Procedures and added benefits of KMPM
There are a number of benefits KMPM offer. We attend viewings on your behalf, collect references, handle rents, deposits, leases, transfer utilities. handle maintenance issues etc. Simply put, a one-stop service.
- An initial inspection of property and advice on the rental value
- Listing your property and updating it daily on our own website, Daft.ie, Let.ie, Rent.ie and Property.ie
- Attend viewings on Clients behalf
- Collect relevant tenant references and verify these
- Collect first months rent and secure deposit
- Arrange standing order for rental payments
- Take meter readings and transfer utilities
- Prepare Lease Agreement
- Collect all information required for the PRTB Form on behalf of the landlord
- Collect Stramp Duty where applicable i.e. if rent exceeds €19,046.71 p.a. the tenant must pay 1% Stamp Duty of the annual rent (Plus a €12.50 Stamping charge)
- Draw up detailed inventory
It is our responsibility to honestly and professionally recognize your property's rental potential. This is why our valuation process takes into account comparisons with similar properties in the area and considers current market trends which may affect your property. A realistic rental valuation is essential to ensure your property should be let promptly and attract the best possible tenants, resulting in a better financial return on your investment in the long term.
This market appraisal is for the use of the party to whom it is addressed and for no other purpose. Every care has been taken in arriving at the rental figure, but we must stress that it is an opinion and cannot be taken as a sworn rental valuation.
Marketing, Advertising & Promotion
Marketing is the key to attracting the most number of tenants to your property. This results in multiple tenancy applications, giving you a great choice of tenants and minimal vacancy. KMPM reaches a wide tenancy market.
Communication and Reporting
Contact throughout the management of your portfolio is of great importance to us. Easy access to all staff via direct email and mobile is imperative. You can rest assured your property is in the best hands with KMPM.
Industry Affilliation and Training
KMPM is a member of the Society of Chartered Surveyors Ireland (SCSI). Our Property team is constantly kept up to date with the latest legal and market information from The Royal Institute of Chartered Surveyors RCIS).
Selecting the right tenant for your property is where it all begins. It is a very important process and if care and attention is not taken the relationship between Landlord / Tenant / Agent can become strained.
Our Tenancy Application form enables us to establish current and previous tenancy and employment history; as well as providing several business references. Through our strict screening process we endeavour to obtain the best possible tenant for your property and make the following detailed checks before we give you our recommendations:
Previous agents / landlords are contacted to ensure that the applicants are suitable and have met all obligations under previous lease agreements.
Employment details for the prospective tenants are verified.
After we have established an overall picture of the suitability of the applicant, a representative from KMPM will contact you with our recommendation. The final choice of tenant is your choice.
We compile all documentation with regard to your leases and other legal tenancy provisions. It is our responsibility to ensure that legal requirements relating to the lease agreement are explained clearly to tenants and tenancy conditions are fulfilled. If an existing tenant wishes to re-new the lease (subject to your approval) we will prepare new lease documentation. The Residential Tenancies Act precludes us from insisting the tenants enter into new leases after their lease expires. When reverting to a monthly tenancy following a lease, the tenant continues to be bound by the terms and conditions contained in the expired lease.
Prior to the commencement of the tenancy, the property is inspected and a comprehensive inventory is drawn up.
All rent is due on the date that the tenants take possession. Rental payments are processed daily to ensure all funds that are received are disbursed promptly. Rental monies are electronically transferred into your nominated bank account, avoiding delays in clearances and lost cheques. Funds are immediately available to you. A Remittance Advice is printed and forwarded to you via email or post. We can also attach a cheque to your Remittance Advice and post this to you if you prefer.
Repairs & General Maintenance
Repairs carried out on your behalf are paid for from your rental funds held in trust. Full details of the repairs are printed on your remittance advice with a copy of original invoices attached for your tax records.
We emphasis we do not charge commission to our tradesmen in any form or payment in lieu of same.
Full protection of your property is vital. As landlord you should inform your insurance company that your property is let. You are responsible for maintaining Insurance on the building and your contents. While most landlords automatically have Building insurance and Public Liability Insurance to protect the "brick & mortar" of their property (whether it be as an individual under the Body Corporate), we strongly urge all owners to take the extra precaution of Landlords Contents Insurance. This is an important cover which protects all internal fixtures and fittings (not covered by building insurance) once the property becomes tenanted, as well as internal Public Liability and loss of rent due to Abandonment or claims for tenant malicious damage or injury.
You should also be aware that many insurance companies must be contacted each and every time the property becomes vacant to continue complete cover.
Tenants are encouraged to insure their own possessions under a separate policy.
All tenants are required to pay a Security Deposit, held in trust until the end of the tenancy. KMPM's Letting Agent will only authorize the disbursement of the security deposit after a final inspection of the premises has been carried out and the Letting Agent is satisfied that it has been left in the same order as they received it, less any “fair wear and tear"”.
Keys & Locks
We would also like to remind landlords that they must provide "reasonable security" to a property. This includes: lockable windows and doors throughout the property.
While landlords are only liable to provide 'lockable' windows and doors, we are finding tenants are having increasing difficulty obtaining Contents Insurance where or when there is not security key locks to windows and deadlocks to doors. We recommend owners take this preventative action to ensure their property is a secure and attractive letting.
Rents are reviewed annually, in light of the market and particular circumstances.
- Appliances - All appliances, including central heating and boilers, should be serviced prior to the tenant occupying the property.
- Cleaning - It is the landlord's responsibility to see that the premises, appliances, etc are clean before letting the property. The Lease Agreement requires the tenant to return the property in a similar clean condition at the termination of the tenancy.
- Safety - Along with compliance to present fire safety regulations we recommend that each property be furnished with a fire blanket, extinguisher and smoke alarms.
Rental Properties - Taxation
Taxation is becoming more complex with a myriad of laws and regulations. Maximising legal tax deductions is important to keep tax to a minimum. The following is a checklist of possible tax deductions which may assist you in preparing your tax return. This list is not definitive and your accountant will be able to assist you in maximizing your claim.
- Agents Commission
- Body Corporate Fees
- Borrowing Expenses
- Building Write-off
- Legal Expenses
- Rates, Taxes and Land Tax
- General ie: Rental Remittance Advice, invoices, receipts. All these should be kept for taxation purposes.
Annual Financial Statements
Our office, can on request, produce a Property Ledger for each property for the financial year. This Property Ledger provides a summary of income and expenditure on your property for the entire year. You simply hand this over to your tax accountant for all costs and expenditure associated with your rental property.
Our Landlord Forms
Landlord Information Form please Select the form you require:
The printable version of our Landlord Information form pdf or doc
Property Information Form please Select the form you require:
The printable version of our Property Information form pdf or doc
Our Services - Summary:
The printable summary version of our services pdf
The printable forms can be returned to the office by hand, post, email or fax
Adobe Acrobat Reader is required to use our printable application forms and is available as a free download from http://www.adobe.com or alternatively the Microsoft Office Word version can be used.