10 keys to great property management

(1) The property management company has an audited trust account

The property management industry in New Zealand is deregulated, and therefore a trust account is not required by law. A property management company that has all rent monies going into a trust account, especially an audited trust account, shows that the directors require full transparency and protection to their clients. You should make this a mandatory requirement.

(2) The property management company is a member of industry organisations like REINZ and LPMNZ.

The Real Estate Institute of New Zealand has a strict code of ethics that their members are guided by. This body is a medium for setting industry standards and allows the public to lodge complaints against their members. The Leading Property Managers New Zealand is a resource of for training and industry development.

(3) Property Managers qualifications

As the industry is deregulated, this means property managers do not need to be qualified.  It is important your property manager has ongoing industry training, especially on legislation. The Residential Tenancies Act is complicated and ever-changing, so your property manager needs to be up to date and confident in their knowledge around the Act.  Otherwise it will cost YOU money if they get it wrong.

(4) Thorough screening of prospective tenants

Ask the property manager what their tenant screening process consists of. Is it exhaustive in reference checking, along with background and credit checks? Recent changes to legislation make tenant selection more important than ever.

(5) Easy to communicate with and respectful

Has the property manager been easy to communicate with so far, and were they respectful of how you wanted your property managed?

(6) Processes & documentation

Property management is about communication and processes. Ask for information on their internal processes and documentation for lodging bonds, conducting rent reviews and lease end dates.

(7) Rent collection and arrears control

It is important that the company has zero tolerance to rent arrears – what is their process for arrears control?

(8) Tenant relationships

The property manager works for you, the landlord, but they also need to develop good relationships with the tenants. The tenants are residing in your investment, so they need to take care of the property and work with the property manager in maintaining the asset. What is their approach to managing tenants?

(9) Reliable contractors

Good, honest, and reliable contractors are important to any property managers success. Ask about their relationships with contractors – how many quotes are obtained for maintenance? How are maintenance issues communicated to you?

(10) Does the company have expertise in increasing your income and growing your capital value

Don’t just sit on your investment – elevate it!

Can they assist with investment planning, finance, project management?

The team at Point Property Management are committed to providing a complete property management service. We meet all of the above requirements. We say what we do, and do what we say. No excuses, no surprises. Please give us a call to discuss your investment.