Thinking of selling a rental property? You should probably get a move on...

I feel that the language from the left in Politics is at times aggressive.
Yes there are good and bad Landlords and Tenants but the majority of Landlords & Tenants are good.
As far as the media is concerned there is very little balance in a lot of the stories.
Tenants can pursue a Landlord effectively for free and get compensation if there is any doubt that the landlord was not in compliance with something or other.
What is the point of a Landlord pursuing a Tenant for failure to pay rent over long periods/ damage to the property etc. Landlord has to suck it up and mitigate their losses as it is highly unlikely that any compensation will be recovered.
I am a landlord myself and offer very good accommodation at very reasonable cost. I have tenants who are with me for 15 years plus.
I get repairs etc remedied within 3 days. Accommodation is good and tenants are happy.
Over the next couple I will be getting out of the business on age grounds and there will be no Vulture fund to accommodate them.
It will be many years before there is social housing to accommodate them.
The social housing in the area that I am talking about is not very desirable for working families. That is not a discussion I am going to engage in
The RPZ is now allowing an increase of 0.01% even for those trapped in very low rents from years back. I am one of those trapped.
 
If the Left are successful in the election, I will sell my last remaining rental property. I had hoped to keep it rented for the next ten years, but cannot run the risk of not being able to sell it with vacant possession.
 
Dermot said:
I feel that the language from the left in Politics is at times aggressive.
Yes there are good and bad Landlords and Tenants but the majority of Landlords & Tenants are good.
As far as the media is concerned there is very little balance in a lot of the stories.
Tenants can pursue a Landlord effectively for free and get compensation if there is any doubt that the landlord was not in compliance with something or other.
What is the point of a Landlord pursuing a Tenant for failure to pay rent over long periods/ damage to the property etc. Landlord has to suck it up and mitigate their losses as it is highly unlikely that any compensation will be recovered.
I am a landlord myself and offer very good accommodation at very reasonable cost. I have tenants who are with me for 15 years plus.
I get repairs etc remedied within 3 days. Accommodation is good and tenants are happy.
Over the next couple I will be getting out of the business on age grounds and there will be no Vulture fund to accommodate them.
It will be many years before there is social housing to accommodate them.
The social housing in the area that I am talking about is not very desirable for working families. That is not a discussion I am going to engage in
The RPZ is now allowing an increase of 0.01% even for those trapped in very low rents from years back. I am one of those trapped.
Click to expand...
In addition as we are renting out on the low side, good luck trying to sell house with tenants in situ, will getting a very low price for house if at all...
 
Dr Strangelove said:
Best landlord I ever had was a fund who professionally managed the apartment complex.

Quick repairs, zero vacancies, anti-social behaviour stamped out rapidly.

You just will never get this in a complex with a mix of owner occupiers and amateur landlords with a limited interest in their property.
Click to expand...
Cannot agree more - the more professional the landlord, the better the property will be run as a rental. Amateur landlords have ruined it for everyone - largely because most underestimated the cost & effort of running a rental business because they don't realise its not a passive income source.
 
lff12 said:
Cannot agree more - the more professional the landlord, the better the property will be run as a rental. Amateur landlords have ruined it for everyone - largely because most underestimated the cost & effort of running a rental business because they don't realise its not a passive income source.
Click to expand...
wow there's a sweeping statement, any proof to back it up?
The small landlord has NOT ruined it for everyone.. the housing crisis has ruined it for everyone. I think you may have fallen for the one sided news reporting in this country!

It has only gotten worse in the last few years with a large number of small landlords leaving the market..
 
While I believe rights & duties on both sides of a tenancy should be effectively and promptly enforced (I think even the good landlords usually aren't that great, but there's plenty of crappy tenants too), I think a stronger argument for selling up your rental property now is the recent ESRI report that properties are overvalued by 10%, which is a figure which can reasonably be expected to increase significantly over the next few years.

We've been here before. Nobody believed them last time either. I was blessed to (reluctantly, forced by personal circumstances) to sell my second property in April 2007, and I still feel sorry for the people who bought it from me because they finally sold at a 10% loss in 2018.
 
colin44 said:
wow there's a sweeping statement, any proof to back it up?
The small landlord has NOT ruined it for everyone.. the housing crisis has ruined it for everyone. I think you may have fallen for the one sided news reporting in this country!

It has only gotten worse in the last few years with a large number of small landlords leaving the market..
Click to expand...
Try living in the PRS for 25 years in multiple rentals, almost all of them extremely poorly managed? And then buying a house that had been rented for 30 years, had no working central heating, timers on immersion broken, several plugs broken, shower pump not working, window locks broken, evidence of past rat infestation, evidence of recent mice infestation (aka chewed through internal plasterboard), weeds everywhere, damage to external drainage with repeated sewer line blockages, gutters that hadn't been cleaned, ever, a rotten skirting board caused by lack of a working heating system etc. All unsurprising as it was the last in a series of ex rentals I'd viewed that had evidence of zero or close to zero maintenance being done over a long period by owners who simply extracted rent.
 
lff12 said:
Its all fine till you are the tenant being evicted to make way for a sale.
Click to expand...
If I own a rental property and give the required legal notice to the tenant when I choose to sell where exactly lies the problem?
I own a rental property bought out of my hard earned after tax cash.
I purchased the property as an investment. That is to make money.
The financial or housing needs of others are of concern to me. But certainly not my responsibility.
I will rent/sell my property to max profit. Something that happens all around the world.
 
lff12 said:
Try living in the PRS for 25 years in multiple rentals, almost all of them extremely poorly managed? And then buying a house that had been rented for 30 years, had no working central heating, timers on immersion broken, several plugs broken, shower pump not working, window locks broken, evidence of past rat infestation, evidence of recent mice infestation (aka chewed through internal plasterboard), weeds everywhere, damage to external drainage with repeated sewer line blockages, gutters that hadn't been cleaned, ever, a rotten skirting board caused by lack of a working heating system etc. All unsurprising as it was the last in a series of ex rentals I'd viewed that had evidence of zero or close to zero maintenance being done over a long period by owners who simply extracted rent.
Click to expand...
Lived in rentals in Ireland and North America for well over a decade. Some good some poor.
I dont understand your post around the purchase of a property requiring work.
Surely a survey/inspection was carried out prior to purchase. If you were so unhappy with the property why did you buy it.
If I look at something and dont like what I see I walk away.
I certainly dont purchase and blame others for my decision to purchase.
 
lff12 said:
Try living in the PRS for 25 years in multiple rentals, almost all of them extremely poorly managed? And then buying a house that had been rented for 30 years, had no working central heating, timers on immersion broken, several plugs broken, shower pump not working, window locks broken, evidence of past rat infestation, evidence of recent mice infestation (aka chewed through internal plasterboard), weeds everywhere, damage to external drainage with repeated sewer line blockages, gutters that hadn't been cleaned, ever, a rotten skirting board caused by lack of a working heating system etc. All unsurprising as it was the last in a series of ex rentals I'd viewed that had evidence of zero or close to zero maintenance being done over a long period by owners who simply extracted rent.
Click to expand...

Not for one second questioning your bona fides, but saying that amateur landlords have ruined it for everyone is clearly untrue.
Obviously e.g. amateur tenants haven't ruined it for all landlords!
I also assume that the state of the property you bought was reflected in the price?!
 
  • Like
Reactions: KOW
SquirrelChaser said:
Good riddance to small landlords for the most part. There are more than enough cold, overpriced, and overcrowded hovels around the place, increasing or even retaining that number is not the answer. (I know there are good landlords as well, but they've always been well outnumbered by the gougers). At least institutional landlords rent out high spec properties- there is no lower end of the market now and there hasn't been for years.

There are other- and much better- solutions to increase the supply of rented accommodation than minimising landlord obligations to the detriment of tenants and reducing tax liabilities on rental income.

In Germany for example there are loads of what they call Baugenossenschaft, literally translating as a building cooperative. They're very similar to credit unions here, except instead of issuing loans they build apartments which they rent to their members. Any profits are put into refunds of rent or construction of new dwellings. The result is that members can access secure, affordable, and well looked after rental properties which usually benefit from district heating etc. They're not palaces for sure, but they tend to be pretty good.

For the life of me I can't understand why nobody seems to be even considering a similar option here. And no, cost-rental isn't similar- that's effectively social housing at higher rental.
Click to expand...
You do realise the more institutional investors the more power they have to dictate the rental prices. Maybe you've missed the fact those rentals are only available to people in the best jobs on the highest salaries.

You've zero evidence to state that most small time landlords are gougers, laughable when one sees the shoe boxes the institutions are offering for stratospheric prices, with glossy baubles like communal areas in stead of individual living space offered as incentives. All those baubles part of incredible management charges.

As regards Germany, many German's will not rent their empty property because of onerous laws against landlords, combined with RPZ type rules.
And Ireland does have social housing, the country is awash with 'charities' operating the market, it's a great model, buy the land, get the government pay for building, put in tenants, also paid by the government. It's far easier to demonise your small time landlord providing a good service as you are doing in your post. Institutional good, charity good, small landlord bad.
 
KOW said:
Lived in rentals in Ireland and North America for well over a decade. Some good some poor.
I dont understand your post around the purchase of a property requiring work.
Surely a survey/inspection was carried out prior to purchase. If you were so unhappy with the property why did you buy it.
If I look at something and dont like what I see I walk away.
I certainly dont purchase and blame others for my decision to purchase.
Click to expand...
Exactly what I was going to say :) In fairness sounds like the tenants made a complete mess of the place.. the landlord obviously got tired of em and sold as seen..
 
Bronte said:
You do realise the more institutional investors the more power they have to dictate the rental prices.
Click to expand...
It's wrong to claim that institutions have any power to set rents. I've seen estimates saying that institutions collectively control a mighty, um, 4% of the Irish rental stock. This is many multiples of what a monopoly or oligopoly needs to set prices in any market.

For example there is a new institutionally-built block across the road from me and they can ask whatever prices they want. But there are lots amateur landlords about who don't and can't coordinate either timing or pricing and just want the best price available and will undercut the institution by even a few euros to secure a tenancy.
 
Dr Strangelove said:
It's wrong to claim that institutions have any power to set rents. I've seen estimates saying that institutions collectively control a mighty, um, 4% of the Irish rental stock. This is many multiples of what a monopoly or oligopoly needs to set prices in any market.

For example there is a new institutionally-built block across the road from me and they can ask whatever prices they want. But there are lots amateur landlords about who don't and can't coordinate either timing or pricing and just want the best price available and will undercut the institution by even a few euros to secure a tenancy.
Click to expand...

Dr Strangelove said:
It's wrong to claim that institutions have any power to set rents. I've seen estimates saying that institutions collectively control a mighty, um, 4% of the Irish rental stock. This is many multiples of what a monopoly or oligopoly needs to set prices in any market.

For example there is a new institutionally-built block across the road from me and they can ask whatever prices they want. But there are lots amateur landlords about who don't and can't coordinate either timing or pricing and just want the best price available and will undercut the institution by even a few euros to secure a tenancy.
Click to expand...
What is your definition of an amateur landlord in this post? It’s not clear to me.

I’ve set rents below market in order to secure long term tenants, no incentive to move if below market, but it had zero to do with competing against institutional investors.

Though I’m currently on track to compete against them, will let you know if that works by middle of 2025. I’m encouraged by the rents they achieve.
 
Bronte said:
I’ve set rents below market in order to secure long term tenants, no incentive to move if below market, but it had zero to do with competing against institutional investors.

Though I’m currently on track to compete against them, will let you know if that works by middle of 2025. I’m encouraged by the rents they achieve.
Click to expand...
By setting your rents below market in order to attract the most desirable tenants, you were very consciously competing against other landlords, including institutional landlords. Not competing to get the highest immediate rent, but to get the most desirable tenant. I hope the strategy worked for you and, if it did, it worked precisely because the rent you sought was competitive.

I can't speak for Dr Strangelove as regards what he meant by "amateur landlord", but I think his post contrasts institutional landlords on the one hand (renting property is their primary or only business; they have a relatively large number of properties to let) and small, private landlords on the other (they have other occupations and other sources of income; they have a small number of properties, often just one, to let). His point is that, in numerical terms, the market is dominated by the small, private landlords. Although the institutional investors are much, much bigger than almost any private landlord, they only let about 4% of properties for rent, and that situation is a long, long way from a situation in which institutional investors would have the market power to determine market rent levels.
 
You must log in or register to reply here.
Back
Top