Investment property owners, if you are currently managing your own property, then listen up!
Property management is not something that comes easily and naturally for many people. It takes skill and expertise to be able to effectively manage property to the point where it truly is an investment, not a hindrance or a cost.
Here's Summit Property Management's advice on why a property manager is a very good idea.
We are seeing more and more regulation coming into the industry. A good property manager will be aware of legislation changes and how this will effect your investment. A good Property Management company like Summit will have procedures and processes in place to comply with all relevant legislation.
As the act implies it governs all residential tenancies in NZ. It is the core legislation for our industry and something that all Summit property managers must be experts in. Do you have a thorough understanding of the Act and its implications? The person responsible for managing the property must be able to deal with tenants in a professional capacity and act in a fair and reasonable manner.
Getting the right tenant into a property is key to obtaining a positive return on your investment. Summit Property management knows how to dig for the information that matters and find potential warning signs that all might not be quite what it seems.
A Summit property manager can access credit checks complete background checks.
The Tenancy Agreements used by Summit Property Management will always be up to date with the latest regulations and capture any additional clauses required for a specific property. An experienced Summit property manager will also always write these in a manner that would meet legal scrutiny should issues arise.
Disputes can arise between a tenant and owner. Having an intermediary in a property manager between you and the tenant shields you from a direct involvement. An experienced Summit property manager can help moderate the situation and prevent ill feeling.
There are a lot of procedures and processes to follow. Some of these that may be worth thinking about are;
Lodging bonds within the required timeframes
Following up arrears in line with the requirements laid down in the Act
Representing yourself at mediation or in Court
Dealing with a property that has been abandoned
Chasing up bad debts
If you are not familiar with these it is easy to make mistakes that can cost time and money.
Property Management isn’t an easy gig. It takes time, focus and persistence. Being dedicated to this as an industry professional means Summit Property Management are always looking for ways to be more efficient, and meticulous in the way properties are managed and valuable industry knowledge is gained through our exprience. When you take all of this into account and weigh up the cost of management against your time, the question you need to ask is – ‘is your time worth it’? By using a Summit property manager, you can free up your precious time and be safe in the knowledge that your asset is in the hands of someone with appropriate expertise.