If you are a first time property investor you might be wondering why you would pay someone to manage your property. You certainly can do it yourself, but here are some very good reasons to hire a property manager.
What Does a Property Manager Do?
- Protect your asset – Make sure you get the ‘right’ tenant in your property. Making sure all checks have been completed including credit checks, reference checks, and any prior tenancy tribunal issues relating to any potential tenant.
- Maximise your investment – Making sure you are getting the rent your property deserves, and to make sure regular reviews are undertaken, as rents rise over time. Also to minimise the time your property is vacant between tenants.
- Save you stress – Let the Property Manager do all the stressing with any tenant issues, sorting out trades people, completing inspections, and rent reviews. You can get a good night sleep, most Property Managers offer a 24/7 service.
- If you are overseas – Having someone on the ground, looking after your investment is very important. Also having someone in NZ that can answer any tenant queries and resolve any issues.
- Tenancy Tribunal. Let the Property Manager have the headache of taking the tenant through this process and attending the tribunal (if any issues occur).
- Collecting money and paying money. Let the Property Manager deal with all these headaches, and make sure they supply a monthly statement so you can make sure all movements are as you expect.
- Market Information. Some Property Managers keep you in-check with the current market conditions, and any new laws coming into effect that will impact you as an investor.
- Health and Safety Compliance, leave it to the Property Manager to manage the health and safety of your property. Remember, you are always responsible.
- Finding tenants. Property Managers are good at finding tenants for your property. They market the property professionally, and quite often get potential tenants on a waiting list.Let the Property Manager complete the viewings to potential tenants, don’t let it eat up your day/evenings or weekends. Let them deal with all the correspondence.
- Paperwork and bonds. Let the Property Manager complete the tenancy agreement (rental paperwork) and lodging of Bonds with MBIE, then the retrieval of bond when tenant moves out.
Of course finding a good property manager is easier said than done, which is why we started this website. Our goal is to make it fast and easy to send a request to a selection of the best property managers in your area so you can compare their service levels and fees.