DO YOU NEED A PROPERTY MANAGER?
As a property investor it is always important to assess costs so that you can continue to work on improving your returns. One area you can save some money is to self-manage, but the real question to consider is whether you can afford to manage your own property? The answer to that depends on a number of issues:
1. Your level of knowledge of tenancy legislation and compliance.
You need to be very familiar with the current rules and regulations contained within the Residential Tenancies Act, the Healthy Homes Standards, the NZ Building Code, Health & Safety at Work Act, the Fair Trading Act, the Human Rights Act, and the Privacy Act. Failure to do so can result in severe fines and, in extreme circumstances, severe damage to your property or people.
For example, did you know that you cannot engage an un-certified electrician or gasfitter to carry out work at your rental? Did you know that if you are going to be out of the country for longer than 3 weeks you must appoint a landlord in your absence? Do you know the rules around what makes a dwelling be considered ‘unlawful’ in the eyes of the tenancy Tribunal?
You will also need to keep completely up-to-date with any changes to legislation that may be introduced.
2. Your level of competence and experience of managing property and tenants.
Are you happy to conduct regular and through inspections? You need to look closely at any areas of potential water leaks or water ingress, be on the lookout for any damage, and generally be aware of any changes to property condition. You cannot let your relationship with the tenant prevent you from being thorough and methodical in your approach to inspections.
If the tenant is not looking after your property satisfactorily you need to be comfortable communicating to them what you need them to change or do differently without causing unnecessary offence or insult.
You need to be available to your tenant via email/phone and respond quickly to their contact, otherwise they may get the impression that you don’t care about your property. If a tenant thinks you don’t care then they start taking less care themselves, and they often stop letting you know about any little issues before they become big problems.
Regular Upkeep of Property
Are you an experienced homeowner? Do you know how to prioritise maintenance and upkeep?
3. The amount of time you have to devote to managing a tenancy and property.
If you are working full-time or have hobbies that demand a lot of your spare time, will you be able to respond in a timely manner to communications from your tenant or requests for maintenance?
4. Your attitude to risk.
With all the best intentions it can be very easy to miss an important detail around the tenancy or maintenance that may cost you eg loss of rent, fines imposed by government organisations, loss of insurance cover.
It is quite common for bad tenants to target private landlord listings so you must be extremely thorough in screening tenants before letting them live in your investment.
5. How close you live to the rental property.
This point is quite obvious, but if you live an hour’s drive away from your rental it will be very inconvenient to respond to tenant requests.
6. What contacts you have for repairs, maintenance, compliance etc.
Property management companies usually have a few different contacts for each type of job or compliance assessment and choose these based on reliability, affordability, qualifications, and professionalism.
The above questions should give you the correct impression that property management is a serious business and should not be taken lightly.
We keep a close eye on your property to catch maintenance before it becomes a problem.
NO HIDDEN CHARGES
There are no surprises in our fees. We don't have any 'add-ons' to invoices we pay on your behalf.
WE CARE ABOUT DETAILS
We work hard to avoid missing details so we can maintain positive relationships.