The increasing need for property management by 2030.
As with most developed nations such as the United States, Germany and Ireland, more people are moving to cities, becoming home owners and renters. As a result, property management is becoming a more important aspect of real estate management. There are many benefits of using a property management company as a land lord in Galway and Ireland, especially in the years to leading up to 2030 and beyond.
Currently, Ireland has population of about 4.9 million and is projected to grow to about 5.2 million in just 10 years and due to this growth, people will need accommodations to stay in such as apartments, houses and condos, not including student accommodations. With all of the added housing units, using a property management company would be quite the investment for any company. One of the many benefits of using a property management company is the marketing process.
Companies specializing in property management have the knowledge and experience in marketing a property for rent and for sale. This would increase the efficiency of the land lord’s time, allowing them to allocate time to other parts of their business. But the most important aspect when using a property management, is the reduced time it takes to either sell a property or to find a suitable tenant, as the quicker a client is found, the faster the land lord is able to start a positive cash flow in both situations, renting and selling a property.
The screening and due diligence process of renting to a potential tenant can be quite extensive and require time. While screening for one or two properties is manageable, it becomes labor intensive to the land lord to sort through dozens of tenants or the land lord could simply hire a property management company to do all the work involved in the screen process. As Ireland and especially Galway grows, these problems will become more pronounced as more people will want to rent housing accommodations of all types.
In addition to finding high quality tenants to live in the properties of Ireland and Galway, management companies can also manage the tenants themselves. Tenants can be a time consuming and stress inducing aspect of property management if done alone with little to no experience and a few homes with tenants. Management companies ensure any and all the problems tenants face while renting the property are quickly resolved without causing long lasting damage to the rented property, while also collecting and depositing monthly rent payments from tenants in a timely fashion. Collecting rent can be a tricky aspect of being a land lord and management companies are able to effectively collect all rent with their systems in the ever growing real estate market of Ireland.
Ireland is expected to grow significantly in the years to come, with Galway experiencing significant increases in its population, with projections at 25% growth by 2030 and 50% growth by 2040. With Galway be relatively small compared to other cities in terms of area size, population and residential real estate land, it is going to go through a substantial expansion period of real estate construction and development, especially residential sector.
With all of the residential properties being developed in the coming years and decades, the need for property management will never be greater, not just for land lords who are looking to invest in rental properties, but also the investors who are selling and who are looking to sell the homes as fast as possible, then investing in new real estate deals soon after. Ireland and Galway will see a surge in all types of real estate and as a result, the growth and need for property management companies.