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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:

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.
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.
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.
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.
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.

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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:

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.
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.
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.
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.
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.

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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.

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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:

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.
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.
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.
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.
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.

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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.

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.
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.
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.
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.
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.
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.
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.
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.

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Healthy Homes – changes to ventilation standards

13/09/2022

he ventilation standard now allows properties with certain continuous mechanical ventilation in kitchens and bathrooms to meet the ventilation standard.

If your home was built with a continuous mechanical ventilation system, to meet the standard it must:

be designed to vent extracted air continuously from residential property to the outdoors, and for a kitchen or bathroom, extracts the air directly from the room, and
have been installed in the property or a tenancy building that first received building consent on or after 1 November 2019 and was part of that original building consent, and continues to meet the requirements of the building consent.

Alternatively, if your home has been renovated and now includes a continuous mechanical ventilation system, to meet the standard, the system must:

be designed to provide ventilation for multiple rooms and to continuously vent extracted air to the outdoors, and
extract air directly out of the kitchen and bathroom, with an exhaust capacity of at least 12 ℓ/s in the kitchen and 10 ℓ/s in the bathroom. The actual flow rate may be varied (manually or automatically), in response to the demand for ventilation.

Recirculating systems (products like HRV and DVS systems), or fans that do not extract to the outdoors are not suitable to meet the ventilation standard.

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Updates to Healthy Homes

16/08/2022

The Healthy Homes Standards have been updated with improvements to the heating, ventilation, and moisture ingress and drainage standards.

One improvement is a new formula for the heating standard, that applies for modern dwellings built after 2008 and certain apartments.

The formula change recognises that these types of properties are better at retaining heat.

The heating assessment tool has also been updated to calculate the required minimum heating capacity using both the new and original formula.

The Tenancy Services website has been updated to include these changes.

https://www.tenancy.govt.nz/healthy-homes/changes-to-the-healthy-homes-standards/

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Damage caused by weather

19/07/2022

Wild weather can cause damage at your rental property. Find out what to do if your rental needs repairs after extreme weather or a natural disaster.

Landlords are responsible for maintaining the property in a reasonable condition. This includes fixing any damage caused by severe weather or a natural disaster.

Find out what to do if you are a tenant or a landlord here:

https://www.tenancy.govt.nz/about-tenancy-services/news/damage-because-of-weather-events/

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Considered including Sections Maintained in your Tenancy Agreement?

10/05/2022

A question many owners find themselves struggling to answer….

If you’re a tenant, you’re responsible for keeping the property reasonably clean and tidy. This includes mowing the lawns and weeding the gardens. There are many tenants that do a great job of maintaining their sections. However most struggle to keep them at an acceptable standard.

Some things that may help you decide whether to include section maintenance are:

Tenants are more likely to accept rent increases, as there is a regular reminder that the landlord is taking care of the property.
Having your property maintained by a professional ensures a great first impression when we re-lease your property in the future
Tenants don’t need to worry about handling lawn care, and the landlord knows it is getting done right.

Any arrangement regarding lawncare and gardening should be detailed in the tenancy agreement and discussed before the tenant’s term starts and be monitored over time.

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Privacy Act 2020

12/04/2022

The Privacy Act 2020 governs how agencies collect, store, use, disclose, and give access to personal information. As a landlord or property manager, you need to comply with the Privacy Act. Personal information covered by the Privacy Act is any information that tells you something about a specific individual.

Landlords can only collect personal information in ways that are lawful, fair, and not unreasonably intrusive The Privacy Act is organised around 13 information privacy principles.

Click the link to explore each of the privacy principles https://www.privacy.org.nz/privacy-act-2020/privacy-principles/