Selecting a property manager can be a daunting task, especially if you are a first time investor, and it may be tempting to manage the property yourself to ‘save money’.
Residential property management in New Zealand must comply with the terms of the Residential Tenancies Act. It is a skilled job, requiring time, knowledge and ongoing training and personal development. By appointing a professional property manager you should expect a higher level of care for your property whilst reducing the risk to you and your investment.
Below is a list of qualities to look for in a property manager:
Knowledge of rental sector regulations and legislation
In an ever changing and increasingly compliance focused industry, it is important that your property manager is well versed in the current legislation to protect you and your investment. Non-compliance brings the risk of heavy fines.
Your property manager should be able to demonstrate a strong level of knowledge about the local rental market, so that they can provide you with the latest information about supply and demand, historic rent levels and factors affecting the current market rent. This remains important throughout your relationship as rent reviews are completed to ensure your maximise the return on your investment.
Being able to demonstrate experience in all areas of property management will give you confidence and peace of mind in your property manager’s ability to protect your asset. Knowing how to dealing with situations when things go wrong and always complying with the terms of the Residential Tenancies Act are a key part of this.
Excellent Systems and Procedures
A competent Property Manager will have invested in and developed excellent systems and procedures so to maximise its operational efficiency and ensure consistency and best practice.
Stringent Tenant Selection Process
Selecting quality tenants is an essential part of property management. Getting this right reduces the risk of rent arrears and property damage. Ask your property manager about the vetting criteria that applicants must meet to be considered as tenants.
Value v Price
It is true that you get what you pay for. When considering your options ask for clarification on what is included as part of the quoted/headline fees and what additional fees you could be liable for. Types of fees may include management fee, letting/renewal fee, inspection fees and maintenance fees. Some companies charge a flat fee, others itemise these fees out separately.
A key role of a property manager is to protect your asset. Whether it is your family home or an investment property, a professional property manager should be able to demonstrate that they have the capacity & time to identify & address small problems and prevent these becoming bigger issues
A Valued Partner
Working with a property manager should be a partnership where they can offer input and feedback to ensure that you maximise the rental return on your investment. From providing a rental appraisal, to presenting your home for marketing, selecting a tenant to recommending repairs and maintenance, you should have confidence that your property manager has your best interests at heart to help you achieve your investment goals.
For more information about The Rent Shop Nelson’s property management services and to find out about our Customer Service Promises, please contact our Business Development Manager for a no-obligation chat– Julian Kett on 022 639 2620 or email at Julian.firstname.lastname@example.org