There is more to property management than what meets the eye. Below is a list of common terms related to property management that everyone in the industry should know.
Arrears- outstanding debt owed by tenants, can be in the form of rent or invoices.
Bonds– a security deposit held at the beginning of a tenancy to cover any damage or arrears that may occur during the tenancy. Bonds need to be lodged with the tenancy services at the start of the tenancy and will be released at the end if everything is fine.
Fixed Term Tenancy– a fixed period that a tenant has opted to occupy the property for.
Periodic Tenancy– a lease that has no end date and continues until the owner or tenant give notice to vacate.
Rent in Advance– rent in advance comes into effect at the beginning of a tenancy usually to cover the first one or two weeks.
Residential Tenancies Act– first and foremost this is a term that all property managers should know. The act protects tenants and landlords in New Zealand and is very important to follow in property management.
Subletting– when a tenant rents the property to a third party tenant for a period of their tenancy agreement.
Tenancy Services– for any rental related queries the tenancy services website or helpline is a good place to start.
Tenancy Tribunal– helps solve issues between tenants and landlords that can’t be solved by yourself. They work as a mediator to come to a resolution.