Property management standards continue to reach new heights

An area of property management and letting that has taken off in recent years is that of block management.

The standards of property management in Ireland are very high, and this is one of the most positive aspects of the revolution in property management in Ireland over the last couple of decades.

Only a relatively short time ago, property management became a luxury item that few people felt they needed. 

And, in most cases, they didn’t because letting a house to someone was a relatively straightforward process.

Now, it’s anything but straightforward from the landlord’s point of view. With the rapid evolution of property standards and of legislation surrounding the letting of property, it has become a specialist and often complex business that requires the expertise of those who have their finger on the pulse of what is happening.

“When the changes in legislation come in next March, it will probably be another turning point for the sector,” says Orla O’Donovan of Trading Places in Cork. It will also make it even more attractive for landlords to have their properties managed. There has probably never been a more crucial time for a property management service.

“We have to be at the forefront of it, we’re always upskilling, understanding the legislation, breaking it down into layman’s terms, seeing how we can navigate through it all with the landlord.” 

Property management companies have their finger on the pulse and their ears to the ground. As one agency says, it only takes one whisper of a false fact to go around and cause panic, but a good letting or management agent will give well-informed news on the real market conditions.

“Compliance will be non-negotiable,” says Róisín Murray, principal of Sherry Fitzgerald Lettings, in reference to the new changes to the market due to come in early next year. 

“This is where professional property management comes in. We see this new era as an opportunity for landlords to thrive. We are committed to helping our clients make the most of these changes. 

"With expert compliance, trusted tenant management, and market insight, we ensure that landlords don’t just adapt to the new rules; they benefit from them.” 

Another area of property management and letting that has taken off in recent years is that of block management. Munster’s leading agent in this regard is Absolute Property Management, with over 100 properties on their books in Cork, Kerry and Dublin. 

They also do individual property management, as well as sales. For their many clients, one of the constant challenges for people buying a property within a complex or block of apartments is understanding the importance of committing to their annual maintenance fees.

“A lot of people who buy properties like this might not have come across an OMC (Owner’s Management Company) before,” says Niamh Smith of Absolute Property. 

“It’s important that people realise that the owners own the building and that the Management Company is just employed by them to do their jobs.” 

Absolute uniquely have a dedicated debtor department to keep on top of owners’ responsibilities in this regard, which ultimately ensures that blocks are maintained and up to date.

RPZ nation - First tentative steps towards a deregulated market?

When Rent Pressure Zones (RPZ) were introduced in Ireland nine years ago, the dogs on the street knew that it was only a matter of time before this solution would create more problems, which in turn need more solutions.

The act of spreading the RPZs to the entire country is a recognition of the reality that the entire country is suffering from upward rent pressure. 

The benefit for those who own properties and those who are renting a property is that it provides a certain degree of clarity. 

There are no longer boundaries between areas where the RPZ exists and where it doesn’t exist. In a complex situation, any bit of clarity is to be welcomed.

“I would imagine that that has brought a certain degree of clarity and relief to people, but for us, working in Cork means that we’ve been in an RPZ since 2016, so we haven’t seen it directly,” says Pauline O’Sullivan of Prime Lettings. 

“Nationwide, it will give people the chance to budget and know what they need from year to year. I would say that it was a welcome measure overall. For us, it made no difference at all because about 99% of our properties have been in an RPZ anyway,” says Mark Rose of Rose Property Services. 

“The big difference for us has been that, since June, we have been plagued by calls from property owners who are wondering what the new legislation (coming in March next year) will mean for them.

“We let out over 770 properties, and a small number of them will inevitably become vacant over the coming months. For most of those owners, their attitude is that they’ll probably just leave it vacant until the new legislation comes in next March. 

"Then, after March 2026, a certain percentage of property owners won’t be able to sell their property without vacant possession. Or they’ll have to sell it with the tenant in situ.

“So I’m getting a lot of calls from people asking me if they’re going to be exempt from the RPZ in 202,6 and my honest answer is, ‘I genuinely don’t know'. It’s the uncertainty that’s draining that little bit more out of the supply of property.”