A new year is always a good time for a fresh start - and perhaps January is perfect timing to reassess whether you’re getting the best service possible from your property manager. Here’s a quick checklist to run through to make sure your property is in the best possible hands.
Do they keep up to date with legislative changes and then pass that information on to you?
There has been plenty going on with regards to residential tenancy law over the past year - from working smoke alarms to a certain level of insulation required in all properties - so have you had to find out these changes by yourself, or has your property manager been helpful with providing this information? You want to find a property manager who can guide you through these changes.
How often do they carry out property inspections?
This is what you are paying them for, so it is important that they are doing regular visits to the property and running through the appropriate checks to ensure the house is well maintained. They should also be providing you with detailed reports from each inspection.
What is their policy on identifying and dealing with P labs?
Do they even have one? If so - ask to see it, and if they don’t, this is a definite red flag that they aren’t doing their job properly. This is a critical issue facing all New Zealand landlords and they need to have a plan in place to reduce the risk of it happening to you - and dealing with it if it does.
Are rental payments regular and on time?
If you feel like you are having to constantly check that the weekly rent is coming in on time, then this is simply not good enough. Whether they are collecting it on your behalf, or the tenant pays you directly, your property manager should have a solid structure in place for ensuring payments are regular.
Is there a yearly plan in place?
It is fairly uncommon to not have rental increases every year (depending on where your investment property is) so do you have, at a minimum, annual catch ups to discuss when your next rental increase is due, and how much it will go up by? This should include information around the location as a whole - as to what the property market is doing - so you can make informed decisions about your property.
What is your gut telling you?
Sometimes you just get a feeling whether you’re happy or not with the service you are getting - so what does your gut tell you about your property manager? Do you feel like your home is in good hands, or are you often left wondering whether there are some areas which are lacking?
If you are curious to see what other property management companies in your area are doing, why not request a FREE rental appraisal? This is an opportunity to check that you’re getting the right price and best service for your investment.
