Property Management Update – September

Property Management – Banning of Letting Fees to tenants – Rental Homes – Proposed Legislation Changes – Regulation of the Industry – there has been so much attention in the media of late regarding all matters property management – it can come across as being information overload. We are across everything that is currently proposed and happening so if you would like to ever discuss anything or want to have a one on one chat, feel free to contact usJ Of course if you would like to have your say on the ‘discussion’ documents regarding amendments to the Residential Tenancies Act and The Healthy Homes Bill – please go to the MBIE website and click on the links but deadline for feedback is fast approaching.

With all matters concerning property management, currently ‘on the table’ for discussion, one important feature that should not change is the importance of selecting the best possible tenant for the property. This is a very critical part of the tenancy process, and short cuts should never be considered. The first person to view the property is not always the best applicant – thorough background and credit checks are essential, confirming previous rental or ownership history and employment information is vital. Insufficient information on application forms is usually a ‘red flag’ that something is not quite right. We are also very strict that all applicants should view the property first – this is so that they can properly see what the property is like, and it is also important for us to meet them. A ‘gut instinct’ is also an important quality for any property manager to have because how people present, what they say, what they don’t say, all contributes to that feeling you may have about someone, and this will assist you in the application process. If the application doesn’t feel right, then it probably isn’t, and best to decline and wait for the right person to come along.

Another reminder about insulation – time is really ticking along. Remember by 1 July 2019, all rental properties in New Zealand must be insulated to standards brought in from 1 July 2016. We have already had our first Insulation Statement audit – so MBIE (Ministry of Business Innovation and Employment) are onto this. Failure to insulate your property to the required standards by the due date, WILL result in fines of $4000. It will also mean that your property will not be able to rented until the insulation is installed. More often than not, the cost to insulate is around $3000 – $5000 depending on the size and layout of the property. It could be a costly exercise to be both fined and ordered to insulate. It is important to remember that it is not an option as to whether to insulate or not – it is a government requirement and we want all our owners to insulated by the due date. If you’ve been putting this off – now is the time to act. Give your property manager a call today.