Property management is one of the most important aspects of owning a rental asset. It requires great understanding along with the right knowledge of how to effectively manage and deliver on expectations. Here, many property investors get disappointed. They are unable to find a trustworthy property manager that is not overworked, or under supported by management that can efficiently take care of their investment property and their clients (tenants).
Normally, property investors make these mistakes while managing rental property in Auckland.
- General “fair wear and tear”: This is a general fact that no two people have the same standards. Every person thinks differently and therefore, his thinking while living in a rented house also differs. When you consider Wear and Tear of your property, it means that woodwork, paintwork and other small repairs that can be seen as the responsibility of a tenant to take care of. Being the owner of your rental, or the manager of rental properties, one has to be aware of the life duration of all important items that require replacement after a certain time period. If your tenant damages them due to which, their time span is reduced, then you can even claim compensation for this loss- which can be determined according to their life left. And on the flip side of the coin, where items are damaged at a rate that is considered “fair wear and tear” or “reasonable” the Residential Tenancy Act will indeed protect the tenant. Over all the condition and age of the rental property will effect the management and expectations of what is “Fair” or “Reasonable” I.e. It is not so reasonable to have scuff marks on newly painted walls, but where the walls are aged there is a stronger case for tenants treatment to be classed as “Fair” or “Reasonable”.
- Process of rental collection: Chase property management believes in a no tolerance on rent arrears concept. We consider that early education is one main tools to make sure that rental dues are paid on time every time, one mistake rental property managers or the self-managing landlord is not investing the time to make good rapport with the tenant, and properly explaining the obligations, and re-actions that will be encountered should rent be missed. What I mean here is that a new tenant is a prime opportunity to ensure that they understand everything that is expected of them, which reduces the chances of any issues unknowingly arising, and with particular regard to rental payments, it should be advised to the tenants that the property manager or private landlord has a particular process for dealing with rent, for example we explain our system to tenants and ask that they sign to say that they sign to acknowledge, this then means that hey Though, apart from our efforts and services, tenants occasionally do not pay the rent and the case remains head for expulsion, in which case they should be well aware of how the process will unravel and just how quickly (and the process should be quick) they can expect a reaction. Though, just like other situations, it is necessary to consider the financial loss you may suffer. For this reason, our property managers in Auckland recommend you to get the best landlord insurance plan so that all of your concerns can be covered safely.
- Maintenance and repairs- If any item is broken, it should be mended within a short time or if it is not repaired, you have to replace them (assuming it is a chattel). Where repairs are not conducted in a timely manner there are some situations where compensation from tribunal order is awarded to the tenants, this situation creates negative environment in the renting situation and the knee jerk reaction from the tenants mentality can come in the form of tenant lackadaisical attitude to payments, we recommend keeping regular contact with tenants with regard to repairs, it saves you money and can reduce the cost of repairs from damage escalation, and it shows you care about your property and your tenants, where repairs cant be made in a timely manner communication is the key to setting frustrations at ease. we like to address quick replacements or repairs of damaged items, to prevent further damage to your investments and tenant relations. In such situations, our rental property management services will suggest you to let us perform all the required repairs and we will contact our trusted tradespersons or your preferred tradespeople to address the issue as soon as possible. We believe in open and honest communication with the owner and tenant always with regards to repairs, our care is only for the satisfaction of your tenant and the long term health of your investment, while we do charge a maintenance organisation fee of 7.5% on some maintenance jobs, this is only for the time it takes to facilitate contact with tenants tradesmen and travel costs.
Your satisfaction is our priority, and we want to help any and all rental property investors to have a positive and stress free life, we want to make sure that all parties expectations are met or exceeded!
If you own a rental investment on the hibiscus coast, north shore or in Auckland in general
and feel that your property manager is not meeting your needs, or that managing the in tenants is running in a less than optimum way, we
would love to have the opportunity to deliver you the best service we can, If you are a private landlord and want to use our casual letting
service we would enjoy the opportunity to serve.