As a landlord, you’ve probably discovered firsthand that managing a rental property can quickly turn into a full-time job.
In some situations, it might make sense to manage your property on your own. If you’re handy with tools, feel confident navigating tenancy laws and don’t mind devoting a decent chunk of your time to your rental property, going the DIY route can be a good option.
In other cases, it may be more practical to hire a property manager. A property manager is responsible for handling all the day-to-day tasks involved with running a rental property and can add value to your investment in a variety of ways.
1. Find quality tenants
As a private landlord, finding the right tenant for your property can be a bit of a guessing game. This can increase the risk of vacancies and/or undesirable tenants – both of which can impact ROI.
In contrast, rental property management companies usually have proven screening processes in place to help you find the best tenants for your property. They’ll check landlord references, employment references, credit scores and the Tenancy Tribunal database – some of which may be difficult or impossible for private landlords to access.
Your property manager will also work proactively to reduce vacancies by aggressively marketing your home when a lease ends. They’ll leverage trusted marketing channels, coordinate viewings and draw on their knowledge of the local real estate market to reduce vacancy rates and ultimately maximise the return on your investment.
2. Take care of maintenance
Effective property maintenance is crucial for keeping your tenants safe and happy, as well as preserving the value of your assets. It’s also one of the biggest pain points for landlords – after all, who wants to be woken up in the middle of the night to deal with emergency repairs?
Hiring a property manager ensures that all maintenance requests are handled swiftly and professionally. A property manager will take care of all the necessary repairs on your behalf, drawing on their robust network of trusted contractors, tradespeople and vendors to deliver high-quality, cost-effective work.
3. Collect rent
Your property manager is responsible for collecting rent and ensuring payments are made on time. They’ll follow up on late payments and follow formal processes to reduce the risk of loss. In the event that a tenant falls behind on rent, your property manager will be able to advise you on the appropriate course of action to take.
4. Navigate tenancy regulations
Navigating New Zealand’s ever-changing tenancy laws can be challenging. A good property manager will have a comprehensive understanding of all the relevant rules and regulations, and can help you ensure your property is fully compliant.
Your property manager will also take care of all the necessary tenancy paperwork and legal documentation. While standard agreement forms are available to private landlords, these are usually not as comprehensive as the detailed contracts provided by professional rental property management companies.
5. Carry out property inspections
Regular property inspections are a key part of reducing risk and ensuring your assets are not undergoing undue wear and tear. Your property manager will conduct comprehensive property inspections periodically, taking detailed notes and photographs to document the condition of the property and highlighting any issues that may need further attention. In the unlikely scenario that you have to claim for damages in the Tenancy Tribunal, this documentation can also serve as evidence to support your claim.
6. Manage the property while you’re overseas
Hiring a property manager gives you the freedom to live and travel where you please while knowing you have someone on the ground to take care of your investment.
By law, you must appoint an agent to handle the property on your behalf if you’re overseas for more than 21 days in a row. While this person doesn’t necessarily have to be a professional property manager, appointing a friend or family member does introduce some risk as he or she may not understand their legal responsibilities as your appointed agent.
The rental property management experts
If you’re looking for a rental property management team you can trust, you’ve come to the right place. Combining extensive industry experience with friendly service and an expert understanding of the local market, Vertigro is the number one choice when it comes to rental property management in Hibiscus Coast and the North Shore.