to Greyhound, a private company. As most readers will know, this changeover has not been a smooth one and there’s much confusion about collection dates and fees. Charges on waste depend on the colour of the bin and size. Our advice is to keep up to date with the situation and discuss with the landlord whether to remain with Greyhound or to switch to another private company.

All of these costs require careful consideration before renting a property. Is it worth renting?