My tenant CV stood outWhen I applied for an apartment, I included a link to my HomeHak tenant CV. The landlord loved it and I got an invite to a viewing invite that day. It was easy.
Your connections vouch for you.Living at home, I didn’t have landlord references. With HomeHak I could show references from my Coach, my Lecturer and Friends who were happy to vouch for me. Thanks to their help, I have my own place.
My personal data is safeI used to be nervous about sharing ID and other personal information. Now I just share a link to my HomeHak CV. The landlord or agent can check what they need, and I can see on my dashboard when they reviewed my info. It just feels safer.
A readymade householdMy two friends and I linked our HomeHak CV’s and applied jointly for the house. The landlord loved that they could see everything up front about the three of us. It was easier for her and much better for us than moving in separately with strangers.
Ready anytime I want to moveMy renting details and references were all over the place. Now I store everything safely on HomeHak and I can use them whenever I like in the future. Handy if I move to a new country.
Rent your home with less hassle, time and cost.
Property/Room/DIGS wanted
Rent a property
Rent a Room
Apply
or Advertise your property for free
Input your information and HomeHak will transform it into an impressive Tenant CV
Share your Tenant CV link safely on email, SMS, WhatsApp or on any social media channel.
Send your Tenant CV direct to Landlords or apply through Letting Agents websites. On Property websites, tell landlords and agents you have a pre-prepared Tenant CV on HomeHak. No more repetitive applications.
Everything stored safely in one place. No worries about losing references or sensitive documents.
Finding Good Tenants – Prospective Tenant Standard For Landlords
Finding a good tenant is a bit like dating. You work your way through interested applicants.Until, you come across someone with compatible qualities that you can trust. There is the headache of repairing damage. Choosing the wrong renter for your rental property can lead to big expenses. So, here is how to look for qualities of good tenants that aren’t going to cause you headaches.
Stable Income and Employment
Firstly, landlords need proof of stable income and employment. This is to feel confident in their tenant’s ability to pay rent in full and on time every month. Note, the industry standard rent-to-income ratio. It suggests that a tenant should make three times the cost of rent in monthly income, approximately.
Ability to be Honest
Secondly, it’s important to follow a thorough screening process. This can help you spot applicants that might present fraudulent information. They are doing this to get approved for your rental property. Further, a reference check is a good idea. Employers and past landlord references are the best sources for useful information. They can provide the applicant’s professional and rental behavior. Essentially, knowing more about an applicant’s past and intentions can help you determine whether they demonstrate the best tenant qualities
Respectful Behaviour
Thirdly finding tenants who act respectfully to both landlord and neighbors is crucial. Another reason to note, a respectful tenant will inform you of maintenance issues. Additionally, they will take care to handle their own responsibilities while living in your rental property.
Respectful tenants are more likely to:
Pay rent on time
Follow lease terms
Refrain from causing problems with other tenants or neighbors
Keep from damaging your property beyond normal wear and tear
Communicate politely and in a timely matter
Good Communicator
Fourth, communication is the key to an effective landlord-tenant relationship. From the moment an applicant reaches out to express interest, consider their communication style.
Use the below to ask these questions:
Are they attentive?
Quick to respond to questions or messages?
Pay attention to details and read postings in full before asking questions?
Do they follow through on requests for documentation after applying?
Do they answer your questions fully or avoid tough questions?
Finally, an organized tenant is a great tenant. Weed out uninterested, unqualified tenants early on by focusing on organized applicants.
In addition, organized tenants will come prepared with their HomeHak tenant CV. As a result, helping to speed up the leasing process. Here they have documents and checks ready to go. They should also respond quickly. Good organization shows that they’re serious about signing the lease. Furthermore, they are willing to comply with your rental requirements.
To summarise qualities of good tenants – Stable Income and Employment. Ability to be Honest. Respectful Behavior. Good Communicator and Present Organizational Skills.
Are you looking for new tenants for your property? We’d recommend you to ask the applicants for a Tenant CV.
Leasing in Ireland – The True Cost of Being a Landlord
Despite public perception and high rents, the bottom line for landlords is rarely as clear-cut as popular opinion supposes. An immense of responsibility, paperwork, and costs is plenty to deter many from participating. For those considering leasing in Ireland, we have comprised an extensive list of costs, helping you provide the best value to your tenant while ensuring your costs are suitably maintained.
1. Lost Rent
Keeping costs low can be a priority for many landlords, but a breakeven point must be identified to detect when an empty rental income is operating at a loss. HomeHak’s Lease Calculator is designed to help you keep track of the multiple incomings and outgoings to locate the precise point of profit.
2. Mortgage
Unless you own the property in full, one of the highest costs to overcome is a monthly mortgage repayment, with an average interest rate on new mortgages in Ireland amounting to 2.79%, noticeably higher than the European average of 1.29% (D. Cassidy, Why mortgage rates in Ireland are so high, 2021). If every room in the house is leased or not, your mortgage will remain due as standard.
3. Pre/Post Letting Expenses
In order to provide the highest value to your tenants, it is necessary to ensure that upkeep expenses are incurred prior to and after a tenant has stayed. Any tenant will demonstrate signs of living, be it marks on painted walls, scrapes on floorboards, or just some well-worn couch cushions.
A landlord has the responsibility to provide well insulated and ventilated living conditions that are free from damp, as well as equipping sound structural and electrical integrity. These turnaround times should be kept to a minimum and a timely and efficient electrician, carpenter, or painter will prove invaluable.
4. PRTB Registration
The vast majority of landlords will find it necessary to register with the Private Residents Tenancy Board. Costing €90 per tenancy, this registration allows you listing on the national register of tenancies and is a requirement for any landlord.
5. Insurance
Conventional home insurance will not cover you for rental activities and as a landlord, you are legally required to provide insurance for fire and public liability. Similarly to our Tenant’s Guide, you will find investing the time to source the best insurance a worthwhile return.
6. Fees
Managing a property is much more than just financially intensive; a significant amount of time is taken up dealing with issues, sourcing the correct tenant and other administrative responsibilities. In order to avoid these, as many as 87% of landlords find it worthwhile to outsource said responsibilities to estate agents…at a small fee of course (HomeLet Landlord Survey, 2015).
Estate agents will advertise your property, filter through the countless applications, and identify the best-suited applicants for your final approval. They will also collect rent on your behalf and act as the go-between for any queries big or small. Thus, providing you with a hassle-free experience ranging from 6.5% – 10% of rents (Estate Agents, Let.ie, 2021).
In addition to the direct fees mentioned above, there are legal and accounting fees. For every contract, application, and submission there will be a solicitor required to pore over and flag any potential issues, as well as bookkeeping and tax bills to meet.
7. Council Charges
Your tenant may directly deal with some fees depending on the agreement including rubbish, recycling, or other services such as gardening. However, if you will be managing these directly you need to consider these costs to appropriately offset them.
8. Maintenance & Repairs
Often the area of most debate, maintenance and repair charges can prove costly, just as they can be for any homeowner. Effective pre/post letting care will only provide you with so much cover throughout your tenant’s lease.
Ultimately luck plays a factor and a corrupt socket may be as likely as a leaky roof, although both substantially differ in cost. How many tenants you have under your roof will impact these costs and recent data indicates this number is on the rise at 2.8 on average (Savills Ireland., Shifting Ownership in Ireland’s Private Rented Sector., 2017).
A close and trusted relationship with plumbers, electricians, carpenters, and general workhorses are worthy investments. A difficult cost to anticipate without the use of hindsight and precedent, it must nonetheless be considered when setting rents.
9. Tax
Before profits can be redirected, taxes need to be budgeted for. As with most taxes in Ireland what you pay is dependent on your personal circumstances. Net rental income is taxed at either 20% or 40% and due every year on the 31 October. Planning and organization will prove your best tools in minimizing the amount due. Keep every receipt!
Here is a list of expenses that you can offset against your taxable profits:
a) PRTB Registration of €90
b) Wear and Tear maintenance is deductible to the point where the property is in a livable standard, including furnishings and fittings, and essential repairs and maintenance
c) Advertising and Management Fees
d) Legal and Accounting Fees
e) Insurance premiums
10. Trust
Trust is one of the more critical and intangible considerations. It can either prove to be an invaluable asset or an endless liability. Your tenant will directly impact the costs you will incur, either directly or indirectly. Providing your tenant with the opportunity to invest themselves into their home will make them happier and therefore more likely to remain. Data would indicate that there is a trend towards longer-term tenancies. 25% of agreements now longer than 12 months, up from 15% in 2017 (Residential Tenancies Board., Rent Index., 2018).
Besides the exceptional cases of moving country or county, your tenant will continue to provide you with income as long as they are content with their conditions.
11. Profit
It may seem strange to see profit listed as a cost for landlords. However, when calculating a breakeven point, you must include a cost for the time and stress incurred. It is essential to appropriately research the target market. Guidelines indicate it is inadvisable for renters to pay more than 40% of their income on rent (EY DKM, Rent Affordability in the Irish Residential Market, 2018).
To summarise
Being a landlord in Ireland can be a thankless job that is sometimes vilified. However, there is a vital service provided that supports the country and those living in it. Your unseen work and risk-balanced consistently will allow you to maintain a profit. Alongside, also allowing for good people to turn your property into a home.
