BACK Why Do People Love To Hate Property Managers?

Why Do People Love To Hate Property Managers?

16/01/2025

Let’s face it: property managers often get a bad rap! But why? Here are a few reasons why people tend to love to hate them:

  1. Rules, Rules, Rules – From rent arrears to maintenance follow ups, property managers are the “rule enforcers,” and not everyone loves that.
  2. Communication Breakdown – When things go wrong (like a leaking tap or broken appliance), tenants often feel like they’re stuck in an endless game of phone tag. Maintenance can be tricky because without prior approval, unless urgent, property managers can’t go ahead and get things fixed.
  3. Fees, Fees, Fees – Those unexpected costs for repairs or maintenance can leave a sour taste, even when it’s part of the process.
  4. Perceived Detachment – Tenants might feel like property managers are more focused on the business side and less on personal needs.

But the truth is, property managers are doing the tough job of balancing tenants’ needs with property owner expectations. They ensure the place stays safe, clean, and running smoothly—helping to create a better living experience for everyone in the long run.

BACK Why It Can Be Beneficial Using A Property Manager During The Holiday Period

Why It Can Be Beneficial Using A Property Manager During The Holiday Period

02/12/2024

Using a property manager during the holiday season can offer several benefits, especially if you are a property owner or landlord. Here are a few reasons why it could be advantageous:

  1. Time and Stress Management:
    • The holiday season is often a busy time for personal and family commitments. Having a property manager allows you to focus on your own plans without worrying about property maintenance or tenant issues.
    • A property manager can take care of any emergencies, like plumbing issues, heating failures, or other repairs that may arise when you are unavailable.
  2. Tenant Relations and Communication:
    • During the holidays, tenants may be away or traveling. A property manager can handle communication with tenants, ensuring that rent is paid on time, dealing with complaints, and responding to urgent issues.
    • This helps maintain positive relationships with tenants and can avoid the stress of managing tenant expectations during a busy time.
  3. Emergency Response:
    • The holiday season can increase the likelihood of emergencies (e.g., power outages, heating failures). Property managers are available to respond quickly, which can be particularly valuable when you are out of town or unable to attend to issues yourself.
    • A property manager can also coordinate with contractors or emergency services if repairs are needed.
  4. Availability and Coverage:
    • Property managers typically have a team or network of contractors who can provide coverage during the holidays, ensuring that your property remains well-maintained and tenants’ needs are addressed.
    • This level of availability ensures that you don’t have to deal with after-hours calls or issues while you’re occupied with holiday festivities.
  5. Holiday Rent Flexibility:
    • A property manager can help navigate the nuances of rental agreements over the holidays, such as accommodating tenants who may need flexibility with payment dates or lease terms.
    • They can also assist with filling vacancies during the holiday season.
  6. Legal and Financial Management:
    • Property managers ensure that all legal and financial aspects of the property are handled properly, such as lease renewals and rent collection. This can be particularly helpful at year-end, when there are often additional financial and tax requirements to handle.
  7. Marketing and Tenant Screening:
    • If you’re looking to rent your property during the holidays, a property manager can handle the marketing, showings, and screening of potential tenants. This saves you time and ensures the process is smooth, even when you are distracted with holiday activities.

In essence, a property manager can make your holiday season much easier by providing peace of mind, ensuring that everything runs smoothly, and freeing up your time for personal enjoyment.

BACK What Should I Look For When Purchasing A Rental Property?

What Should I Look For When Purchasing A Rental Property?

04/10/2024

When purchasing a rental property, consider the following key factors:

  1. Location: Look for areas with good rental demand. Proximity to amenities, schools, public transport, and employment hubs can attract tenants.
  2. Property Condition: Assess the property’s condition and any necessary repairs or renovations. A well-maintained property can save you money in the long run.
  3. Rental Yield: Calculate the potential rental income relative to the property’s purchase price. Aim for a good rental yield to ensure positive cash flow.
  4. Market Trends: Research local property market trends, including historical price growth and rental price trends. This can give you insights into future investment potential.
  5. Zoning and Regulations: Understand local zoning laws and any regulations that may affect your ability to rent the property, including consent requirements for short-term rentals.
  6. Demographics: Consider the demographics of the area. Different tenant profiles (students, families, professionals) may influence your property choice.
  7. Property Management: Decide if you will manage the property yourself or hire a property management company. Factor in the associated costs and responsibilities.
  8. Financing Options: Explore different financing options and understand interest rates, loan-to-value ratios, and any potential tax implications.
  9. Insurance: Check the insurance requirements and costs for rental properties, including coverage for natural disasters, which can be significant in some areas of NZ.
  10. Future Developments: Investigate any planned developments in the area that could impact property values or rental demand, such as new transport links or commercial projects.
  11. Exit Strategy: Consider your long-term goals and how this property fits into your investment strategy. Have a plan for what to do if the market changes.

By carefully evaluating these factors, you can make a more informed decision when purchasing a rental property. If you’re looking at purchasing feel free to get in touch and we’d be happy to provide opinions and recommendations!

BACK What Does Our Management Fee Cover?

What Does Our Management Fee Cover?

17/09/2024

Property management fees typically cover a range of services that help landlords manage their rental properties more efficiently. Here’s a breakdown of what these fees often include:

  1. Tenant Screening and Placement: This involves advertising the property, conducting background and credit checks, and handling the tenancy agreement signing process.
  2. Rent Collection: We handle the collection of rent from tenants.
  3. Maintenance and Repairs: We coordinate and oversee routine maintenance and emergency repairs. This might include hiring and supervising contractors or maintenance staff.
  4. Property Inspections: Regular inspections are conducted to ensure the property is being properly maintained and to check for any potential issues.
  5. Financial Reporting: Providing regular financial statements and reports to the property owner, including income, expenses, and other financial details related to the property.
  6. Tenant Relations: Managing tenant communications, addressing complaints, and handling issues that arise during the tenancy.
  7. Lease Enforcement: Ensuring that lease terms are adhered to, handling vacate processes if necessary, and managing any legal aspects related to the tenancy agreement.
  8. Administrative Tasks: Handling paperwork, compliance with local regulations, and other administrative responsibilities.

Fees can vary based on the level of service provided, the type of property, and the specific agreement between the property owner and the management company. It’s important to review the management agreement carefully to understand exactly what is covered and any additional costs that may be involved.

BACK 5 Additional Signs You Need A Property Manager

5 Additional Signs You Need A Property Manager

07/08/2024

Deciding whether to hire a property manager can significantly impact your rental experience and property’s performance. Here are five signs that you might need a property manager:

  1. Lack of Time: If managing the property is taking too much of your time—whether it’s handling tenant issues, coordinating repairs, or dealing with paperwork—bringing in a property manager can free you up to focus on other priorities or investments.
  2. High Tenant Turnover: If you’re struggling with frequent tenant turnover or have trouble finding reliable tenants, a property manager can leverage their expertise and networks to attract and retain high-quality tenants, potentially improving your property’s stability and profitability.
  3. Legal and Compliance Issues: Rental properties are subject to a variety of laws and regulations. If you find it challenging to keep up with the legal requirements, including lease agreements, vacate processes, or Residential Tenancies Act changes, a property manager can help ensure compliance and reduce legal risks.
  4. Maintenance and Repairs: Managing maintenance and repair issues can be time-consuming and stressful. If you’re overwhelmed by the demands of keeping up with these needs or struggle to find trustworthy contractors, a property manager can handle these tasks efficiently and ensure that your property is well-maintained.
  5. Financial Management Challenges: If tracking rent payments, handling late payments, and managing financial records are becoming overwhelming, a property manager can streamline financial operations, including rent collection and financial reporting, ensuring that you stay on top of your property’s financial health.

If any of these signs resonate with you, it might be worth considering the services of a property manager to enhance your rental property’s performance and reduce your stress.

BACK 5 Common Misconceptions About Property Management

5 Common Misconceptions About Property Management

08/07/2024

There are several common misconceptions about property management that can lead to misunderstandings or false expectations:

  1. Property Managers Just Collect Rent: While rent collection is part of their responsibilities, property managers also handle tenant screening, property maintenance, lease enforcement, financial reporting, and more. They play a crucial role in ensuring properties are well-maintained and tenants are satisfied.
  2. Property Managers Only Benefit Property Owners: While property managers work on behalf of property owners, their role also benefits tenants by providing responsive maintenance, enforcing fair lease terms, and ensuring a safe and comfortable living environment. A well-managed property benefits both parties.
  3. Property Management Is Only for Large Properties: Property management services are beneficial for properties of all sizes, from single-family homes to large apartment complexes. Even individual landlords can benefit from outsourcing tasks like tenant screening and maintenance.
  4. Property Managers Are Expensive and Not Worth It: While property management fees exist, they are typically justified by the time and expertise they save property owners. Professional management often leads to higher tenant retention rates, reduced vacancy periods, and better maintenance practices, ultimately saving money in the long run.
  5. Property Managers Can Solve Every Problem Instantly: Property managers work diligently to address issues, but they cannot resolve every problem instantly. They must follow legal protocols, coordinate with contractors, and respect tenant rights, which can sometimes lead to delays in resolution. Clear communication with tenants and owners can help manage expectations in these situations.

Understanding these misconceptions can help property owners and tenants alike have more realistic expectations of what property management entails and how it benefits all parties involved.

BACK How To Set Market Rent

How To Set Market Rent

04/06/2024

Setting the market rent for a rental property involves a systematic approach to ensure the price is competitive yet profitable. Here are the steps to determine the appropriate market rent:

1. Research the Local Market

  • Comparative Market Analysis (CMA): Look at similar properties in your area (same number of bedrooms, bathrooms, square footage, amenities). Websites like TradeMe and realestate.co.nz can provide useful data.
  • Local Listings: Check rental listings on platforms such as Facebook Marketplace and local real estate websites.
  • Real Estate Agents: Consult with local real estate agents or property managers who have expertise in the local rental market.

2. Consider Property Features

  • Location: Proximity to schools, public transportation, shopping centers, and employment hubs.
  • Condition: Recent renovations, modern appliances, and overall upkeep.
  • Amenities: Features like double glazing and different forms of heating can increase rent.
  • Size: Total square footage and layout efficiency.

3. Evaluate Market Trends

  • Economic Conditions: Consider the local job market, average income levels, and economic growth.
  • Supply and Demand: Check the vacancy rates and the number of available rental properties in your area.
  • Seasonality: Rental prices can fluctuate with the seasons, often higher in spring and summer.

4. Calculate Operating Expenses

  • Maintenance Costs: Regular upkeep, repairs, and improvements.
  • Utilities: If included in the rent.
  • Property Management Fees: If using a property management service.
  • Insurance and Taxes: Property insurance and real estate taxes.

5. Determine Your Financial Goals

  • Cash Flow Needs: Ensure the rent covers all expenses and provides a profit margin.
  • Return on Investment (ROI): Calculate the desired ROI and adjust rent accordingly.

6. Legal Considerations

  • Rent Control Laws: Be aware of any local rent control regulations that limit how much you can charge.
  • Fair Housing Laws: Ensure compliance with fair housing regulations to avoid discrimination.

7. Set the Rent

  • Establish a Range: Based on your research, determine a competitive rent range.
  • Test the Market: You can start with the higher end of your range and adjust if necessary based on tenant interest and feedback.

8. Regularly Review and Adjust

  • Annual Review: Regularly review market conditions and adjust rent annually.
  • Tenant Feedback: Consider tenant feedback regarding the value they perceive in the rent they pay.

By following these steps, you can set a competitive market rent that attracts tenants while ensuring your rental property is a profitable investment.

BACK Why Achieving Market Rent For Your Property Is So Important!

Why Achieving Market Rent For Your Property Is So Important!

01/05/2024

Setting market rent for your rental property is crucial for maximizing your investment returns and attracting quality tenants. Here’s why:

  1. Optimizing Income: Setting the right rental price ensures that you’re earning the maximum potential income from your property. Charging too little means you’re leaving money on the table, while charging too much could lead to prolonged vacancies.
  2. Competitive Advantage: Researching market rents allows you to stay competitive. If your rental is priced higher than similar properties in the area, prospective tenants may opt for cheaper options. On the other hand, pricing it too low might raise concerns about the property’s quality.
  3. Tenant Attraction and Retention: Fair market rent attracts responsible tenants who can afford the property without financial strain. They’re more likely to stay longer, reducing turnover costs such as advertising, cleaning, and maintenance.
  4. Financial Stability: Consistent rental income helps maintain financial stability. It ensures you can cover mortgage payments, property taxes, insurance, and maintenance expenses, safeguarding your investment against unforeseen circumstances.
  5. Legal Compliance: In some jurisdictions, there are regulations governing rental pricing. Setting rents in line with local laws helps you avoid legal issues and potential penalties.
  6. Property Valuation: Market rent influences the overall value of your property. Appraisers often consider rental income when assessing property values. Setting rents below market rate can undervalue your property, affecting its potential resale value.

In essence, setting market rent is a balancing act. It requires understanding local market dynamics, property features, and tenant preferences. By pricing your rental property appropriately, you can optimize income, attract quality tenants, and ensure long-term financial success.

BACK 5 Renovations To Maximise Your Rental Property Returns

5 Renovations To Maximise Your Rental Property Returns

12/04/2024

Renovating rental properties can be an excellent strategy for maximizing returns. Here are five renovations that can help boost rental income:

  1. Kitchen Upgrades: The kitchen is often considered the heart of the home. Upgrading appliances, countertops, cabinets, and fixtures can attract tenants willing to pay higher rent. Consider adding energy-efficient appliances to appeal to environmentally-conscious renters.
  2. Bathroom Remodeling: A modern and clean bathroom can significantly increase the desirability of a rental property. Upgrades such as installing a new shower/tub, updating the vanity, and adding contemporary fixtures can make a big impact. Also, consider improving ventilation to prevent mold and mildew issues.
  3. Flooring Replacement: Durable, low-maintenance flooring not only enhances the aesthetic appeal of the property but also reduces ongoing maintenance costs. Consider options like hardwood, laminate, or vinyl plank flooring, which are both attractive and easy to clean.
  4. Energy Efficiency Improvements: Making your property more energy-efficient can attract tenants and lower utility costs, increasing your overall return on investment. Install energy-efficient windows, upgrade insulation, and consider adding programmable thermostats to help tenants manage their energy usage.
  5. Curb Appeal Enhancements: First impressions matter. Improving the curb appeal of your rental property can attract more potential tenants and allow you to command higher rent. Simple enhancements like landscaping, exterior painting, and updating the front door and porch area can make a big difference.

Before embarking on any renovation project, it’s essential to thoroughly research the local rental market to ensure that the improvements align with tenant preferences and justify the potential increase in rent. Additionally, consider the overall budget for renovations and weigh the costs against the expected increase in rental income to ensure a favorable return on investment.

BACK T And T Property Management Privacy Policy

T And T Property Management Privacy Policy

09/04/2024

Thank you for engaging with our Google Ads Form Campaign. Your privacy is important to us, and we are committed to protecting your personal information. This Privacy Policy outlines how we collect, use, disclose, and manage the information collected through our Google Ads Form Campaign.

  1. Information Collection:
    • We may collect personal information such as your name, email address, phone number, and any other information you provide voluntarily through the Google Ads Form Campaign.
  2. Use of Information:
    • We use the information collected to respond to your inquiries, provide requested information, or fulfill other purposes disclosed at the time of collection.
    • Your information may be used for internal purposes such as analyzing campaign effectiveness, improving our services, and enhancing user experience.
  3. Disclosure of Information:
    • We do not sell, trade, or otherwise transfer your personal information to third parties unless we provide you with advance notice or obtain your consent, except as required by law.
    • We may share your information with trusted third-party service providers who assist us in operating our Google Ads Form Campaign or servicing you, as long as those parties agree to keep this information confidential.
  4. Marketing Communications:
    • We will not send you marketing communications unless you have explicitly opted in to receive such communications.
    • You have the option to opt out of receiving marketing communications at any time by following the instructions provided in the communication or by contacting us directly.
  5. Data Security:
    • We implement appropriate technical and organizational measures to safeguard the information collected through our Google Ads Form Campaign against unauthorized access, disclosure, alteration, or destruction.
    • However, no method of transmission over the internet or electronic storage is 100% secure, and we cannot guarantee absolute security of your information.
  6. Retention of Information:
    • We will retain your personal information only for as long as necessary to fulfill the purposes outlined in this Privacy Policy, unless a longer retention period is required or permitted by law.
  7. Changes to this Privacy Policy:
    • We reserve the right to update or change this Privacy Policy at any time. Any changes will be effective immediately upon posting the updated Privacy Policy on our website or through other appropriate communication channels.
  8. Contact Us:
    • If you have any questions or concerns about this Privacy Policy or our practices regarding your personal information, please contact us at accounts@tandtpropertymanagement.co.nz.

By engaging with our Google Ads Form Campaign, you acknowledge that you have read and understood this Privacy Policy and agree to the collection, use, and disclosure of your personal information as described herein.