I want to start a property management business

sajawal

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

TooObvious

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

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.

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.

Pelvis

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

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.

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

sajawal

Thanks for the feedback

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 ?

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:)

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.

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.