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Property management
Do you want to, and do you have the expertise to manage the property? This is an important aspect of your overall property investment. Of course managing the property takes a lot of time, but doing it yourself will also save you money. There is no right answer here, it is down to personal preference.
To enable you to make a clear decision you should understand that property management is not just collecting the rent. You will from time to time get troublesome tenants and they will need to be managed. The property will need to be marketed for new tenants and they will need to be vetted, the property will need to be maintained, and any problems dealt with quickly. Don’t let us scare you away from managing the property yourself, just ensure you understand what is required.
If using a professional property manager select one carefully. They are very important to your business (effectively they are employees of your business).
Ask yourself what experience do they have to be managing your investment property? Check out things like how often do they do property inspections? Who do they use for their property maintenance? If they can’t tell you it is not a good sign. What is their vetting process, how do they deal with rental arrears? Remember you are employing someone to take care of this part of your business so you have a right to ask and know the answers to these questions.
If you choose to manage the property yourself we have provided some helpful tips here.
If using a professional property manager select one carefully. They are very important to your business (effectively they are employees of your business).
Ask yourself what experience do they have to be managing your investment property? Check out things like how often do they do property inspections? Who do they use for their property maintenance? If they can’t tell you it is not a good sign. What is their vetting process, how do they deal with rental arrears? Remember you are employing someone to take care of this part of your business so you have a right to ask and know the answers to these questions.
If you choose to manage the property yourself we have provided some helpful tips here.
Remember this is a business – your tenants are customers not just mortgage payers
Remember this is a business – your tenants are customers not just mortgage payers, treat them well and it will stand you in good stead (remember put yourself in their shoes).
If marketing the property always advertise the suburb name first as people generally know the area they want to live in. Highlight the main features of the property.
Use your mobile number not your home number, (screening calls). Also ask a good exiting tenant if they know of anyone looking for a property to rent. This can be a good way of finding new tenants.
Always get referees, don’t be scared to do a credit check, ask for previous landlords details. Don’t choose the best of a bad bunch. Ask questions but don’t interrogate.
Always attend to required maintenance in a quick manner, get repairs done to a quality finish, treat your tenants well. How would you feel if your toilet was blocked?
Don’t become mates with your tenants. It can make disputes or rent reviews difficult. There is a tenancy tribunal which enforces the Residential Tenancies Act 1986, (get a copy of the Act or check out the Tenancy Services website https://www.tenancy.govt.nz/starting-a-tenancy/new-to-tenancy/key-rights-and-responsibilities/ and understand your and the tenant’s rights ).
Use your mobile number not your home number, (screening calls). Also ask a good exiting tenant if they know of anyone looking for a property to rent. This can be a good way of finding new tenants.
Always get referees, don’t be scared to do a credit check, ask for previous landlords details. Don’t choose the best of a bad bunch. Ask questions but don’t interrogate.
Always attend to required maintenance in a quick manner, get repairs done to a quality finish, treat your tenants well. How would you feel if your toilet was blocked?
Don’t become mates with your tenants. It can make disputes or rent reviews difficult. There is a tenancy tribunal which enforces the Residential Tenancies Act 1986, (get a copy of the Act or check out the Tenancy Services website https://www.tenancy.govt.nz/starting-a-tenancy/new-to-tenancy/key-rights-and-responsibilities/ and understand your and the tenant’s rights ).
