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What might Property Management under level 3 lockdown look like?
With recent Government announcements New Zealanders will move from Level 4 to level 3 lockdown on April 28th, (and with time on our hands right now) we consider what that's likely to mean for property management.
While we are still awaiting further information, its reasonable to make some assumptions about our business life under level 3 based on the information already at hand: business.govt.nz/covid-19/workplace-operations-covid-19
We can safely say that the information pertaining to real estate will apply to property management, and so we expect the following:
Work from home continues through level 3 in general. Trades work may expand on rentals, but only in accordance with Health guidelines. We anticipate this will likely look like: A tradesperson may conduct non urgent works under certain conditions, we imagine external repairs and maintenance may resume
Operate under health and safety and bubble best practices where any interactions do occur. I.e. proper distances maintained, interactions recorded
Viewings: Current information states, “One-on-one viewings and pre-settlement inspections may be possible” (We expect this only applies where the home/rental property is empty/ not inhabited, with such importance placed on keeping your bubble small its a safe assumption).
Inspections: We don't anticipate regular routine inspections to resume until level 2 is reached. While trusted sources of information available such as tenancy.co.nz are anticipating inspections may be possible under strict safety precautions, we expect that the potential of transmission risk from a property manager entering numerous inhabited properties will outweigh the needs of getting back on top of routine inspections.
In short, while we are still awaiting Government to divulge further information, we are anticipating next weeks level 3 to look similar, but with more action where it is going to be clearly and practically safe to do so.
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With the Residential Tenancies Act Amendment Bill no 2 now passed second reading, it is worthy of all landlords to take note of the implications and be proactive / consider the future. If the proposed changes come into effect and the rental property is not code compliant/ not legally permissible / contaminated above MOH guidelines with Meth related residues landlords may risk:
Part or full repayment of rent + a fine (up to $4000) for acting unlawfully + an order to fix (upto $50,000) & the landlord may not have any recourse for damages done to the property (i.e. tenant has moving out party and causes damage, landlord cannot make any claim).
As a landlord you are wise to start preparing that if these changes come into effect your property is lawfully rentable. Protect yourself for the future, and be confident that your rental property is lawful and you are acting lawfully by:
Get your property professionally meth tested prior to renting to ensure it is legally habitable (and do it in between every tenancy to ensure it stays meth free or the guilty party is held accountable). The cost for meth testing varies, as a range you are looking at $179-489+ GST and further room by room test may be needed. We stress to landlords, that we strongly encourage testing especially when there is faith that the house has never been occupied by users. BEWARE: ensure you're insured and be prepared for the worst. Keep in mind you can't knowing rent a contaminated house.
If there's any risk that your property is not code compliant start planning to take the steps required to get it up to scratch or at the least take the necessary steps so your not at risk of losses. Where this comes into play in the Auckland market will mostly (from our experience) be with regards to granny flats and secondly unconsented alterations like wall alterations or enclosed decks. Most of you will have some idea of where your property stands, but if not then order a LIM report (click here for Auckland Council LIM info), and or evaluate your property as it stands against the consented plans. If you don't have the plans, order a property file (from Auckland Council) to establish exactly what's on file. Where required there are options to move on with a certificate of acceptance or a safe and sanitary, but my experience has been that Council is taking a much harder line on these now as opposed to a few years ago.
When our property managers conduct a rental appraisal for you we are relying on the your assertion that the property is lawful and livable, and in the future more stress will be put on this.
The current proposed amendments will make clear some further landlord legal responsibilities, but it will bring some much needed positive changes for making tenants accountable for their damages. Parties have till early August 2017 to make submissions, so if you're interested or want to know more you can click here.
If you are seeking a well considered rental appraisal from experienced property managers in Auckland, please feel welcome to get in touch with the team at Chase Property Management.
Good news for tenants looking for property in the busy Auckland rental market. Trademe has not launched an online application system that works in conjunction with Viewing Tracker called Tenancy Tracker. Read More »
Below Chase Property Management has used government bond lodgement statistics information to compare mean rent information gathered for the periods (1st-August-2014 to 31st-January-2015) vs (1st-August-2015 to 31st-January-2016). Read More »
From 24th October 2015 Chase will be operating from a new office. Our new office located at 16 Gibraltar Crescent Parnell Auckland 1052 won't be a long term residence, merely a short term fix while we renovate our new premises. Read More »
With the New Zealand Government scheduled to introduce changes on investment property taxation, now is a great time to weigh up the potential impact on your current or future property investment strategy.
William Buck Christmas Gouwland are hosting a free short seminar titled “Property Tax Changes and the Impact on Your Business”. The seminar will be hosted by Leicester Gouwland and cover the potential implications of the pending property tax laws and other recent tax changes affecting property investment in New Zealand.
Leicester has recently been featured in a National Business Review article raising some thought provoking questions on the soon to be introduced property tax laws. If you are a serious property investor in Auckland, I expect Leicester's knowledge and experience will shine thru in this seminar.
Property Tax Changes and the Impact on your Business will be hosted on the 26th of August 2015 on Queen Street in Auckland CBD if you are interested please contact Kieran Bird to register and obtain the exact time and location details of this seminar.
Kieran.firstname.lastname@example.org or (09)366 5036
In property investment, knowledge is power. So leverage the knowledge of an expert.
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Recently a friend of mine told me about a seminar he attended. Run by a finance company hoping to supply my friend with a loan, it was called “Everything you need to know about becoming a rental property owner.” Read More »