Finding the right tenant

How to attract long-term tenants

Between minimal marketing costs, less admin time finding new tenants and guaranteed rent, it’s no wonder why landlords frequently look for long-term tenants. In this blog, we break down the best ways to find potential tenants who are looking for a more permanent rental solution.

What should I look for in a tenant?

The main aim of any investment is to make a profit. When it comes to rental properties, this means having the property occupied with rent coming in and minimal damages. What you should look for in a tenant does heavily depend on the type of rental property that you own. However, finding tenants that have proven regular income, good credit history and at least three strong references is a great start, no matter the type of property.

What is the best time of the year to look for tenants?

To put it simply, the best time to look for tenants is when you need to. Some landlords believe it’s better to avoid looking for tenants in peak holiday times as they are more likely to be out of town. However, as Property Managers, it is our aim to keep your house tenanted for as many weeks of the year as possible and maximise your returns on your investment.

Can I charge late fees if a tenant doesn't pay rent on time?

No, landlords are unable to charge tenants late fees if rent is not paid on time. However, it is the tenants’ responsibility to pay their rent in accordance with the tenancy agreement. There are a range of steps you can follow when rent is overdue but the best way to avoid this problem is often by picking the right tenant. A thorough checking process can save you stress and time down the road. Using a Property Manager also means they will be able to provide professional advice and handle any tricky situations for you.

How frequently should I charge rent?

Rent is generally charged weekly or fortnightly depending on the preference of the landlord. Landlords are unable to ask for more than 2 weeks rent in advance. However, we recommend discussing the rent payment schedule with your tenants and, if possible, aligning payments with the frequency of their income. This is an easy way to help tenants with their budgeting and prevent payment issues with inexperienced renters. If tenants would like to pay monthly in advance, care needs to be taken to ensure documentation reflects that the tenant asked to pay at this frequency, and this was not asked by the landlord. It’s also worth noting that until all paid rent has been used, landlords cannot ask for further rent payments.

Record-breaking demand for housing

New Zealand’s waitlist for public housing has continued to grow at a rapid pace. Reaching nearly 14,500 households in November 2019, the list has more than doubled since 2017.

First home buyers facing difficulty with deposits

In November 2019, the Reserve Bank of New Zealand (RBNZ) reported that slowing global growth had prompted central banks across the world to offer low policy rates. Simultaneously, global interest rates also fell, leading RBNZ to describe low interest rates as the ‘new normal’ in New Zealand for the foreseeable future.

Tenants to pay $21,000

A property in Christchurch recently made headlines after receiving extensive damage from tenants. The tenancy tribunal ruled that the tenants owed the landlords $21,000 for the abandonment and repair of the property, including $8,000 in rental arrears alone.

Launching our Knowledge Centre

We started off the year by launching our Property Management Knowledge Centre on the Quinovic website.

Helping owners find the right tenants

As students start returning from summer holidays we are geared up for letting season, turning our attention to the journey of finding the right tenant.

News & upcoming events

Webinar: In mid-February, we will be hosting the first of our upcoming Property Management Webinars in 2020.

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