When it comes to investment properties, many owners bear a can do attitude. The idea of paying fees puts a lot of owners off using a property management company. But what most people don’t realise is how time consuming and involved managing a rental property can be. Below is a break down of the common day-to-day tasks of a property manager.

Liaising With Tenants- once a property is tenanted, any problems, concerns or questions the tenant has will go to the property manager. If you use a property management company, we recommend all contact with the tenants to be kept between the property manager and tenant.

Doing Inspections- when owning an investment property it is important to do regular checks. For most insurance companies inspections at least every 3 months is a requirement. The property manager will organise a date and time with the tenants to do the inspection. The purpose of regular inspections are to make sure the tenants are taking care of the property and stay on top of maintenance.

Maintenance- the property manager may notice maintenance issues during inspections or the tenant may notify the property manager of any issues. The property manager will organise trades people to assess these issues right away if urgent. If the issue is not urgent the property manager will run the issue past you first. It is important to stay on top of maintenance to preserve the life of your property.

Setting Rent- setting rent involves evaluating the rental market and your property in order to maximize your return. If the rent is set too low you’re leaving money on the table. If you set it too high the property will be difficult to tenant.

Marketing The Property- when your property is vacant or becomes vacant the property manager will need to advertise. This involves taking and editing photos and listing the property on all necessary channels.

Selecting Suitable Tenants- picking a suitable tenant for your property can be a difficult task. A property manager will assess each application received and narrow them down to a tenant they think will be most suitable for your property. The process involves checking references, credit checks and ensuring the prospective tenant or someone on their behalf has viewed the property.

Tenancy Agreements- the property manager will arrange a time for the tenants to sign and fill out the tenancy agreement. This is a legally binding document outlining the terms and conditions of the tenancy. A copy will be sent to both you and the tenants and another kept on file in office.

Tenancy Tribunal- in the event that the tenancy tribunal needs to be involved, the property manager will attend and act on your behalf to try and resolve the issue.

When it comes to renting, insurance is beneficial for both owners and tenants. Landlords should insure their properties against any damage. Tenants should get insurance to cover their belongings and protect them from liability.

Landlords require rental insurance. Most policies will cover tenant damage and some will cover vacancy periods. Insurance companies will usually require frequent inspection reports in order to claim for any damage. This is why we recommend 3 monthly inspection reports. Landlords must provide their insurance information in any new tenancy agreement including the excess amount. If the property is not insured this still needs to be written in the tenancy agreement. Ensure you thoroughly read your insurance policies to see exactly what is covered.

Tenants should insure their belongings when renting, as the landlords insurance does not cover this. Tenants can also now be held liable for damage to the property. If tenants or their guests cause careless damage to the property they will be held liable for up to four weeks rent or the landlords insurance excess, whichever is lower. Tenants should look into contents insurance to cover their belongings and personal liability insurance to cover them in certain situations.

For any questions regarding landlords or tenants insurance be sure to ask your insurer. It is important that you are familiar with what your policies cover and for different situations.

A vision statement is an aspiration that a company would like to achieve in the mid or long term. At T And T Property Management, our vision statement is ‘to be the go to property management team in Invercargill.’

We take pride in what we do. Helping owners achieve their investment goals and tenants to find suitable housing. Our vision statement will be the end result.

At T And T Property Management our mission statement and main purpose is to ‘help you achieve your investment goals.’ This is our aim and why our company exists. Our mission statement is our overall goal when assisting our clients.

T And T Property Property Management’s core purpose is always front of mind and what we aim to achieve at all times. By instilling our company values our purpose is who we aim to be as a company and what we aim to achieve.

‘Providing exceptional service and top quality property management.’

At T And T Property Management we take pride in what we do and why we do it. There are five values that we incorporate into everyday business and help assist us in striving to be better than the day before.

Exceeding Expectations- always being honest, reliable and providing a top level of communication.

Innovative- thinking outside the box, fresh ideas, always ready for a challenge to provide excellence.

Knowledgeable- always understanding what we do and why.

Positivity- loving what we do and having fun.

Everyday Better- striving to be better than yesterday.

For both tenants and owners, there are a number of online resources available to answer any of your rental questions.

Tenancy Services- www.tenancy.govt.nz is the number one online resource for both owners and tenants in New Zealand. Most questions have been covered on their website regarding tenancies through to disputes. You can also find any forms required such as bond forms or template tenancy agreements. If you cannot find the answer to your question on their website they are also available via phone or email.

Landlords for Kiwi Property Investors- landlords.co.nz covers all things relating to real estate and property management in New Zealand. It is a good online resource for owners, to get information on law changes, insurance or market updates.

Consumer NZ- when searching tenancy on consumer.org.nz they have a number of articles around tenancy rights when renting, landlord expectations and regulations etc. This website could be helpful for both owners and tenants.

If for any reason, none of the above resources are helpful feel free to give us a call and we will do our best to answer any questions you may have!

The who, what, when and why’s of Property Management.

Who can be a Property Manager?

Although, there are no specific qualifications required to become a property manager there are some useful ones. These include a certificate in real estate, certificate in residential property management or a bachelors in property. Skills are more important in a property management role to ensure you can communicate with all types of people. Some important skills include honesty, reliability, good listening and writing skills, being able to mediate and negotiate, good organisation and good judgment.

What is a Property Manager/ Property Management?

A property manager is someone that is hired to oversee the day-to-day management of investment properties. Responsibilities include organizing repairs and maintenance, ensuring rent is paid on time, all communication with tenants and routine inspections just to name a few. Property managers act on behalf of the owner to preserve the value of the property while generating income.

When and why is Property Management needed?

Property Management is used when owners are unable to put the time and effort needed into their investment properties. Managing rental properties can be a very time consuming task and some owners have larger portfolios which require more time and attention. Others may be leaving town or the country and cannot simply manage their property(s) themselves.