With year on year increases in the private rentals sector, its predicted that the next generation will be renters bringing the Irish experience more in line with other European countries. In this blog post we offer you important tips for managing your rental property investment.
Getting to know your tenant is an important part of due diligence and can save significant hassle and risk down the line.
Don't rush into a rental agreement.
You may be forgiven for taking the approach that every day your property is not rented, you lose money. On the face of it this may be true but do not act hastily or be pressurized by a tenant to sign a letting agreement. Take the time to do your due diligence, checking references and meeting the tenant in person.
Previous relationships with landlords & letting agents
As part of the referencing stage, we ask tenants about their relationship with previous landlords and letting agents. Aside from the paperwork reference, a quick human chat with the potential tenant can shed light on how things have gone in the past for them and how they work with landlords and letting agents generally.
What do you do for a living?
A common question but an important one. A good tenant has a stable work environment and asking what kind of work they are in can give insight into their living habits.
Some rental agreements outright exclude pets on the property and indeed some management companies have specific rule on the matter too. Even if you do allow pets, its important to know about what sort of pets will be on the property both from a maintenance and safety perspective
Who will reside at the property?
Any tenant over the age of 18 should be specifically named on the lase agreement. Under a properly worded lease agreement this will typically ensure all adults living on the property are jointly and individually responsible for all conditions of the agreement. We recommend each individual should also undergo thorough reference checks additionally.
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