A PROPERTY MANAGER? WHY WOULD I BOTHER…?
7 REASONS YOU’D BE A FOOL TO IGNORE..
Property management is easy, right? While it’s true that it’s not open-heart surgery, if you are serious about looking after your investment you will consider these 7 compelling reasons to engage a professional property manager..
1. You can leave the country!
If you plan on leaving New Zealand for longer than 21 days then by law you must appoint a local point of contact, available to your tenants at any time. Something to think about before booking that 48-day Contiki tour of Europe.
2. Regular rental reviews
Professional property managers are viewing a range of rental properties in Wellington on a daily basis. They have the experience and knowledge to know when your return on investment is getting out of step with the market. A quality property manager will regularly appraise your property against the market. You could trawl TradeMe for hours to get some of this knowledge, or leave it to the experts, who will happily provide proactive advice to best manage your asset.
3. Keep up to date with changes in regulations
Only a fool would assume that the Residential Tenancies Act does not change. If you are a landlord you are obliged to keep up to date with your legal obligations and to understand tenants’ rights, and quite rightly too.
For example, big changes are currently underway in the area of insulation – not knowing or understanding these could be costly.
A professional property manager will keep you informed – saving you the hassle when you’d rather be watching Netflix.
4. Professional tenant vetting – not available to private landlords
Selecting quality tenants can be the start of a beautiful thing. Getting it wrong can be stressful, time consuming and expensive. Beware the glowing reference from a former landlord who might be very happy tenants are moving on!
Professional property managers have “heard it all before” and have access to tenant vetting tools not available to private landlords. Meaning your tenants will be credit checked, background checked and online presence checked. Giving everyone peace of mind.
5. On call 24/7
Do you want to get the call at 6pm on Friday when your tenant’s oven has stopped working? What about the call at 3am when they are locked out of their apartment? How many days will it take your plumber to fix the hot water cylinder in your investment property?
By engaging the services of a property manager you can switch off, as their mobile phone stays switched on. A good property manager will have a team of quality tradespeople who can be relied upon in an emergency.
6. Daily checking of rents, reconciliations and follow-ups
You might be happy to check your bank account daily to confirm rent payments have been made, and if anything is missing to follow it up promptly. By contacting all tenants living in the property. That day. And again the next day.
Professional property managers are reconciling all rents on a daily basis and have reporting tools to inform tenants, to the day, what their rental obligations are. It is surprisingly common for tenants to be confused by rent payment cycles, particularly at the end of a tenancy.
Reporting tools take all this way and save landlords wrangling excel spreadsheets and bank statements, at 9pm at night, when doing it themselves.
7. Not letting tenants get away with it
Private landlords are too nice! Too often tenants of private landlords push the boundaries of what is reasonable, or required as a landlord. This can cause unnecessary expenditure, and does not always promote the best landlord / tenant relationship. Having a property manager acting on your behalf can also help defuse an emotionally charged situation.
It is easier for someone else to deliver the bad news that you cannot have a family of well-behaved rabbits in the backyard.
Does this resonate?
The team at Trust Property Management live and breathe residential property management in Wellington. A quick call with Jared or Mitchell will convince you that accessing our 15+ years’ experience is a no brainer and is the best way to protect your asset. Call us now for a no cost, no commitment chat, and to book your free rental appraisal.
Extra for experts:
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