Key Decision Factors
Knowing how to choose the right property manager can significantly impact the protection of your investment.
But how can you determine which one is the best fit for you? Let’s break it down:
Or, if you prefer, this video covers the seven factors in slightly less detail.
1️⃣ Hands-On Experience
Experience is important, but not all experience is created equal. Look for a property manager with practical experience rather than just theoretical knowledge.
If they are new to the field, check if they are pursuing the NZ Level 4 Property Management qualification, a nationally recognized standard.
If they are or have been a landlord themselves, that’s a bonus—and a massive benefit to you.
2️⃣ Local Market Knowledge
A good property manager should thoroughly understand the local rental market. They need to know what tenants are seeking, the rental rates of similar properties, and how to set a competitive rental price.
3️⃣ Communication & Transparency
Effective communication is essential. You want a property manager who keeps you informed, responds promptly, and is upfront about any issues. If they take days to reply or only reach out when there’s a problem, that’s a red flag.
4️⃣ Tenant Screening
Selecting the right tenants is crucial. A great property manager will have a comprehensive screening process that includes checking rental and background history, credit reports, and references to ensure reliable tenants who will care for your property.
5️⃣ Maintenance & Inspection
Regular inspections and proactive maintenance help prevent costly repairs. A good property manager will address maintenance issues before they escalate into significant problems.
6️⃣ Fee Structure
Management fees are important, but the cheapest price isn’t always the best option. Instead of just comparing costs, examine what services are included. A property manager who saves you time, reduces stress, and prevents costly mistakes is well worth the investment.
7️⃣ Legal Compliance
New Zealand has strict tenancy laws, including the Healthy Homes standards and the Residential Tenancies Act. Your property manager must be knowledgeable about these regulations to ensure compliance and protect both you and your tenants.
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Remember, your property is a valuable asset.
Take the time to find the right person to manage it. Do your research, ask the right questions, and choose a property manager who treats your investment as if it were their own.
Happy renting!
Making life easier for landlords is what we do.