How to Choose the Best Wellington-Based Property Manager: 3 Things to Check

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A competent and well-prepared property manager can add significant value to your property and make your property investment experience hassle-free. Protect your investment property in Wellington by working with the best rental managers in Wellington and Porirua.

A professional Wellington property manager can help reduce your tenancy risks, save you money and time and enable you to maximise your return on investment. The following 3 reasons explain why to use Manage My Rental for dedicated property management services for your Wellington rental property:

1. Enjoy higher quality tenants

The property rental managers at Wellington’s Manage My Rental know how to conduct background checks to ensure you secure the best tenants. In order to help you avoid bad tenants,┬áManage My Rental thoroughly vets references to discover which tenants tick all the right boxes.

After a thorough screening process, you will receive tenants who:

  • Rent for longer
  • Always pay on time
  • Protect your property from damage
  • Cause fewer problems

As one of the most experienced rental property management companies in Wellington and Porirua, the team at Manage My Rental have undertaken thousands of applications and can easily determine which type of applicants are suitable for your property.

2. No more time-consuming legal issues

A residential property management firm will help you stay on side of all legal and financial obligations. The team at Manage My Rental are armed with current knowledge of landlord-tenant policies and laws.

Property management covers the following areas so you don’t have to worry about the legal aspects of renting your property:

  • Safety conditions of your property
  • Tenant screening
  • Inspections
  • Evictions
  • Termination leases
  • Rent collection
  • Handling deposits and bonds

3. Increase your property value

In addition to saving time and being freed from the stress related to effective property management – hiring property managers in Wellington can also increase the value of your property. Wellington property managers know what to do to instantly improve the curb appeal of your property. By spending a small amount of money, it is possible to increase the value of your property many times over.

Manage My Rental is your number one property management company in Wellington and Porirua. Visit www.managemyrental.co.nz to see how we can help you achieve your property goals.

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Nine Mistakes Property Investors Make Without the Expertise of a Property Manager

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Buying a property to rent out in New Zealand can be a good long-term investment. The first step to getting value for money is to purchase the right house. The second step is to engage a rental property management company to protect your investment.

Choosing tenants, organising inspections, routine maintenance and repairs can all be handled by a property manager for a small fee. This small fee is usually a percentage of the rental amount. Outsourcing this responsibility to a professional property manager means less stress for you and saves you money in the long term.

To get a property that will give you a good level of rental income and capital growth, you’ll need to understand what will appeal to tenants – which may be very different from what appeals to you. For example, your perfect home may be a character rural property with limited amenities, but there may be limited demand from tenants for properties like this.

Tenants seek easy access to their jobs and facilities. Begin your search for a great rental property by looking for areas and types of property that are in demand now.

Factors to consider when choosing a good rental property:

  • Area
  • Purchase price
  • Mortgage repayments
  • Rental income
  • Amenities
  • Schools
  • Job opportunities
  • Crime
  • Insurance costs

Choosing the right neighbourhood is really important. Are there other rentals in the area? Are the homes in good condition? If an area has a large number of houses for sale it could be an indication of a problem with the area.

Ask yourself will your likely rental returns cover your mortgage, insurance (higher in areas prone to flooding for example) and other costs? An area with good local amenities and schools will attract long-term tenants, including families, especially if there is a low crime rate and good job opportunities.

Keeping your property tenanted is important to avoid loss of income during periods between tenants. The aim is to avoid high turnover of tenants by keeping the rent at the market rate.

Choosing a property that rents quickly can be a major advantage. Does your property have the following features?

  • Close to transport links, shops and parks
  • Modern kitchen and bathroom
  • Plenty of storage
  • Good use of natural light
  • Off street parking or a garage
  • Garden (important for tenants with children especially if fenced)
  • Good security

Nine mistakes property investors commonly make when leasing a property without the support of a property manager:

  1. Becoming too friendly with tenants
  2. Failing to run their property like a business
  3. Neglecting to make regular property inspections (increasing the risk of damage developing)
  4. Failing to review and increase rent annually
  5. Putting family or friends in as their tenants who may take advantage
  6. Charging a low rental price and failing to keep the property consistently rented
  7. Inadvertently breaching the tenancy act due to lack of knowledge
  8. Forgetting to plan for preventative maintenance and ending up with costly emergency repairs
  9. Failing to put a formal tenancy agreement in place

To help you avoid these common mistakes engage the services of a local property management team who are proven rental managers in Wellington. Manage My Rental is a company that has a wealth of property management expertise throughout the Wellington region.

Contact www.managemyrental.co.nz to reduce your tenancy risks, maximise the return on your investment and save you time, money and effort.

10 Common Rental Property Nightmares and How to Avoid Them

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Investing in rental properties can be risky as not all tenants are as respectful of your property as you would be if living there yourself. There are risks with any investment. With careful research and planning you can minimise the risk of damage and avoid the pitfalls of non-payment of rent and bills that can sometimes happen.

If you venture into renting out your property privately without the assistance and support of an experienced property rental manager than you may experience more nightmare situations with your tenants than if you allow experienced professionals to protect your investment for a small fee.

If you have more than one property you may find your time is taken up with dealing with maintenance issues, finding new tenants and chasing late rent payments. However, employing the services of a property manager can save you valuable time. A property manager may also be able to save you money as they will have preferred contractors on their books who have a track record for being reliable.

10 common rental property nightmares include:

  • Non-payment of rent
  • Using your property to make or sell drugs
  • Extensive damage to your property
  • Keeping unpermitted pets at your property
  • More people than allowed living in your property
  • Noisy parties at your property which disturb the neighbours
  • Tenants making structural changes without permission
  • Property untenanted for long periods
  • Having to evict tenants (can be a lengthy process with no income)
  • Disputes over condition reports

Seven tips to avoid rental property nightmares

  1. Find the right tenants
  2. Prepare your property
  3. Make a copy of all legal documents
  4. Communicate clearly
  5. Vet your tenants and double check references
  6. Undertake all repairs and upgrades promptly
  7. Keep tabs via regular inspections

Finding the right tenants is crucial in avoiding many problems associated with tenants. Having credit and background checks carried out is essential practice when selecting new tenants and will rule out unsuitable or more risky clients at the very start.

Presenting your property nicely creates an important first impression of the standard you expect your property to uphold. Give your property a thorough clean and tidy up any outdoor areas. Repair any damage and consider a fresh coat of paint on the interior walls. Take photographs as a part of an entry condition report to document any pre-existing damage or issues. A property manager should be present with tenants to go over the initial inspection so both parties are in agreement. To avoid unwanted damage to walls, be specific about fixtures that can be used for hanging pictures.

It is very important to establish who is responsible for outdoor areas including gardening, and lawn mowing. Often landlords charge a slightly higher rent to cover garden maintenance costs and stipulate these in the lease terms.

It can be extremely difficult to manage a property on your own if you have limited or no expereince. Instead, you can make the smart choice to invest in the services of expert property managers in Wellington. Engaging the services of local rental managers ensures the smooth running of your investment property.

Careful selection of tenants, regular inspections and being on hand to organise all repairs promptly – all go a long way in protecting your investment. For all your property management needs throughout Wellington, contact the friendly rental managers at Manage My Rental via the website www.managemyrental.co.nz today.

How Cosmetic Renovations Can Significantly Increase Your Rental Return

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Too many Wellington property managers think location is everything. While this is an important factor, so is making sure your property is comfortable for your tenants. Many rental managers in Wellington and property managers in Wellington understand that tenants are willing to pay more for a good home.

A home that is well-maintained, warm and aesthetically pleasing to live in is important to many tenants. Here are some of most affordable cosmetic improvements you can undertake to ensure your home is fit for your tenants.

Repair all leaky taps and fixtures:
Get a plumber to fix everything that is broken, faulty or in need of repair. If you think calling a plumber is expensive, think of how much revenue you stand to forego if no one wants to rent your home.

Fix cracked tiles:
Nothing puts off a potential tenant more than cracked tiles or broken flooring. Show that you care about your tenants by providing them with insulated flooring that is fully intact.

Paint walls and ceilings:
Discoloured or dated wallpaper makes a property seem older than it really is. A fresh coat of paint on the interior walls and ceilings is one of the fastest ways to give your property a facelift. Pale colours reflect the light and makes rooms appear more spacious. If you think plain white is too clinical, add a feature colour and use it sparingly. Most tenants appreciate neutral colours that don’t clash with their furniture.

Doors and windows:
Check the window panes for cracks and that the doors close properly. Security in Wellington is important and must be addressed.

How expensive is it?

There are many things that can be done to spruce up your home, even on a limited budget. A renovation expert can help you get the most out of your budget.

CASE STUDY

A Wellington property failed to attract tenants. The residential property manager suggested a renovation expert was called in with a tight budget of just $800.

After assessment, the renovation expert decided the following three cosmetic improvements would make the most difference:
Paint $200
Labour $300
Replacing curtains and carpet $300
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TOTAL $800

After these cosmetic renovations were complete, the property was then able to fetch $60 per week more than it did previously, netting the owner $3,000 more than it otherwise would have. The repairs paid for themselves in just four months. If you do the math, you will find that the owner made a net profit of $2,420 by investing $800.

Your home is your greatest asset. If you want to know how renovating on a tight budget can help you command a higher rental price, please visit Manage My Rental at www.managemyrental.co.nz or call 04 589 7989 today.