In Ireland, property management fees can typically be offset against your rental income for tax purposes. When calculating your rental income for tax purposes, you are generally allowed to deduct allowable expenses, including property management fees, from your rental income.

However, it’s important to note that specific rules and limitations may apply, and it’s advisable to consult with a tax advisor or accountant for personalised advice based on your circumstances. They can provide guidance on the specific deductions and allowances available to you and help ensure compliance with Irish tax laws.

It’s also worth mentioning that as tax regulations can change over time, it’s important to stay updated with the latest tax laws and seek professional advice to ensure accurate and compliant tax filings.

If I am not happy with my letting agent, how do I change agency?

If you are not satisfied with your current letting agent in Ireland and wish to change agencies, you can follow these steps:

  1. Review your contract: This is called a LOE or Letter of Engagement as regulated for by the Property Regulator in Ireland (PSR). Carefully review the agreement or contract you have with your current letting agent. Look for any clauses regarding termination or notice periods. It’s important to understand the terms and conditions associated with ending your agreement.
  2. Communicate your concerns: Before making a decision to switch agencies, consider addressing your concerns with your current letting agent. Arrange a meeting or have a conversation to express your dissatisfaction and give them an opportunity to address the issues.
  3. Research and select a new letting agent: Begin researching and evaluating potential new letting agents. Look for agencies that have a good reputation like Bespoke, relevant experience, and positive client reviews. Consider seeking recommendations from friends, family, or other landlords who have had positive experiences with their letting agents.
  4. Inform your current letting agent: Once you have chosen a new letting agent, inform your current agent about your decision to terminate the agreement. Follow the notice period outlined in your contract, if applicable. Provide written notice and clearly state the termination date.
  5. Complete necessary paperwork: Work with your new letting agent to complete the necessary paperwork new LOE and formalities for the transfer of management responsibilities. This includes signing a new agreement with the new agent and providing them with relevant AML (Anti Money Laundering) documentation and access to the property and existing tenancy agreements.
  6. Notify tenants: If you have tenants in the property, inform them of the change in letting agency. Provide them with the contact details and any necessary information related to the new letting agent. Ensure a smooth transition for the tenants to avoid any disruptions in communication or services.
  7. Coordinate the handover: Coordinate with both the old and new letting agents to facilitate a smooth handover of responsibilities. This includes transferring any relevant documentation, keys, tenant deposits, and financial records to the new letting agent.
  8. Update relevant parties: Notify relevant parties, such as insurance providers and any relevant authorities RTB (Residential Tenancies Board), about the change in letting agency. Update contact details and ensure that all necessary parties are informed of the new arrangement.

Remember to keep copies of all communication, contracts, and relevant documents throughout the process for your records. 

It’s advisable to seek legal advice or consult with a professional familiar with property and tenancy laws in Ireland to ensure compliance with legal requirements and to protect your rights and interests during the transition to a new letting agency.

The content of this article is provided for information purposes only and does not constitute legal, financial or other advice.