10 Expert tips on choosing the right Property Manager
(1) The Property Management Company has an audited trust account
The property management industry in New Zealand is deregulated, and therefore a trust account is not required by law. A property management company that has all rent monies going into a trust account, especially an audited trust account, shows that the directors require full transparency and protection to their clients. You should make this a mandatory requirement. – Tauranga Rentals Ltd has always had one
(2) The Property Management Company is a member of industry organisations like REINZ and LPMNZ.
The Real Estate Institute of New Zealand has a strict code of ethics that their members are guided by. This body is a medium for setting industry standards and allows the public to lodge complaints against their members. Tauranga Rentals Ltd is a Member of the Real Estate Institute
(3) Property Managers qualifications
As the industry is deregulated, this means property managers do not need to be qualified. It is important your property manager has ongoing industry training, especially on legislation. The Residential Tenancies Act is complicated and ever-changing, so your property manager needs to be up to date and confident in their knowledge around the Act. Otherwise it will cost YOU money if they get it wrong. – Tauranga Rentals Ltd is an Accredited Property Management Company
(4) Thorough screening of prospective Tenants
Ask the Property Manager what their tenant screening process consists of. Is it exhaustive in reference checking, along with background and credit checks? Recent changes to legislation make tenant selection more important than ever. – Tauranga Rentals Ltd respects this is one of the most crucial parts of the whole process of finding the right Tenant
(5) Easy to communicate with and respectful
Has the property manager been easy to communicate with so far, and were they respectful of how you wanted your property managed? – Tauranga Rentals Ltd understands this and the boss always wants to know when it doesn’t happen
(6) Processes & documentation
Property management is about communication and processes. Ask for information on their internal processes and documentation for lodging bonds, conducting rent reviews and lease end dates. – Tauranga Rentals Ltd has written procedures for all processes
(7) Rent collection and arrears control
It is important that the company has zero tolerance to rent arrears – what is their process for arrears control? – Tauranga Rentals Ltd pride themselves on chasing arrears on a daily basis if they arise
(8) Tenant relationships
The Property Manager works for you, the Owner, but they also need to develop good relationships with the Tenants. The Tenants are residing in your investment, so they need to take care of the Property and work with the Property Manager in maintaining the asset. What is their approach to managing tenants? – Tauranga Rentals Ltd start building rapport with potential Tenants from the moment they send in an Application to rent
(9) Reliable Contractors
Good, honest, and reliable Contractors are important to any Property Managers success. Ask about their relationships with Contractors – how many quotes are obtained for maintenance? How are maintenance issues communicated to you? – Tauranga Rentals Ltd have been using some of their Contractors for over 10 years on the basis most quotes are free and relying on our regular Inspections and Tenants advising of any issues
(10) Does the Company have expertise in increasing your income and growing your capital value
Don’t just sit on your investment – elevate it!, can they assist with investment planning, finance, project management? – Tauranga Rentals Ltd has Dan Lusby overseeing your Investment with almost 30 years in the Real Estate Business