Why It Can Be Beneficial Using A Property Manager During The Holiday Period

02/12/2024

Using a property manager during the holiday season can offer several benefits, especially if you are a property owner or landlord. Here are a few reasons why it could be advantageous:

  1. Time and Stress Management:
    • The holiday season is often a busy time for personal and family commitments. Having a property manager allows you to focus on your own plans without worrying about property maintenance or tenant issues.
    • A property manager can take care of any emergencies, like plumbing issues, heating failures, or other repairs that may arise when you are unavailable.
  2. Tenant Relations and Communication:
    • During the holidays, tenants may be away or traveling. A property manager can handle communication with tenants, ensuring that rent is paid on time, dealing with complaints, and responding to urgent issues.
    • This helps maintain positive relationships with tenants and can avoid the stress of managing tenant expectations during a busy time.
  3. Emergency Response:
    • The holiday season can increase the likelihood of emergencies (e.g., power outages, heating failures). Property managers are available to respond quickly, which can be particularly valuable when you are out of town or unable to attend to issues yourself.
    • A property manager can also coordinate with contractors or emergency services if repairs are needed.
  4. Availability and Coverage:
    • Property managers typically have a team or network of contractors who can provide coverage during the holidays, ensuring that your property remains well-maintained and tenants’ needs are addressed.
    • This level of availability ensures that you don’t have to deal with after-hours calls or issues while you’re occupied with holiday festivities.
  5. Holiday Rent Flexibility:
    • A property manager can help navigate the nuances of rental agreements over the holidays, such as accommodating tenants who may need flexibility with payment dates or lease terms.
    • They can also assist with filling vacancies during the holiday season.
  6. Legal and Financial Management:
    • Property managers ensure that all legal and financial aspects of the property are handled properly, such as lease renewals and rent collection. This can be particularly helpful at year-end, when there are often additional financial and tax requirements to handle.
  7. Marketing and Tenant Screening:
    • If you’re looking to rent your property during the holidays, a property manager can handle the marketing, showings, and screening of potential tenants. This saves you time and ensures the process is smooth, even when you are distracted with holiday activities.

In essence, a property manager can make your holiday season much easier by providing peace of mind, ensuring that everything runs smoothly, and freeing up your time for personal enjoyment.

What Should I Look For When Purchasing A Rental Property?

04/10/2024

When purchasing a rental property, consider the following key factors:

  1. Location: Look for areas with good rental demand. Proximity to amenities, schools, public transport, and employment hubs can attract tenants.
  2. Property Condition: Assess the property’s condition and any necessary repairs or renovations. A well-maintained property can save you money in the long run.
  3. Rental Yield: Calculate the potential rental income relative to the property’s purchase price. Aim for a good rental yield to ensure positive cash flow.
  4. Market Trends: Research local property market trends, including historical price growth and rental price trends. This can give you insights into future investment potential.
  5. Zoning and Regulations: Understand local zoning laws and any regulations that may affect your ability to rent the property, including consent requirements for short-term rentals.
  6. Demographics: Consider the demographics of the area. Different tenant profiles (students, families, professionals) may influence your property choice.
  7. Property Management: Decide if you will manage the property yourself or hire a property management company. Factor in the associated costs and responsibilities.
  8. Financing Options: Explore different financing options and understand interest rates, loan-to-value ratios, and any potential tax implications.
  9. Insurance: Check the insurance requirements and costs for rental properties, including coverage for natural disasters, which can be significant in some areas of NZ.
  10. Future Developments: Investigate any planned developments in the area that could impact property values or rental demand, such as new transport links or commercial projects.
  11. Exit Strategy: Consider your long-term goals and how this property fits into your investment strategy. Have a plan for what to do if the market changes.

By carefully evaluating these factors, you can make a more informed decision when purchasing a rental property. If you’re looking at purchasing feel free to get in touch and we’d be happy to provide opinions and recommendations!