According to the NZ Property Investors Federation, there are approximately 600,000 rental properties in New Zealand. That is a huge amount of property that landlords are either managing themselves or putting into the trusted care of a property manager. There are several challenges that come with managing your own investment property, such as knowing whether or not you are getting the best possible rent for your property, understanding who is in charge of repairs and maintenance, and being familiar with recent changes to the Residential Tenancies Act as well as the Healthy Homes legislation. Property managers have access to a huge pool of tenants, as well as access to renting history and credit information. They will conduct routine inspections and rent reviews, and will liaise with contractors and tenants on your behalf. They will also navigate the ins and outs of property legislation.
Are you charging the current market rate for your rental?
Knowing how much you should be charging for your rental property can be difficult. Many people managing their own investment property come up with their rent figure based largely on what they see other rentals priced at. However, this method often doesn’t take into account important property features that can increase or decrease the value of a rental. For example, proximity to schools and shops, additional bedrooms, bathrooms or toilets, garaging and off-street parking. A property manager, as well as being a specialist on the current rental market, has access to extensive information on comparative rental properties, and how they compare to your own in terms of value.
Knowing who is responsible for what
When it comes to remediating issues that arise such as broken fittings or unkempt gardens, it can be difficult knowing where you stand in terms of who is in charge of fixing or maintaining different aspects of the property. Property managers can easily identify what maintenance is required from a tenant, and what issues fall to the landlord to remedy. They will also liaise with contractors, tradesmen and tenants on behalf of property owners to organise fixing issues.
Dealing with difficulties
Easily the most stressful and daunting aspect of managing your own investment property is having to deal with difficulties and disputes. If issues arise in the form of unpaid rent or damaged property, it can be stressful trying to find a peaceful and productive solution. Property managers provide an important buffer between you and your tenants and are at the frontline of communication and problem solving. Our property managers are well-versed in tenancy law and provide solution-focused mediation, as well as contacting the tenancy tribunal when necessary.
Knowing your way around the new laws
In recent years, a series of amendments to the Residential Tenancies Act have come into effect. These amendments have drastically changed the landscape for landlords by providing new restrictions around grounds for terminating a tenancy, the frequency of rent increases and the ability for tenants to make minor changes to a property (to name a few). In addition to the amendments to the Residential Tenancies Act, the Healthy Homes Standards (which came into effect July 2019) are now enforceable with all privately managed rentals needing to comply with these standards as of 1st July 2021. These standards outline the minimum heating, insulation, ventilation, moisture ingress and drainage, and draught stopping requirements for rental properties. According to Sharon Cullwick, executive officer of the New Zealand Property Investors Federation, the implementation of the Healthy Homes Standards is challenging for investors as many people are unsure what they need to do in order to comply. Property managers can provide you with expert advice on these changes to legislation which can help reduce the risk of receiving a fine. At EVES, we have our own Healthy Homes coordinator who’s sole focus is assisting our owners to meet these news standards within the required compliance dates.
Why you need an EVES Property Manager to take care of your rental investment
There is a lot more labour and admin involved in managing your own rental property than can be anticipated. With cleaning, advertising, screening tenants, conducting inspections, annual rent reviews, liaising with contractors, and keeping up to date on the latest changes to property laws, logistically it can be a monumental task. Engaging a property manager can save you time, money and stress, so contact one of our EVES Property Managers today to find out what we can do for you https://www.evesrentals.co.nz/our-people