We have written this guide to help you understand what you can typically expect to pay a letting agent in Dublin, and the different ways estate agents in Dublin can structure their pricing. We cover everything you need so you know what to look out for in your search for a letting agent or property management provider in Dublin.
Anyone who owns property knows that it’s a lot of work! The amount of work is multiplied if you want tenants to rent your property. If you’re asking the question, “how much does a letting agent cost?”, then you’re probably seriously considering hiring one.
Letting agents are ideal for landlords who want someone:
- To find tenants for their property
- To fully manage the property once the tenants move in
- To oversee accounting and taxation
Depending on your needs and budget, a letting agent can perform one of these tasks or all of them. Great letting agents are incredibly valuable. They find reliable tenants, handle tenant issues efficiently and economically, and some like SCK Group even complete the accounting and tax side of things for you. This way, you do not need to engage a property agent and an accountant separately, streamlining the process and keeping fees down all around.
If you’re thinking about hiring a letting agent in Dublin, here are the answers to your burning questions.
What are the benefits of hiring a letting agent?
- Professional and all inclusive services
- Extensive property knowledge
- Up-to-date on rules and regulations
- Saves you time
- Gives you peace of mind
Letting agents can be crucial to the success of finding and keeping dependable tenants and profitably managing your property. They can be life-savers or nightmares, depending on who you hire!
Before you hire a letting agent
An important thing to check before hiring a letting agent is that the agent is licensed. Letting agents in Ireland should hold a licence issued by the Property Services Regulatory Authority.
There should also be a contract between the landlord and letting agent. The services agreed to, the price for each service, and the terms and conditions should all be laid out in this contract so both landlord and agent know what is expected and which services should be rendered.
Pro tip: ask the letting agent if they’ve had problems with tenants in the past and how they handled these situations. This will give you an idea of how the agent will manage your tenants. You’ll feel confident in your agent if you understand and agree with their conflict resolution style and plan.
Letting agents find tenants
The tenant search is on! Here’s what good letting agents provide when finding the right tenant for you:
- Free market rent assessment
- Advertisements for your property
- Professional photos
- Accurate and appealing descriptions
- Video tour
- Property viewings
- Tenant interviews
- Tenant reference checks
- Legally binding tenancy agreement
Letting agents offer full management
If you decide to hire your letting agent beyond finding tenants, here’s what you can expect from your agent:
- Property inspections
- Direct point of contact for your tenant
- Rent collection
- Maintenance and repairs
- Annual rent review
- Updates on your investment
How much do letting agents charge in Dublin?
Letting agents charge anywhere between 6% to 10% of the annual or monthly rent of the property. VAT is not usually included in the price, so be aware of that, and some letting agents charge a flat fee rather than a percentage of the rent. It’s also common practice for letting agents to charge the first month’s rent as the letting fee.
What percentage does a letting agent take?
As stated above, 6% to 10% is the range, but for full management services of a landlord’s property, the fees are usually between 6% and 12%.
Hiring a letting agent is not cheap, but it may be well worth your hard-earned money. Letting agents provide copious benefits to the landlord, especially if they’re managing the tenants and the entire property after the tenants have moved in.
What are the letting agent fees in Dublin?
Some letting agents offer a special promotion during the first year you work with them. For example, an agent may charge 6% for the first 12 months of your contract, but after that, you’ll be charged 8%.
Other agents charge the first month’s rent for the letting fee and then charge 8% for ongoing management of the property, and then you have a full accountant’s fee for preparing the rental accounts and filing the tax computations on top of that. SCK property services do all of this for just 10% and it includes all 3 letting and management fees: letting fee, property fee, and accountant fee.
Note that most agents charge roughly the same price in Dublin because of the competition. However, unlike most agents, SCK Group includes the letting, management, and your tax return preparation and filing all for approximately the same fee level that a typical estate agent charges for JUST the letting OR the management service alone.
We suggest getting to know your agent before hiring them. You want to work with someone you’re confident in and with someone you trust.
3 common fees of a letting agent in Dublin
- Letting – This fee covers finding tenants for your property.
- Management – This fee includes full management of your tenants and property.
- Lease renewal – This is an annual charge each time a tenant renews their contract. Many agents charge around €100 + VAT for lease renewal.
Be aware that some letting agents combine their letting fee and management fee and some do not. Make sure you know which services you’re purchasing and understand the price breakdown before committing to a particular agent.
2 more important fees: eviction and early termination
Certain letting agents charge an extra fee if they handle a tenant eviction. You need to know that you’re probably going to pay for the court fee too if there is one.
If you as the landlord end the contract early with your letting agent, you will most likely incur an early termination fee for doing so.
SCK Group provides the TOTAL package
- Full management
SCK Group in Dublin is an accountancy firm with an in-house Property Team. They understand both sides: estate operation and financial components that go along with property management.
If you’re looking for an all-in-one, end-to-end service, check out SCK Group. It’s okay too if you’re searching for just letting services or management services only. SCK Group has you covered.
End-to-end services from SCK Group
- Full management
- Expert tax advice for landlords
- Full rental account tax preparation
- Income tax computation and filing
If you’ve done your due diligence and taken the time to find a great letting agent, you can be positive that the agent will pursue and secure loyal tenants, manage them and your property smoothly, and regulate the finances too, if you’ve chosen that service. You can sit back and relax knowing that your tenants and property are in good hands.