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I want to start a property management business

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  • 22-05-2018 12:41pm
    #1
    sajawal
    Registered Users Posts: 3 ✭


    I want to start a property management business , as im new to this field im looking for the minimum requirements to start up this company legally and what i should be vary of .

    Do i need a licenses to let to sub-let ?

    when i sub-let the property . do i have the freedom of choosing how much the rent would be? [not absurd amount of course] .

    Getting a lease from a landlord to sub-let it with the Landlord's consent and I my company will take the responsibility of the property and choose the tenants , is this known as property management or something else ?

    what kind of insurances would i need to acquire for this business?


    if you feel that your knowledge could help me then please don't hesitate and thank you


Comments

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    #2
    TooObvious
    Registered Users Posts: 295 ✭✭TooObvious


    Why would you start a property management business if you've no experience?


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    #3
    Ray Palmer
    Registered Users Posts: 8,394 ✭✭✭Ray Palmer


    If you don't know this most basic information you can be sure this is not something you should do. Why is any property owner would use you when they can use a company that knows what they are doing and has a legal department.
    You want to be a letting agent and most are also estate agents. You need a licence for both.


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    #4
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    I'm not sure you a know what exactly you want to be, firstly.

    Secondly, To sell or let land you need a property services license with a.b.&c cover. To manage land you need a Cat D license.

    To get any of these licenses you need to fulfill the PSRA criteria and have professional liability insurance and pay a bond.

    The day of just opening up shop is gone. Thankfully.


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    #5
    Pelvis
    Closed Accounts Posts: 1,758 ✭✭✭Pelvis


    I want to be a doctor, what's the best book to get to learn how to do this?


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    #6
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    In fairness he simply wants to rent a property out but, somewhat novelly, he wants to rent it and sublet.

    OP I would suggest that you can't make that sort of business work on that basis. It's difficult to be in a positive cashflow when you have the benefit of a mortgage and interest tax relief.


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    #7
    10pennymixup
    Registered Users Posts: 516 ✭✭✭10pennymixup


    Pelvis wrote: »
    I want to be a doctor, what's the best book to get to learn how to do this?

    No need to learn from a book............just ask randomers on the net how you do it.

    Seriously though I think the OP is talking about leasing/ renting properties. Then subletting them with the LL's permission for a higher rent that he/ she is paying the LL.

    The OP's company guarantees the LL the rent, and the OP makes profit off the difference. Something similar happens in the UK

    So the main thing the OP would need is a massive wad of cash to pay the LL when just one tenant stops paying rent and doesn't leave for two years.

    Crazy idea for Ireland


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    #8
    sajawal
    Registered Users Posts: 3 ✭sajawal


    Thanks for the feedback


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    #9
    sajawal
    Registered Users Posts: 3 ✭sajawal


    10pennymixup wrote: »
    No need to learn from a book............just ask randomers on the net how you do it.

    Seriously though I think the OP is talking about leasing/ renting properties. Then subletting them with the LL's permission for a higher rent that he/ she is paying the LL.

    The OP's company guarantees the LL the rent, and the OP makes profit off the difference. Something similar happens in the UK

    So the main thing the OP would need is a massive wad of cash to pay the LL when just one tenant stops paying rent and doesn't leave for two years.

    Crazy idea for Ireland

    That's exactly what I'm aiming for . But now the question is that what legal procedure I need to be aware of and where could if find land lords ?


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    #10
    uck51js9zml2yt
    Closed Accounts Posts: 18,268 ✭✭✭✭uck51js9zml2yt


    Pelvis wrote: »
    I want to be a doctor, what's the best book to get to learn how to do this?

    My doctor recommended DK books ....my kids like them too:)


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    #11
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    sajawal wrote: »
    That's exactly what I'm aiming for . But now the question is that what legal procedure I need to be aware of and where could if find land lords ?

    I dont think you'll have a problem finding landlords if you guarantee them rent.


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    #12
    Heres Johnny
    Closed Accounts Posts: 2,738 ✭✭✭Heres Johnny


    Work in the industry first and learn it.
    No way could you pull this off successfully without enough knowledge you are asking strangers on the internet.
    A friend of mine is an estate agent in Tallaght area, he just can't find enough properties to either rent or sell at the moment.
    So work in it, gain experience and licencing you need then look at it.
    Self employment is a tough gig when you know what you're doing never mind not knowing.


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