Property Management Team
One of the most common questions asked in today’s ever demanding rental industry is “what is the actual real value of having a professional Property Manager?” Most property owners and tenants mistakenly believe that a property manager’s only interest is to ‘collect their fee from the weekly rent’ and everything else comes second to this. This simply is not true. Here are a couple of reasons why professional property managers add value to your investment.
Benefits for Owners
Tax deductions – the fees that you pay to have a professional look after the management of your asset are tax deductible. Owners receive a detailed expenditure report with all expenses and income for your tax return to easily pass over to your accountant.
Simplicity – owners will find that having someone else worry about the day-to-day management of their property is worth the small management fee alone. Owners do not have to deal with the unpleasant situations that can arise with a tenant, leading to confrontation or confusion if you are not fully aware of the tenancy act. An expert will ensure you are not making the situation worse than it has to be. You won’t receive late night or early morning phone calls (and believe me, we get them at all hours of the day including late at night) from tenants regarding anything from a what, when, where, why question to maintenance and emergencies big or small.
Leave it to the experts – the major benefit of a property manager is the professional expertise. Getting the right tenant for your property is far more valuable than just signing up the first person who can move in on the available date so the money starts rolling in. Signing up the wrong tenant without thorough background checks will undoubtedly cost you in the long run.
Legislation – gone are the days that you put someone in your property with a handshake and verbal agreement and trust that it will result in a good arrangement. When the unexpected arises tenants today have far more rights living in an investment property. An owner could easily find themselves in front of the tenancy tribunal if they do not understand the legal rights of a tenant. Legal fees are expensive: a professional property manager will mitigate costly legal fees brought on by simple mistakes.
Benefits for Tenants
Respect – A good tenant wants to be equally respected by the owner / landlord whilst living in the property. A good tenant will pay their rent on time and do their very best to keep the property clean and tidy and report maintenance as it arises. If things aren’t going to plan it can be difficult for many owners to remove the emotional attachment to the property when communicating with the tenants. A skilled professional property manager will ensure that communication is addressed in a non-confrontational way with positive outcomes to continue the ongoing relationship for both parties throughout the tenancy.
Inspections – although these are often seen as a negative by the tenant (not another inspection again!) they are in fact a huge benefit to the tenant’s ability to ensure they are living in a property that is safe, secure and meets minimum building and housing standards. A professional property manager will ensure that they take note of all required maintenance and often pick up other areas that may not have been addressed if not seen before.
Maintenance – a professional property manager will ensure that all maintenance including wear and tear is reported during a routine inspection to the owner for action. Advice is also given to tenants so they don’t put themselves in a position that may see damage escalating from unnecessary actions becoming a cost to them (e.g. putting baby wipes or foreign objects down the toilet or drains, not cleaning stains off carpets from food and pets, not ventilating the property properly resulting in mold and mildew build-up). Preventative action and a little extra care can save substantial stress and cost compared to attending the tenancy tribunal to work out who should be held responsible and if actions were intentional or not.
For any further understanding on what you can expect from your property manager and what we can do for you please contact us today on 03 218 6117 or rentals.invercargill.nz@raywhite.com