In a recent blog we answered the question, “How do you know your property is being properly managed?” That article prompted a number of questions including, “Am I getting the very best from my property management company?”
Of course, we can't answer that question for you, but what we can do is tell you the services you should expect from a good property management company like Chase Property Management Ltd—we’re expert property managers dedicated to servicing your residential rental property management needs throughout Auckland, North Shore, and Hibiscus Coast; here are four important things you can entrust to us and know that you're getting the best out of your rental property.
1] Property inspections
At Chase Property Management we believe a rental property needs four full inspections per year. This enables us to keep an eye on the condition of each of the properties we manage and take note of any maintenance (or potential maintenance) issues.
If you're currently paying someone to manage your rental property, make sure they’re giving you a report on the property’s condition every three months or so. That way you can be sure any repairs or maintenance issues are taken care of before those little jobs become big ones!
2] Monthly drive-bys – going the extra mile!
Surely you can't tell much from the road? Actually, a trained property management professional like the team at Chase Property Management can.
Each landlord who entrusts their property with us can be assured, where possible, we drive past their property at least once a month. These casual drive-bys are a great way to keep an eye on things like:
- the street value
- your rental’s general appearance
- the tidiness of lawns and gardens
- the number of cars or people at the property.
3] Rent reviews
This is where most rental property owners struggle. It’s easy when a new tenant moves in but, over time, that tenant can become quite friendly and before long it can become very difficult to broach the issue of a rent increase.
Your property manager should give you a rent review every 180 days (twice a year). That review should:
- Be honest. Some property management companies will promise high rental returns to get your business and then claim the market has taken a downturn or the number of potential renters has dropped, leaving you disappointed when you finally find tenants.
- Give a good indication of the rent you can expect to receive for your property. It needs to be not too low—so you maximise your annual income. And not too high—so you minimise times of vacancy.
- Be discussed with you before any action is taken, not all landlords are equally aggressive with rental increases
- Be shown to your tenants along with an honest but sensitive explanation of why their rent is about to go up. That’s the hard part taken care of! Your tenants are paying a fair rental for your property and you are still the good guy!
- Take into account legislation you may be unaware of. For instance; it is often permissible for a landlord to increase rent during a fixed term, provided it’s reasonable and in-line with market rents.
In a recent article by Bob Walters a seasoned property management expert, trainer and consultant, he details his thoughts and experiences about rent reviews. I feel this outlines some issues with the industry, that we set about to counter act with Chase Property Management, and also highlights a consideration with how high to increase rents. Click here to read Bob Walters Article
If you're asking, “What is a fair rent for a property in North Shore or Rodney?”, Click here for Chase Property Managements last analysis of Auckland, North Shore and Hibiscus Coast rental movements
4] Rent collection
A good property management company will take all the hassle out of collecting rent. As well as ensuring you get a fair rental for your property, Chase Property Management will:
- collect your tenants rent and constantly ensure it’s in the bank on time every time
- Follow-up on unpaid rent. We have a process for when rent is not paid and we commence that process from day one—the first day a payment is missed.
- Have a rent arrears policy that protects you and ensures missed payments are accounted for. Most rental owners don’t keep a close watch on rental income meaning it can be weeks before they notice a tenant is reneging on their payments; a good property management company will notice immediately.
To view Chase Property Management’s Rent Arrears Policy, click here
Make sure you look out for part two of this blog post and discover more about how to get the best from your property manager.
If you want to maximise the benefits of owning a residential rental property, contact Sam and Stacy at Chase Property Management. We’re rental property management experts, servicing the North Shore, Hibiscus Coast and Central Auckland.
Phone Stacey on: 09 213 7445 or email: firstname.lastname@example.org
Phone Sam on: 09 213 7444 or email: email@example.com