Patsy O'Keeffe celebrated 15 years in business in June. She runs a small business based in Sandymount in Dublin 4, one of the city's most sought-after locations, where she operates O'Keeffe Estates specialising in residential lettings and property management. A key component of her business is the provision of a full property package for investors – from the purchase of the property through to renovation, letting and management.
Prior to going to London, where she spent 12 years, O’Keeffe worked in the fashion industry and says she got into the property business “by chance”.
“It [London] was a wonderful place to hone my skills,” she says. “They were so precise and methodical. I had the opportunity to do all the courses and training in property law over there before returning home to set up my own business.”
When she started in the property industry she was dealing with the exclusive end of the market, working out of Covent Garden. “I then moved to a job in Kingston, where I worked at Carrington’s Property and where I was exposed to all aspects of the property market, from the very high end to student rental accommodation, flat shares and multi- shares – a huge spectrum of the letting and property management business,” she says.
A native of Stillorgan in Dublin, she returned home to open her office in Sandymount, concentrating on the upper end of the market.
“I opened up the business and started in lettings and management. Then I began buying for investors and that remains a large part of the business,” says O’Keeffe. “I got involved with small investors and pension funds – I buy a property for an investor, renovate the property, let it out and then manage the property.”
During the recession, the number of new investors dwindled but O’Keeffe retained those from the early days.
“Almost all of my business is based on referral and recommendation. I offer a very personal service to my clients which you don’t really get with a big agency,” she says. “Some of my investors might have 10 or 12 properties which I look after personally.”
Trustworthiness O’Keeffe says setting up the business in the early stages was difficult in terms of getting her name out there but that trustworthiness and availability have been key to her success (she offers a 24-hour management service to her clients). Focusing on quality properties and decent landlords has also been important and she says she wouldn’t handle a property that she wouldn’t rent herself.
There is huge pressure for properties in the Sandymount area, with many families looking to buy in the locality. The area is picturesque and its schools have good reputations.
“There are a lot of families relocating back from abroad looking for family home . . . half the properties I have don’t even get time to go on the website,” says O’Keeffe.
There was a temptation during the boom to expand but she says there are lessons in “specialising in what you do, keeping a tight ship and watching the overheads”.
She says the biggest challenge is getting her hands on properties, because of the high demand in the area but also because “a lot of good properties went into Nama”.
“I feel that it is unfair that smaller companies which specialise are not being given the properties to manage. There should be a fairer way of doing it. I know other agents feel the same way,” she says.
“I had a portfolio of 15 properties which I had managed for 15 years but they were given to other larger companies. The recession didn’t affect me hugely, to be honest: Nama has affected me much more.”
On the upside, the demand for properties in her area means homes are not vacant for long. The proximity of the offices of Facebook and Google has meant that while prices have gone up so has the quality of properties required.
Investors are back – either Irish ex-pats or foreign investors looking to buy.
Investors “They are looking for smaller homes in the Ringsend, Sandymount and Ballsbridge area,” says O’Keeffe. “Investors are coming back, so my business can only get better from here.”
Specialisation and a personal service has worked for O’Keeffe over the years as well as her ability to be “tough” and “thorough”.
“I could go to work for someone else, I could turn my mobile off or take a holiday but I love what I do, it gives me a great sense of satisfaction,” she says. “It’s common sense: if you work hard and are not greedy you can have a good little business that ticks along.”
okeeffeestates.ie
