For starters, having a property manager managing your rental property (or properties) gives you more time and freedom to do the things you want to do. Besides this, there are plenty of reasons to consider hiring a property manager - too many to list in a single article!
We’ve picked out a handful that might resonate with you:
1. We keep receipts FOREVER
As property managers, it’s second nature to keep all receipts for what may seem like a ridiculously long time. Why? Because keeping receipts on behalf of our landlords means that if there is a fault with something, we can try to have it repaired under warranty - even if it’s been a few years!
For example, Venetian blinds are often mistreated, and although we speak to tenants about correct usage during their tenancy induction, sometimes they still get damaged. One of our offices recently dropped a set off to the manufacturer and they were fixed up free of charge.
Keeping receipts on your behalf means we’re able to sort out issues without hassling you more than necessary (you don’t have to spend time digging around for receipts because we have them very well organised).
2. We can manage your property in your absence
Heading out of the country? If you’re going to be out of New Zealand for more than 21 days you must appoint an ‘agent’ to manage your rental property in your absence. While you are legally allowed to appoint a friend or family member as your ‘agent’, we highly recommend choosing someone with property management experience.
Why? Put simply, property management is complicated. Will your friend be able to handle tenants who fall into rent arrears? Do they know what they’re looking for when conducting property inspections? Are they well versed on the ins and outs of the Residential Tenancies Act 1986 (RTA) and other tenancy related laws?
To avoid any drama while you’re away, and ensure your absence is as stress-free as possible, an experienced property manager is your best bet. If any issues arise, they’ll be able to take care of things efficiently and ensure nothing gets out of hand.
3. Lower maintenance and repair costs
Thanks to our awesome networking skills, we have great connections with local tradies and can often secure a better deal than if you were to approach them as a private landlord. Not to mention, we’re also pretty handy ourselves! We can sometimes fix little things like a blown fuse or a replacement washer, at no cost to you.
Furthermore, at Propertyscouts, we strongly believe that arranging maintenance and repairs is part of a property manager’s job. As such, we don’t charge maintenance fees which saves you money. When maintenance or repairs are required, you’ll only pay the bill for work orders that have been outsourced - you won’t pay a cent for our involvement in coordinating the work!
4. We know the law
Would you be able to back yourself up at the Tenancy Tribunal if your tenant decided to file a dispute? Do you have time to stay up to date on legislation changes? If you own a rental property you are legally required to know and comply with the RTA, Healthy Homes Standards, Privacy Act, Human Rights Act, Building Act and other relevant legislation. If you don’t comply, you may find yourself at the Tenancy Tribunal, facing all sorts of fines.
At Propertyscouts, many of our property managers are registered members of the Residential Property Managers Association of NZ (RPMA). This means we’re well versed in property management related law and can confidently act on your behalf at the Tenancy Tribunal (and, in most cases, prevent tricky situations from arising in the first place).
5. We act as a buffer between tenants and landlords
As a DIY landlord, it can be hard to distance yourself from your tenants when issues arise. While personal service is highly valued, you need to be able to distance yourself professionally so you don’t become too lenient on things like rent arrears (“it was a one-time thing”).
Property managers have a great knack for keeping things professional, treating all parties fairly, and, solving problems effectively.
6. Having a property manager is like having insurance
Lastly, having a competent and trusted property manager looking after your investment properties is just like having insurance! Insurance can be a lifesaver when things go wrong - likewise, having a property manager protects you from issues you're not prepared for (especially when it comes to tenancy law).
At Propertyscouts, we provide personal, yet professional service to landlords and tenants alike. If you’re in the market for a property manager, get in touch! Our nationwide network of property management experts will be more than happy to assist you. Find a branch near you.
DISCLAIMER: The above advice is written by Propertyscouts New Zealand (2020) Limited and is intended as a broad guide for educational purposes only. The advice should not be regarded as legal, financial or real estate advice. In all instances, you should make your own inquiries and seek independent professional advice tailored to your specific circumstances before making any legal, financial or real estate decisions.