Nifty ways a property manager can make your life as a landlord easier (part 2)

more nifty ways to make landlord life easier;

Securing the services of a reliable and experienced property manager is crucial for both you and your rental property. With their expertise, you can expect optimal results that will significantly simplify your life as a landlord by;

Part 2 continued (click here for part 1)

 ➡️ Access to market information and trends to help you make the best decisions when required.

✅ It is important when you want to make decisions like renovating, upgrading your property, doing general maintenance, or whatever the reason, discussing this with your property manager can give you valuable insight before you decide on the best course of action.

➡️ Collecting market rent and making sure tenants pay their rent on time. nifty ways a property manager makes life easier for landlords

✅ They will have processes and systems to check rent daily, follow up with tenants on any missed rent immediately, and, when necessary, send out a 14-day breach rent arrears notice.

✅ A good property manager that’s looking after you will have reminders when 12 monthly rent reviews are due.

✅ Will research the market and come back to you with what market rent is and then discuss this with you before sending out a 60-day rent increase letter.

➡️ Providing you with investment support and advice when you require it.

✅ If you want to purchase a rental property, it’s a good idea to talk to your property manager first.

✅ Suppose you get serious about putting in an offer from a renting perspective; they can come with fresh eyes and maybe a few what-ifs.

✅ Have you thought of this scenario or that?  That could save you a whole bunch of money before you go unconditional.

✅ If it’s a new area you are looking to invest in, have a short list of 2 to 3 property management companies that you would consider working with and then when talking to them individually about a possible purchase, you’ll have a sense of who has the most nous to help you best.

➡️ Making sure your rental property is compliant with the healthy homes standards.

✅ Sound property management is about protecting you, the landlord. Your property manager will have a preferred provider to do an independent, healthy homes report on your property. If any areas are not compliant, they can help to source quotes and manage tradesmen to get your property fully compliant.

➡️ Implementing and documenting a health and safety management plan for your rentals.

✅ Again, keeping you, the landlord and their company safe from legal mitigation should be a high priority for your property manager.

✅ As a PCUB (a person conducting business or undertaking), they will discuss any possible health issue or hazard at your property, document this and determine what action may need to be taken in a given situation.

➡️ Ongoing industry training and updating.

✅ Property manager’s worth their salt will always be willing to upskill themselves and continually be up to date with new tenancy laws or legislation that will affect your rental property and its management.

➡️ A professional approach always ensures you receive the best service possible.

✅ A High-value professional service is essential to optimise your ROI, providing higher tenant retention, efficient operational systems and streamlined processes, risk mitigation, and bringing expertise and industry knowledge to the table.

➡️ Have ongoing access to expert legal tenancy advice when required to protect you as the landlord.  nifty ways a property manager makes life easier for landlords

✅ In the renting game, on occasion, your property manager may need expert advice when it comes to tenancy law.

✅ A property management company that has your back will have a tenancy law expert easily accessible to run past more complicated tenancy matters. In most circumstances, you shouldn’t incur any costs for this service.

✅ Having your best interests at heart at all times.

✅ A competent, trustworthy property manager will always look after your rental property like it was their own. Treat you and your tenants with respect at all times.

✅ Report to you promptly even if it’s not good news like an expensive repair job.

✅ They will do their utmost to keep expenses to a minimum and get the best return for your property.

Making life easier for landlords is what we do. We would love to manage your property too.

So if you are considering engaging a property manager in Palmerston North, Manawatu or the Tararua Region.

Please feel free to drop me an email or call 027 249 8295  

Nifty ways a property manager can make your life as a landlord easier (part 1)

nifty ways to make landlord life easier;

Ensuring you have a professional bona fide property manager is vital for you and your rental property, giving you the best outcomes that will make your life as a landlord much easier by;

(click here for part 2)

➡ Minimising your stress levels

✔ When you have competent property management, your stress levels should be minimal; even if a difficult situation arises, your property manager will be solution-focused and act quickly to solve the problem.

➡ Providing you with peace of mind.

✔ With your property managed diligently, you can relax and get on with your life with no cause to worry or endure sleepless nights.

➡ Optimising your returns on investment.

✔ So if a rental property is effectively managed, gaining a higher returns go without saying.

➡ Giving you more time to spend on what matters most to you.  nifty ways a property manager makes life easier for landlords

✔ When you have the right property manager on board, you can let go of the reins.

✔ Knowing things are taken care of; you can relax, take time off, maybe have a break and spend more time with your loved ones.

✔ You won’t have to micromanage your property manager.

➡ Having efficient systems in place makes your life easier.

✔ Any tenancy information you require, rent summaries and tenancy agreements for your bank manager or mortgage broker will be at your property manager’s the fingertips.

✔ Monthly statements, invoices, year-end statements, and expense reports will be conveniently available for you and your accountant.

➡ Being reachable by phone during working hours.

✔ It’s frustrating when you can’t get hold of your property manager, or they won’t return your calls; this is not good enough.

✔ A property manager with integrity will have systems and priorities in place to get back to you in a timely manner when busy.

➡ Effective advertising so quality tenants will apply when your property becomes available for rent.

✔ When advertising, how you write your ad can make a big difference.  Using professional-looking photos with the right shot from the right angle.

✔ And loading a 360 3D virtual tour will set your property apart, attracting good tenants renting your property faster.

➡ Having an excellent tenant selection process in place to secure you the best tenant possible.

✔ An experienced property manager will have a comprehensive selection process that allows accurate screening resulting in the most suitable tenant/s chosen on their merit, considering the applicant’s landlord history, character referee, background & credit checks.

➡ Preparing tenancy agreements with the correct legal clauses protecting you, the landlord. nifty ways a property manager makes life easier for landlords

✔ Having a property manager with access to legal training and protective clauses is vital to mitigate any issues to protect you and your property. That can be easily added to the tenancy agreement with up-to-date software is paramount.

➡ Being up to date with tenancy laws and any changes to legislation keeps you safe.

✔ Yes, there is need for ongoing training to keep up to date with legislation changes is so important to keep everyone safe.

Making life easier for landlords is what we do. We would love to manage your property too.

So if you are considering engaging a property manager in Palmerston North, Manawatua or the Tararua Region.

Please feel free to drop me an email or call 027 249 8295  📞

Property Inspections Pay Off

Rental Inspections Pay Off - all ways property management palmerston north

Property Inspection pays off in ways most landlords never realise until it’s too late. 

When you skip regular property inspections, small problems become expensive disasters that could have been prevented with a simple quarterly walkthrough. Smart landlords understand that property inspection isn’t just about ticking boxes—it’s about protecting your investment and maximizing your rental income.

Doing six-monthly inspections or for more prolonged periods can mean that if damage or repairs were to occur, they might have been avoided or minimised with more frequent inspections.

Regular property inspections can save you money. When you inspect regularly, you can see how the tenants look after your property.

It’s also good to check with your insurance company how often they require you to do inspections. Some companies stipulate that somebody must do routine inspections every three months as a minimum.

I know some Landlords who don’t do formal inspections at all.

Their idea of doing an inspection is mowing the lawns. That way, they can check out the property and keep an eye out on the tenants, but really it’s a bit of a cop-out. Rental Inspections Pay Off

If you’re not doing formal inspections and recording them and giving tenants feedback on what they’ve done well, what they may need to improve on, or if there are any cleaning issues, etc.

Can I be frank? The only one you are fooling is yourself; it’s simply not good enough.

Neglecting to do regular inspections can lead to a decline in your property’s condition, resulting in lower rent and a decrease in the property value.

Doing regular inspections can help you maintain the value of your rental property. You can address any maintenance issues promptly, ensuring the property stays in good condition.

It’s amazing how quickly a property can go backwards when let go.

There are huge benefits in doing regular inspections on your property.

1️⃣ It is essential to build rapport with your tenants and ensure the property is clean & tidy.

2️⃣ If any repairs need doing, they can get actioned then & there.

3️⃣ If you are proactive about getting things done, this encourages tenants to do likewise.

4️⃣ Identify if it’s just fair wear & tear or if there is any damage to the property.

5️⃣ Gain long-term tenants, as they generally stay longer when they receive top service.

Ingoing and Outgoing Tenants

Before new tenants move into a property, you need to record the property’s condition.

We call this an ingoing condition report, which both tenants and the landlord will review and sign, agreeing to the ingoing condition of the property inside & out.

If there’s ever a dispute when tenants leave, and you’re doing the bond inspection.

You have the ingoing condition report and photos to use as proof and a guide of the property’s condition when the tenants first moved in.

Making life easier for landlords is what we do. 

 

Landlords – Stay Organised

Landlords staying organised isn’t just good practice—it’s essential to managing a rental property successfully.

Landlords staying organised isn’t just good practice—it’s essential to managing a rental property successfully.

In this blog, we cover one of the top complaints from tenants about disorganised landlords and how you can avoid this common pitfall.

Being a landlord and being disorganised don’t mix too well together.

In all my years in property management, see below the three biggest complaints I hear from tenants regarding landlords and some property managers being disorganised. 

1. Unfiled Paperwork.

 As mentioned in other blogs, if you own a rental property, you must treat it as a business. Having unfiled tenancy-related paperwork is not a good idea.

🟠 Hard copies of any tenancy documents and any communication with tenants need to be filed at that property, and it’s essential to have a backup on your PC or in the cloud.

🟠 It could be very embarrassing if you need to provide a copy to the tenant or file a claim to the tenancy tribunal, and you cannot find the tenancy agreement.

2. Not keeping Accurate Rent Records.

🟠 If you are managing your property, you have a legal requirement to keep rent and bond records for seven years after the tax year they relate to.

🟠 A simple Excel spreadsheet that will record when the rent is due. When paid, the rent period from, the rent period, and the rent amount. Avoid Being Disorganised

➡️ You can download a spreadsheet from Tenancy Services.

🟠 I often hear stories from tenants wanting information about rent and landlords not providing a rent summary.

🟠 It still amazes me some landlords can’t provide this. If you’re a landlord and not wanting to do the basic requirements, you should pass your rental property on to a property manager immediately. It’s simply not good enough.

🟠 And any case, if you need to file a claim for rent arrears and don’t bring accurate rent records, you’re wasting your time.

3. Not Lodging Bonds.

🔴 For landlords managing their property, one of the most common issues tenants face is the failure of landlords not lodging their bond.

🔴 Landlord’s the bond money is not yours.

🔴 Yes, the bond is a security in case there’s any damage caused or unpaid rent, but that money isn’t yours to keep or hold onto.

🔴 Any bonds paid by tenants need to be lodged within 23 working days. Not lodging a bond within these time frames is unlawful,, and you could be required to pay a penalty.

🔴 I heard from a tenant complaining the landlord 18 months later had still not paid the bond to tenancy services; this is simply not good enough.

 ➡ This link will take you through to tenancy services; there’s an article about a landlord ordered by the Tenancy Tribunal to pay just over 30 thousand dollars in exemplary damages, who had received bonds from fifty-four separate tenancies that did not forward them to the Tenancy Services Bond Centre.

Making life easier for landlords is what we do.

So if you are considering engaging a property manager 

Ignoring Tenant Requests is Bad for Business 

Ignoring Tenant Requests - all ways property management palmerston north

Ignoring tenant requests is bad for business, particularly regarding repairs and maintenance or any other concern tenants have communicated.

As a landlord, your tenants rely on you to maintain safe and liveable premises and respond to their needs and concerns. Unfortunately, some landlords may ignore tenant communication, leaving their tenants frustrated and powerless.

Ignoring tenant communication can be a huge inconvenience for your tenants, which may lead to legal issues and damage your reputation as a landlord.

A landlord’s responsibility is to provide tenants with a safe, functional dwelling, which means addressing repairs, maintaining the property, and promptly responding to tenant requests and concerns.

When you ignore your tenants’ communication, you’re not only failing to fulfil your responsibilities as a landlord.

Tenants who feel ignored or neglected are likelier to leave the property sooner.

When Shopping

Most of us can relate to going into a shop, intending to buy something and being ignored by the shop attendant, which can be very frustrating as we have come in specifically to purchase an item. Ignoring Tenant Requests

We don’t mind waiting when the shop is busy. But just being ignored for other reasons when we’re ready to spend our hard-earned money can get your dander up.

And if you were to be continually ignored, you would probably walk out and go somewhere else.

As mentioned in the previous post giving customer service to tenants pays off big time.

When tenants are looked after, they generally stay longer and look after the property, and when they eventually leave, the property is left how they found it, clean and tidy.

Tips when responding to your tenant requests in a timely and effective manner:

1️⃣ Set expectations from the beginning of the tenancy, and make it clear to your tenants how they should communicate with you and what to expect regarding response times. If you have a policy of responding to all communication within 24 hours, ensure your tenants know this.

2️⃣ Use technology; various tools are available to make it easier to manage tenant communication.

3️⃣ Prioritize urgent requests: If a tenant reports a pressing issue, such as a broken pipe or a gas leak, respond immediately to prevent further damage to your property and protect your tenants’ safety.

4️⃣ Keeping records of all communication is important, particularly regarding repairs and maintenance; this can be very helpful if there were a future dispute.

5️⃣ Follow up with your tenant after addressing a repair issue to ensure it has been resolved satisfactorily; this helps you build trust with them. It makes them feel appreciated and that they are not just a number.

However if managing your own rental is not for you.

Making life easier for landlords is what we do. We would love to manage your property too.

So if you are considering engaging a property manager.

Please feel free to drop me an email or call 027 249 8295  📞

Maintaining Your Rental Property  

Maintaining Your Rental Property - all ways property management palmerston north

One of the six common, costly landlord mistakes I wrote about in a previous blog is about some landlords not maintaining their rental properties.

Both landlords and tenants are responsible for keeping a rental property in good condition.

Legally landlords are responsible for maintaining their properties in a reasonable state of repair to ensure the safety and well-being of their tenants.

Keeping Your Property Maintained Makes Economic Sense

1️⃣ Increasing the capital value of your property.

2️⃣ Maximising your rental income return.

Prioritising regular repairs and maintenance will help keep your property in good condition.

Too frequently, I see landlords trying to cut corners, penny-pinching.

More often than not, in the long run, it costs them more money than if they had just employed someone competent and trustworthy who does quality work in the first place.

Not to mention in alot of cases, the inconvenience caused to the tenants.

One of the biggest complaints I hear from tenants is about landlords not doing repairs and maintenance promptly.

Not doing repairs on time can be very frustrating for tenants, and as mentioned in  a previous blog, tenants are your customers, which warrant looking after them properly.

Please don’t cut corners when it comes to your rental property investment. It’s simply just not worth it. Maintaining Your Rental Property

Of course, as a landlord and property investor, you want to keep your costs to a minimum, as this is essential to your cash flow.

However, landlords should consider quality over cost when hiring tradesmen, as a job done right the first time will save you both time and money in the long run—and even potential legal issues down the line.

Making life easier for landlords is what we do.

So if you are considering engaging a property manager

Please feel free to drop me an email or call 027 249 8295.  📞

Landlords – Maintain a Professional Approach

Landlords - Maintain a Professional Approach - all ways property management palmerston north

Property investment is a business; landlords should maintain a “professional” approach with tenants instead of a “personal” one.

That way, it is easier to keep emotions intact; this will ensure that you act responsibly and professionally at all times.

Your tenants will respect you more when you treat them as “customers”. 

Tips Maintaining a Professional Approach With Your Tenants

1️⃣ Deal with maintenance issues quickly.

Your tenant’s comfort should be a high priority. Hence when your tenant contacts you and asks you to repair something, hire the relevant tradesperson to sort it out as soon as possible, even for something as simple as a dripping tap.

2️⃣ Outline your expectations.

When your tenant knows what you expect from them regarding taking care of the property, they are much more likely to look after your rental property how you want them to. Landlords - Maintain a Professional Approach

Having clear expectations right from the start of their tenancy will make a big difference.

By having a suitable tenant inducting process for new tenancies for example, reading over important tenancy agreement clauses, so tenants understand entirely before signing.

And have a vacate checklist of what’s expected of them in how to leave the property in reasonably clean and tidy condition makes for a much smoother transition.

3️⃣ Encourage open communication and be approachable.

If a tenant contacts you, ensure you get back to them as soon as possible.

It pays to be friendly, as this will make your tenant feel comfortable contacting you for assistance. This way, if there’s a problem with the property, your tenant won’t neglect to tell you.  Landlords - Maintain a Professional Approach

Open communication will also mean you will know sooner if your tenant plans to move out, allowing you more time to prepare to re-lease the property.

4️⃣ Giving customer service to tenants pays off big time.

Yes, managing a property can be hard work at times. But if you treat tenants like customers going above and beyond to look after them.

They’ll probably stay longer, earning you a steady income stream, and you may even find dealing with your tenants is a pleasant experience.

However if managing your own rental is not for you.

Making life easier for landlords is what we do. We would love to manage your property too.

So if you are considering engaging a property manager.

Please feel free to drop me email or call 027 249 8295  📞

Landlords – Tenants are Customers.

Landlords - Tenants Are Customers.- all ways property management palmerston north

Landlords’ tenants are customers, not friends; treating tenants as customers makes it easier to keep emotions intact, ensuring you always act responsibly and professionally.

One of the six common, costly landlord mistakes I wrote about in a blog is not treating tenants like customers.

(Check out six costly landlord mistakes)

Tenants are Customers and Deserve to be Treated as Such.

▶ Landlords provide a place for tenants to live and a service; if something needs repair, you’ll need to get it sorted and maintain the property to a reasonable standard.

▶ Of course, tenants have responsibilities as well. Landlords - Tenants Are Customers.- all ways property management palmerston north

▶ But if you’re renting property and have no tenant, you have no business, just like a motel with no guests, there’s no business.

▶ Sometimes landlords get this wrong; looking at tenants is a necessary inconvenience if you like.

What if we changed that thinking around and asked?

🟢 What type of product am I providing for my customer?
🟢 How can I improve it to attract an even better tenant customer?
🟢 How do I improve my cash flow and, at the same time, provide better service?

It is Crucial to Position Yourself as the Authority; Don’t Take Off That Professional Hat.

➡ Being friendly and approachable in your relationship with the tenants is one thing.

1️⃣ But make sure you don’t cross the line between professionalism and casual friendship.

2️⃣ Many landlords become friends with their tenants, especially tenants who have occupied the property for an extended period.

3️⃣ Giving them this much freedom may not be good for business.

4️⃣ If you position yourself as a friend, people are more likely to take advantage of you.

5️⃣ Some might even start paying the rent late or skip some altogether because they expect your friendly side to understand their situation.

6️⃣  When running a successful rental property business, you can’t afford any missed rent due to poor tenant relationships.

Remember, you’re looking for Tenants who are Paying Customers, not Friends and Acquaintances.

🟢 First impressions count.
🟢 People never forget how you made them feel.
🟢 Treat people how you want to be treated. Landlords - Tenants Are Customers.
🟢 Be available; ensure tenants know how you can be reached and are available for them.
🟢 Be responsive. Engage in active listening to ensure that the tenant feels heard.
🟢 Look to find a workable solution for any problem, no matter how difficult at the start, this may be.

Making life easier for landlords is what we do. 

 

Smoke Alarms In Rental Properties

For all rental properties, it’s mandatory to have working smoke alarms.

It has been seven years since smoke alarms became compulsory in all rental properties, as of March 2018.

➡ For all rental properties, it’s mandatory to have working smoke alarms.

➡ There must be a smoke alarm within 3 m of each bedroom or one every room where a person sleeps.

➡ Alarms installed after 01/07/16 must be either hard-wired or have long-life batteries.

🔴 If landlords fail to meet their obligations, they may face financial penalties of up to $7,200.

🔴 If tenants fail to meet their obligations, they may face financial penalties of up to $4,000.

➡ Landlords must ensure that all their rental properties meet the smoke alarm requirements to safeguard their tenants.

➡ They should also keep a record of smoke alarm maintenance and testing to demonstrate compliance with regulations.

The best practice is to document the following information and include it in all new tenancy agreements or your ingoing condition reports.

1️⃣ The number & location of each smoke alarm in the property.
2️⃣ At least one alarm per storey/level.
3️⃣ Confirming alarms are within 3 metres of all bedrooms.
4️⃣ The date the smoke alarms were last checked and by whom.
5️⃣ Type and the expiry date if they are a ten-year alarm

🚩 While most rental properties in New Zealand will be compliant, there are still some landlords who continue to ignore this law.

Not only that but if your property doesn’t have smoke alarms (or they’re not compliant) you could invalidate your insurance in the event of a claim as a result of a fire.

Remember, smoke alarms save lives. 

Watch the smoke alarms video to understand your responsibilities under the 2016 Smoke Alarm Regulations

Testing Smoke Alarms

Unfortunately, testing smoke alarms falls outside the scope of a property manager’s expertise.

However, as a service to our clients, during routine inspections, we will verify that all smoke alarms are present.

All Ways Property is not qualified to and cannot test or check if;

• The decibel sound levels are correct. Smoke Alarms In Rental Properties
• The alarms are functioning %100 correctly.
• Alarms have expired.
• That alarms are maintained to and meet all manufacturers’ instructions.
• Alarms meet all the NZ Fire Safety Regulations.

In a bureaucratic world of compliance and legislation, we strongly recommend independent smoke alarm testing to keep you safe. (to protect butt)

🟢 For this reason and for better risk management, we have chosen Smoke Alarm Testing Services (SATS) as our smoke alarm service provider.

🟢 They have a very reasonable annual fee of $114, incl. GST covers unlimited visits to the property throughout the year, including testing between new tenancies and discounts for landlords servicing three or more rental properties.

Visit PCNZ

Making life easier for landlords is what we do, want to chat

Drop me an email or call 027 249 8295. al

Rental Property Insurance

Rental Properties and Insurance

Insurance is vital for both landlords and tenants.

Like any business, property investing is about reducing risk. Of course, landlords need to protect their investment with rental property insurance, insuring for any loss or damage.

Special landlord’s risk cover is alternative insurance to protect you against tenant-related risks such as intentional damage to a property caused by the tenant or loss of rental income.

Check out Real Landlord Insurance for landlord specialist risk cover

Tenants should also have content insurance to protect their belongings and personal liability.

Landlords must ensure their insurance provider knows the cover is for a rental property rather than owner-occupied.

Liability For Damage

New legislation took effect on the 27th of August 2019 that affects tenants’ liability for damage.

Liability for damage

🟠 When a tenant or a guest causes careless damage to a rental property, they will be liable for the cost of that damage, up to four weeks’ rent or the landlord’s insurance excess, whatever is lower.

 🟠 However, if tenants cause intentional damage and when proving this at a tenancy tribunal hearing, the adjudicator may award the total cost to fix or replace the damage, whatever the cost.

🟠 All tenants should be aware, and with new tenancies, we will advise that they consider getting insurance cover if they are not already insured. And recommend they look at a content cover that includes personal liability.

🟠 On all new tenancy agreements, landlords must declare what type of insurance cover they have, whether house rental or landlords full risk cover, including house and contents excesses.

Hassle-Free Management

➡ Apart from ensuring you’ve got the necessary insurance cover, competent Property Management is the best way to reduce risk, whether self-managing your rental property or using a property management company.

➡ Securing a long-term tenant who pays rent on time and looks after your property is critical for an ongoing trouble-free rental.

➡ When selecting a tenant, it is essential to reduce your risk as much as possible by having a comprehensive selection process that allows you to choose the best tenant for your property on merit.

➡ I’ve learnt choosing a suitable tenant is a skill only mastered with training and experience. Hassle-Free Management

Feel free to reach out, making life easier for landlords

Drop me an email or call 027 249 8295.  

All Ways Select Reliable Tenants