In short, a good property manager will have the required knowledge, skills and dedicated time to look after your investment property, ensuring it maximises your returns.
Most investors simply do not have the time and experience needed to manage their asset and outsource to a specialist. Check out our top six reasons to entrust your investment property with a local property management expert.
TIME
Marketing, finding tenants, developing contracts, reviewing tenancy legislation, managing repairs and maintenance, undertaking inspections, reports – the list goes on. Individually these tasks may look simple but added together these things take time and a lot of it, especially if you’re new to investing or have multiple properties.
Terrace Property Management are Bay of Plenty property management specialists who can help you maintain and maximise the returns of your asset.
MANAGING TENANTS
The first and most crucial step of the rental process – finding the right tenant for your property.
We’ve all heard the good, bad, and downright ugly stories about managing tenants. Tenants can make your life a breeze or a living nightmare – so how can a property manager ensure the right tenants are selected?
With thorough vetting and background checks a property manager has access to databases that hold Tenancy Tribunal and criminal history information as well as credit reports and ID verification. Alongside these checks, previous property references are contacted as well as employers and personal referees to ensure the prospective tenant is a good fit.
‘No cause’ terminations have recently been eradicated from the Residential Tenancies Act (RTA) – landlords need to be thorough and confident with their tenant selection to protect their asset.
From a full property management service or a casual let, we can tailor a package to suit your needs email the team at Terrace Property Management admin@terracepm.co.nz.
LESS VACANCY
Vacancy = lost rent – if your property is empty, you are losing money.
A good property manager is proactive finding new tenants and should have a new tenancy lined up as the old one ends, minimising your vacancy rate and maximising your returns.
We have a database of existing, pre-vetted quality tenants looking for a new home which can also save on marketing time and money.
THE LAW
The RTA and subsequent amendments sets out the law for residential tenancies in New Zealand.
It’s important to follow the right procedures whether it be a new tenancy agreement, healthy homes standards, correct recording, and notice periods or regarding the new privacy act guidelines. If you get this wrong you could end up in the Tenancy Tribunal, where they don’t tolerant any ignorance to the RTA. If you’re managing the property, you must be following the Act.
Expert property managers are experienced and work within RTA guidelines daily, regularly upskill, stay updated to legislation changes and have access to specialist tenancy lawyers as and when required.
RENTAL RATES
Hiring a local property manager will give you access to the most recent rental figures for your area which determines market rent. Your property manager should be reviewing rent regularly, so your property is always giving you the best return. For advice or a no obligation appraisal give Terrace Property Management a call on 022 674 5508.
RELATIONSHIPS
An experienced property manager will have access to all sorts of tried and tested professionals that can help manage, maximise, and protect your investment.
From reliable tradespeople readily on hand through to an array of lawyers, accountants, brokers, and debt collectors, you can be assured you’ll have a team of trusted people behind you to get the best result.
Having a property manager also keeps the landlord and tenant relationship at arm’s length – its protects both parties’ privacy and keeps the business relationship intact. Having a property manager as the ‘middleman’ can also make awkward conversations and tricky situations easier when there is an experienced property manager involved.
You can read more about our services here or call us on 022 674 5508 for more information.
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