Do you just need help finding the right tenant, or would you rather hand over the day-to-day management too? It’s one of the most important decisions a landlord needs to make when renting out a property.
Should you use a letting-only service to find a tenant and set up the tenancy, then manage the property yourself? Or would full property management suit you better, with an experienced property professional remaining involved throughout the tenancy?
There isn’t one answer that suits every landlord. Some property owners are perfectly comfortable dealing directly with tenants, arranging maintenance and looking after the ongoing administration themselves. Others simply don’t have the time, live too far away or would prefer not to be the person receiving the call when something goes wrong.
At Belmont Real Estate, we provide both letting-only and property management services in Dublin and Kildare, allowing landlords to choose the level of support that best suits their circumstances.
So, what’s the difference between letting only and full property management?
Read on to find out which option is right for you, or to discuss your rental property and the right option with Emma, email emma@belmontrealestate.ie
What Is A Letting-Only Service?
A letting-only service is designed primarily to get your property successfully let and your new tenancy established. Instead of finding and screening tenants yourself, the letting agent manages the process on your behalf. At Belmont Real Estate, this starts with reviewing the property and agreeing an appropriate letting strategy.
The letting process can include:
- Reviewing the rental property
- Discussing your letting strategy and timeframe
- Advising on any work required before letting
- Preparing the property for the rental market
- Marketing the property
- Managing enquiries
- Arranging and conducting viewings
- Screening prospective tenants
- Preparing tenancy documentation
- Completing the inventory
- Recording meter readings
- Arranging utility changeovers
- RTB registration
- Pre-move-in inspection and photography
- Lease agreement
- Managing the deposit and initial rental payment
- Check-in and key exchange
Once the tenant has moved into the property and the initial letting process has been completed, the landlord generally takes responsibility for managing the tenancy.
For many landlords, that arrangement works perfectly well.
For others, that’s when the work really begins.
What Is Full Property Management?
Full property management continues after the tenant moves into the property. Rather than handing the day-to-day management back to the landlord, the property manager remains involved throughout the tenancy.
At Belmont Real Estate, ongoing property management for landlords in Dublin and Kildare can include:
- Monthly rent collection
- Acting as the point of contact for tenants
- Managing tenant queries
- Coordinating maintenance requests
- Liaising with tradespeople
- Bi-annual property inspections
- Lease renewals
- Rent reviews in line with applicable legislation
- Ongoing tenancy administration
For landlords who want a more hands-off approach to owning a rental property, this can considerably reduce the amount of time involved. You remain the property owner and are kept informed about important decisions. You simply don’t have to personally manage every everyday issue that comes with the tenancy.
Letting Only Vs Property Management: What’s The Main Difference?
The simplest way to think about it is this:
Letting only gets the tenancy started.
Property management helps you manage it afterwards.
With letting only, the agent takes care of much of the work required to find a suitable tenant and establish the tenancy. Once the tenant is settled in, you become their main point of contact.
With full property management, the agent continues to manage the property and tenancy on your behalf. The right choice largely depends on how involved you want to be once your tenant moves in.
Who Is Letting Only Best Suited To?
A letting-only service can work particularly well for landlords who want professional assistance finding and setting up a new tenancy but are comfortable managing the property afterwards.
You might choose letting only if:
You Live Close To The Property
If you’re nearby, meeting contractors, attending the property or dealing with an occasional issue may not be particularly difficult.
You’re Comfortable Dealing Directly With Tenants
Some landlords enjoy building a good working relationship with their tenants and are happy to be their main point of contact.
You Already Have Reliable Tradespeople
If you have plumbers, electricians and other contractors you already know and trust, arranging maintenance may be relatively straightforward.
You Understand The Ongoing Responsibilities
Experienced landlords who are familiar with tenancy administration, rent reviews, inspections and the practical side of managing a rental property may prefer to handle these themselves.
You Have The Time
This is perhaps the biggest consideration.
Property management doesn’t necessarily require attention every day. But when something does happen, you need to be available to deal with it. If you’re comfortable with that, letting only may give you exactly the level of support you need.
Who Is Full Property Management Best Suited To?
Full rental property management tends to suit landlords who want to own the property without being responsible for every aspect of managing it. This can include several different types of landlord.
Busy Landlords
Work, family and other commitments can make it difficult to deal with tenant enquiries or maintenance issues as they arise. If your time is already limited, managing a rental property can quickly begin to feel like another job.
Overseas Landlords
Managing an Irish property while living abroad presents obvious practical difficulties. Inspections, maintenance, tenant communication and organising contractors are all much easier when somebody is available locally. If you’re living outside Ireland, you can also read our guide to Managing A Rental Property In Ireland From Abroad.
Landlords Who Live Away From Their Property
You don’t have to live overseas for distance to become inconvenient. A landlord living in Cork, Galway or elsewhere in Ireland may still find it difficult to manage a rental property in Dublin or Kildare.
Landlords With Several Properties
The workload can increase significantly as a portfolio grows. One maintenance issue may be manageable. Several properties requiring inspections, tenant communication, renewals and repairs at the same time can become much more demanding.
First-Time Landlords
If you’ve never rented out a property before, the ongoing responsibilities can seem daunting. Having an experienced property manager available can provide additional guidance and support as you become familiar with being a landlord.
Accidental Landlords
Not everybody deliberately sets out to own an investment property. You may have inherited a home, moved in with a partner, relocated for work or decided to rent out your previous property rather than sell it. If becoming a landlord wasn’t part of your original plan, you may have little interest in becoming a property manager too.
How Much Time Does Managing A Rental Property Actually Take?
This can be difficult to predict. A good tenancy may run smoothly for months with relatively little intervention. Then the heating stops working. An appliance breaks. A tenant has a query. An inspection needs to be organised. A lease needs to be renewed. Or a maintenance issue requires several contractors and multiple visits before it is resolved.
The question isn’t necessarily, “How many hours will this property take to manage every month?”
A better question may be, “Do I want to be responsible when something needs to be dealt with?”
For many landlords, that’s what ultimately determines whether letting only or full property management is the better fit.
To discuss your rental property and the right option for you, email emma@belmontrealestate.ie
Who Deals With Maintenance Under Letting Only?
If you choose a letting-only service, ongoing maintenance will generally become your responsibility once the tenancy is established.
Your tenant contacts you when something goes wrong.
You assess the issue, arrange the appropriate contractor, organise access and ensure the work is completed.
That may be perfectly manageable if you have the time and established local contacts.
With a full property management service, the property manager acts as the main point of contact for maintenance requests and can coordinate the necessary work.
This can remove one of the most time-consuming aspects of managing a rental property.
Who Deals With Tenant Queries?
This is another important distinction between letting only and property management.
Under a letting-only arrangement, once the tenancy has been established, tenants generally deal directly with their landlord. Questions about the property, access, maintenance and other day-to-day matters come to you.
Under full management, the property manager becomes the tenant’s primary contact for agreed tenancy matters. That gives the landlord some separation from the everyday running of the property while still remaining informed when necessary.
What About Rental Property Inspections?
Regular property inspections can help landlords monitor the general condition of their rental property and identify potential maintenance problems. With a self-managed property, organising these inspections becomes the landlord’s responsibility.
Belmont Real Estate’s ongoing property management service includes biannual property inspections. For landlords who don’t live close to their property or simply don’t want to organise inspections themselves, this can be one of the advantages of choosing full management.
What About Rent Collection?
With a letting-only arrangement, once the tenancy has been established, the ongoing collection and monitoring of rent generally becomes the landlord’s responsibility.
Under Belmont Real Estate’s full property management service, monthly rent collection forms part of the ongoing management of the property.
Again, the question is not necessarily whether you can collect rent yourself. It’s whether you want to manage that process throughout the tenancy.
What About Rent Reviews And Renewals?
Rental legislation in Ireland can change, which means landlords need to remain aware of the rules applicable to their particular tenancy. With a self-managed tenancy, the landlord is responsible for keeping track of the relevant requirements and managing appropriate renewals and rent reviews.
As part of Belmont Real Estate’s property management service, renewals and rent reviews are issued in accordance with applicable legislation. For landlords who don’t want to keep track of every administrative milestone themselves, ongoing property management can help reduce that workload.
Is Full Property Management Worth It For One Property?
You don’t need a large property portfolio to use a property management company. Many private landlords own just one rental property. In fact, owners of a single property may have particularly good reasons for appointing a property manager.
You may have a full-time career unrelated to property.
You may have inherited the house.
You may be living overseas.
You may simply value your time more than the savings involved in managing the tenancy yourself.
The number of properties you own is less important than the level of involvement you want.
If you’d prefer not to deal with tenant calls, rent collection, inspections, maintenance and ongoing administration personally, property management can make sense even for one rental property.
To discuss your rental property and the right option for you, email emma@belmontrealestate.ie
Can You Start With Letting Only And Move To Property Management Later?
Circumstances change.
You may initially feel comfortable managing the tenancy yourself and later discover that it requires more time than expected.
Your work situation could change.
You might move away.
You might buy another rental property.
Or you may simply decide that you no longer want to be the person handling tenant queries and maintenance.
Belmont Real Estate can discuss your existing tenancy and the possibility of taking over the ongoing management of the property.
You don’t necessarily have to make the same choice for the entire lifetime of your rental property.
Already Have A Tenant? Can A Property Manager Take Over?
Yes, depending on the circumstances, a property management company may be able to take over an existing tenancy. This can be useful for landlords who originally chose to self-manage but now want additional support. Perhaps the property has become more time-consuming. Maybe you’ve moved away. Or perhaps you simply want to step back from dealing directly with the day-to-day running of the tenancy.
You don’t necessarily need to wait until your current tenant moves out before discussing professional property management.
Letting Only Vs Property Management For Overseas Landlords
For an overseas landlord, the choice is often particularly clear.
A letting-only service can successfully get your property rented, but after the tenant moves in you still need to manage the property from abroad.
That means handling tenant communication, organising contractors and keeping track of the tenancy from another country.
Full property management provides a local point of contact.
For landlords who live overseas but own rental property in Dublin or Kildare, this can make managing an Irish investment considerably more practical.
Read our full guide to Managing A Rental Property In Ireland From Abroad for more information about the challenges facing overseas landlords.
Letting And Property Management In Kildare
Belmont Real Estate provides letting and property management services for landlords in Kildare. Whether you own a house or apartment in Naas, Newbridge, Maynooth, Celbridge, Leixlip, Clane, Sallins, Kildare Town or elsewhere in the county, the first step is determining how much support you actually need.
Some landlords simply want help finding the right tenant. Others want the complete tenancy managed on their behalf.
If you’re considering full management, you can also read our Property Management Kildare: A Practical Guide For Landlords.
Letting And Property Management In Dublin
Belmont Real Estate also works with private landlords who own rental properties in Dublin. Dublin landlords face the same fundamental choice: Do you want help finding and setting up the tenancy? Or do you want somebody to continue managing the property once the tenant moves in?
Belmont offers both letting-only and property management services in Dublin, allowing landlords to choose the approach that works for them.
Five Questions To Help You Decide
Still not sure whether you need letting only or full property management?
Ask yourself these five questions.
1. Do I Want Tenants Contacting Me Directly?
If the answer is yes, self-management after the initial letting may suit you.
If you’d rather somebody else acted as the main point of contact, full management may be worth considering.
2. Do I Have Time To Arrange Maintenance?
Think about whether you are genuinely available to contact contractors, arrange access and follow up on repairs when necessary.
3. Do I Live Close Enough To The Property?
Distance can turn relatively straightforward jobs into much bigger inconveniences.
4. Am I Comfortable Handling The Ongoing Administration?
Finding the tenant is only the beginning of a tenancy. Consider whether you want responsibility for inspections, renewals, rent reviews, rent collection and other ongoing matters.
5. How Hands-On Do I Actually Want To Be?
Ultimately, this is the biggest question. Some landlords enjoy managing their rental properties.
Others don’t.
There is nothing wrong with either approach. The purpose of professional property management is to give landlords another option.
Frequently Asked Questions About Letting Only Vs Property Management
What Is The Difference Between Letting Only And Property Management?
A letting-only service generally focuses on preparing and marketing the property, finding and screening suitable tenants and establishing the tenancy.
With full property management, the agent remains involved after the tenant moves in and manages agreed aspects of the tenancy on the landlord’s behalf.
Is Letting Only Cheaper Than Full Property Management?
Letting only and full management are different levels of service, so their fee structures will normally differ.
Rather than looking solely at cost, landlords should consider how much time and responsibility they want to retain themselves.
Talk to Belmont Real Estate about your property and the service you require to discuss the appropriate option.
Do I Need Full Property Management?
No. Many landlords successfully manage their own properties.
If you have the time, experience and desire to deal directly with tenants and manage the ongoing tenancy, letting only may be sufficient.
Full management is generally more attractive to landlords who want less day-to-day involvement.
Can Belmont Find A Tenant And Let Me Manage The Property Myself?
Yes. Belmont Real Estate offers a letting-only service for landlords who want professional assistance finding a suitable tenant and establishing the tenancy but plan to manage the property themselves afterwards.
Can Belmont Manage The Property After Finding The Tenant?
Yes. Belmont also offers letting and property management, allowing the service to continue after the tenant has moved into the property.
Can Belmont Take Over A Property That’s Already Rented?
Belmont can discuss your existing tenancy and determine what would be involved in taking over the ongoing management of the property.
Does Property Management Include Maintenance?
Belmont Real Estate acts as the point of contact for maintenance requests under its ongoing property management service and can coordinate maintenance issues on the landlord’s behalf.
Does Property Management Include Inspections?
Belmont’s property management service includes scheduled biannual property inspections.
Letting Only Or Full Property Management? Talk To Belmont
There isn’t a right or wrong answer.
The best option depends on your property, your experience, where you live and, most importantly, how involved you want to be.
You may simply want an experienced letting agent to prepare your property, find a suitable tenant and establish the tenancy.
Or you may prefer somebody to continue managing the property, collecting the rent, dealing with tenants, coordinating maintenance and organising inspections.
Belmont Real Estate provides letting-only and full property management services for landlords in Dublin and Kildare, allowing you to choose the level of support that works for you.
You own the property. You decide how much of the day-to-day management you want to take on.
To discuss your rental property and the right option for you, email emma@belmontrealestate.ie