Having a reliable, trustworthy tenant is the key to a successful tenancy and instrumental in achieving the goal of reaping financial rewards on the property. You can trust us to successfully attain this on your behalf. These tips will also assist you:
- Put your trust in Kearney & Co. We only let properties that we would live in ourselves – and only put in tenants that we would have in our own homes!
- Register the property with the RTB. As part of either of our managed services, we will ensure this is completed within the one month allowed, before an extra fee is imposed by the RTB.
- Ensure that the Tenancy Agreement is signed by the tenant. On your behalf, we will ensure that this is the case and that the Agreement is filed safely.
- Prepare an inventory of everything in the property. See Inventory under Property Management (Click here for more)
- Ensure the property is clean, fresh smelling and well presented.
- Make any improvements that will help enhance its appearance e.g. a fresh coat of paint, any essential DIY. We can provide a list of reliable, trustworthy tradespeople.
- Set a realistic rent, with our guidance. Our aim is to obtain the maximum rent whilst ensuring that the property lets quickly.
- For both landlord and tenant, standing order is the most convenient method of rent collection.
- Ensure your finances are in order. Talk to your accountant about minimising your tax liability on the rent you receive and other tax implications of being a landlord.
- Ensure that your insurance is adequate. Talk to your insurance broker.
Advice for Non Resident Landlords
A non resident landlord who rents out his property in Ireland has to pay tax on his Irish rental income, Since 01 July 2023 details and procedures on collection of this tax has changed, there are now 2 options available to you:
- Engage the services of a collection agent
or
- Have your tenant withhold 20% of the rent due and submit it to Revenue
You may be required to file an Irish Income Tax Return if you have other (non-rental) income in the State. You have no further Income Tax filing obligations if you have:
- no other income in the State
and
- engaged the services of a collection agent to file a return of your rental income.
Kearney and co look after many non resident landlords and submit the tax monthly to revenue.
If you wish to avail of this service, please call Sarah Kearney for more details.