Over the past twelve months, there has been a notable spike in interest for professional property managers across New Zealand. This interest seems to be largely driven by the risks associated with non-compliance with new legislation, specifically the revised Residential Tenancies Act (RTA). Many self-managing investors and private landlords have come to realise that there is a multitude of information they need to be across to ensure they are adhering to the rules, or they risk bearing the cost of financial penalties.
We spoke to Juliet Robinson, Principal of Quinovic Nelson, to find out what the key benefits of working with a professional Property Manager are.
When onboarding new clients, Juliet noted that one of the things investors are most surprised by is the fact that they will receive their rent funds within five working days with Quinovic. There’s often a misconception that adding someone else to your team can create a significant delay in cash flow. However, property managers help to ensure rent is always paid on time and reaches your bank account promptly.
Hot tip: If you’re considering engaging a professional property manager, be sure to ask what their timeframes are for processing rent payments.
Large professional property management groups like Quinovic invest heavily in their systems. Any quality property manager will use an online system to track and store data, providing you with full visibility over your property portfolio. This easy access is an obvious benefit for busy investors and landlords who want to maintain oversight of their rental properties without being involved in the day-to-day management.
Property managers have a professional understanding of the industry and your obligations as a landlord. This is especially important in the wake of legislative changes like the Healthy Homes Standards, the Bright-Line property rule and new tax laws. A property manager will ensure that your rental property is compliant with all relevant laws including:
Tenant selection and establishing the tenant /landlord relationship is arguably the most important part of the property management process. Property managers will have systems in place to make sure any prospective tenants are a good fit for your property. At Quinovic, the tenant selection process includes the following steps:
We believe that a comprehensive check process is integral to successful property management. Finding the right fit for your particular property reduces churn, vacant time, and sets the foundation for a strong relationship with your tenants. Our aim is always to keep good tenants in place for longer.
Professional property managers will have a specialist understanding of market rent in your location, tenant expectations, and how to balance these. They’ll also know when and how to adjust rents in accordance with the law and how to best communicate this with tenants. This way, you can be sure that your investment goals are being prioritised.
A property manager will take all of the day-to-day relationship and property maintenance tasks off your hands, giving you valuable time back to focus on the things you love doing. Quality property managers will have also fostered strong connections with local tradespeople and maintenance providers. This means you can feel confident that you’re getting the best deal and there are professionals negotiating on your behalf. A good property manager will know the difference between a maintenance issue that can be fixed quickly, or something that requires a bit more investment to prevent bigger problems down the track.
It is essential to regularly undertake property inspections for numerous reasons. Many self-managing landlords aren’t aware that most insurance policies actually require property inspections every quarter. Inspections are also an opportunity to identify maintenance requirements before they develop into larger, more costly issues. An experienced property manager will know exactly what to look for, how much notice to give tenants, and the right questions to ask.
Relationships with property managers are ongoing, so it’s essential that you feel comfortable with the person you choose. To help you get started, Juliet shared five key questions to ask property managers before you begin working together.
Hot tip: At Quinovic, we recommend choosing a company that solely focuses on property management. When a business operates both property management and real estate sales arms, real estate often produces the majority of the company’s income and can be prioritised when it comes to time and resource. Working with a business that is completely focused on property management is an easy way to ensure that your best interest is always the highest priority.
If you currently own a rental property or are considering investing and want professional property management advice, get in touch with your local Quinovic office. We’re a nationwide team of property management experts and have managed over 100,000 tenancies since 1988. When it comes to legislative matters, we have a professional understanding of all new and existing rental property laws, as well as local contacts to assist with any practical matters for the Healthy Homes Standards. No matter how big or small your question is, we’ll be happy to help. Ask Quinovic today.
