IT’S ON THE HOUSE
Insights and advice for property investors & home owners.
Attempting to successfully run a rental property, whilst dealing with other commitments like work and family can quickly become overwhelming. For this reason, many landlords choose to employ the help of a property manager to remove the stress and give them more time for themselves. Picking a manager you can trust with your property is very important, so we've compiled some advice on how to decide which is the best property manager for you.
First and foremost, having a property manager will free up time for other important things. Trying to regularly communicate with tenants, keep track of rental payments, perform inspections and maintain thorough records of everything can become very time consuming, particularly when running multiple properties.
Property managers generally have access to a lot of comparative data about the rental market, allowing them to ensure that the level of rent you charge accurately matches the market rate. ‘Private landlords can be unaware of how much rent they should be charging, and often our first step upon taking on a property is to increase that rent so it’s in line with market rate’ says Robbie Mitten, general manager at the Quinovic franchise in Kent Terrace, Wellington. In short, a property manager will help you to free up time, while maximising your profits.
There are a number of issues that landlords often come across when self-managing properties. Staying up to date and informed on complex legislative changes can be difficult. Many tenants are knowledgeable about the rules, and there is a potential for fines if they are not followed correctly. It can also be hard to stay organised, keep track of rental payments, and maintain comprehensive records of everything, which can cause significant issues when dealing with accounts at the end of the year. Robbie explains, ‘there are often higher vacancy rates among private landlords. This can be due to a lack of availability for meetings and viewings with prospective tenants, in which case they may lose potential tenants as they settle for other properties’.
Looking for proven experience is very important when trying to choose a suitable property manager. Having lots of experience means a manager will have likely been through any potential problems in the past, and dealt with them successfully. Look for companies who’ve stood the test of time. They’ll be the ones who’ve kept their customers happiest and most profitable for the longest.
The company should be large enough to have a sufficient supportive framework in place, for example if a lot of work is needed in a short time frame, or if your usual manager is absent. Another key thing to look for is national experience, as opposed to just local knowledge. This gives managers a much wider view of the market, and access to a great deal of comparative data.
At Quinovic, our sole focus is property management. Unlike many companies who primarily deal in real estate and manage properties as a secondary source of income, all of our time is devoted to residential property management. This means no distractions from ensuring a great letting experience for you and your tenants.
We have over 25 years’ experience in the property management industry, so we are experts in what we do. We know the New Zealand market, its complex rules and regulations, and we know how to work in a successful partnership with clients here. With offices all over the country, we have access to a great deal of market data to help you maximise your profits and get the most out of your property.
Over the years, we have developed a comprehensive and detailed system of caring for your property, which we personalise for every client. Our property experts perform regular house inspections, complete with photographic records, and produce detailed financial reports. This not only protects your property - allowing you to keep earning for longer - but saves you spending time on record-keeping and your financial accounts.
With thousands of properties and even more tenants, we understand the importance of communication, so keep in frequent contact with both you and tenants. This allows us to stay up to date with any developments and react accordingly. In the case of late rent payments - an all too familiar gripe for any private landlord - we remove the burden from you entirely; promptly pursuing missed payments to make sure you don't lose out.
Our vast experience and proven track record have equipped us perfectly to help remove the stress from your property, free up your time and maximise your profits.
If you have any questions or want advice about choosing a property manager, talk to us.
The experts in property care and return.
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