The big advantage to having a property management company look after your residential property rental is that they handle all the things a landlord would otherwise find time-consuming and stressful.
There are many property management companies out there, though. So, how do you know your property manager is doing a good job? A good property manager will take three matters very seriously:
Many landlords find themselves in serious bother either because they don’t adhere to the laws as relate to tenancy, or because they don’t make use of the laws that are designed to protect them. Both attitudes are dangerous for a landlord.
The best way to ensure laws are adhered to is to get your tenancy off on the right footing. That means ensuring a proper tenancy agreement is drawn up and that the tenant knows and understands their responsibilities under that agreement.
Beyond that, a landlord needs to know what responsibilities they have in regards to such matters as, maintenance, frequency of property inspections, rent increases etc.
A good property management company will ensure these matters are taken care of meaning you, the landlord can relax.
More information about property tenancy agreements can be found here. (Link to http://www.dbh.govt.nz/tenancy-agreement)
The ongoing condition of your propertyAmong the key responsibilities of a tenant are:
• to ensure the rental property is kept reasonably clean and tidy
• to ensure no intentional or careless damage is caused to the property, and
• to never use the premises for anything illegal.
Of course, without visiting the property in a regular and systematic way, you can never be totally sure that these rules are being adhered to and that your premises are being maintained as you’d prefer.
Good property managers will carry out routine inspections in a professional manner reminding the tenant that, while they are respected, they are also expected to respect and look after your property.
By the way, there are strict laws relating to visiting and inspecting a rental property also—even if you are the owner. Many landlords fall foul of the law in this area and find themselves facing tenancy hearings.
Ensuring you get the very best dealOne of the most common failures of landlords who manage their own rental properties is this—they do not realise the rental value of their property and so undercharge their tenants.
Part of a landlord’s responsibility is that they charge a fair and reasonable rent. However, you want to make sure that it is also realistic in terms of maximising your rental income. The reality is, most people who manage their own rental properties find it difficult to talk with a tenant about the issue of raising rent.
A good property management company will regularly assess the rent you are receiving from your rental and liaise with the tenants to adjust it when required. In fact, for most owners of rental properties, having their rental income regularly adjusted by a property manager more than compensates for the fee paid to that property management company.
Chase Property Management Ltd is a good property management company. We take these matters seriously—respecting your tenants but putting you first, ensuring you are getting the very best out of your property rental.
If you want to maximise the benefits of owning a residential rental property, contact Sam and Stacy at Chase Property Management. We’re rental property management experts, servicing the North Shore, Hibiscus Coast and Central Auckland.
Phone Stacey on: 09 213 7445 or email: stacey.mooney@mylandlord.co.nz
Phone Sam on: 09 213 7444 or email: sam.coutts@mylandlord.co.nz
