Benefits of Having a Property Manager in New Zealand

In New Zealand, purchasing a rental property is frequently considered the next step after acquiring your own home on the path to financial independence and success. It’s an excellent method to earn extra income, though managing this income stream can be both time-consuming and intricate. 

Many property owners find themselves overwhelmed by tenant issues, tenancy laws, pursuing rent payments, and conducting 12-weekly inspections. Utilising a professional property management service can greatly influence the success of your investment and your overall happiness! 

The Benefits of Using a Property Manager

1. Expert Knowledge of Tenancy Laws

Tenancy laws are continually changing, making it difficult for property owners to keep up with the latest regulations. A professional property management company ensures your rental property adheres to all legal requirements, including the Healthy Homes Standards, Pet bonds or Meth Regulation.

2. Finding and Screening Tenants

A property manager is responsible for promoting your investment property, organising property viewings, and sourcing appropriate tenants for the owner to be able to make the final decision. They utilise screening tools and databases to identify dependable renters, thereby minimising the risk of rent arrears and other tenancy problems. Were you aware that privacy laws restrict the amount of information you can request from an applicant? For instance, you cannot ask for proof of income; you can only request evidence that rent payments can be made. 

3. Efficient Rent Collection and Financial Management

Receiving rent promptly is essential for successful rental property management. A Property Manager manages rent collection and offers comprehensive financial statements. This allows property owners to have a clear understanding of their rental income without the need to pursue tenants for payments. Are you familiar with issuing a 14-day notice or knowing when to apply to the Tenancy Tribunal?

4. Handling Maintenance and Repairs

A well-maintained property draws in quality tenants and guarantees long-term occupancy. Property managers handle all required repairs and maintenance, coordinating with reliable tradespeople to complete the work efficiently and affordably, keeping your property in top condition and our tenants happy! This relieves property owners from managing emergency calls and dealing with unreliable contractors. At Kimpton Property Management, this service is included in our straightforward management fee. Since maintenance isn't a constant requirement, we don't charge extra for unexpected or planned repairs.

5. Conducting Regular Property Inspections

Regular property inspections are crucial for ensuring tenants maintain the rental property and for spotting maintenance issues before they escalate into expensive problems. A property manager arranges and performs these inspections, delivering comprehensive reports to keep your investment property in good shape. Did you know that most insurance policies become invalid if you can't demonstrate an inspection was conducted within the last 12 weeks? At Kimpton Property Management, we make sure all routine inspections are completed within the appropriate timeframe and thoroughly documented in case they are required for an insurance claim. Even better, we include these inspections in our management fee at no extra cost, with a report sent to you after each inspection, keeping you informed without any hassle.

6. Managing Tenants Moving In and Out

A property manager oversees the entire process, from the first viewings and signing of the tenancy agreement to the final inspection when tenants vacate. They ensure bond refunds are processed accurately and that any required repairs or cleaning are completed before new tenants arrive. Entry and exit inspections are crucial for documenting any damage beyond normal wear and tear. 

7. Minimising Vacancy Periods

A professional property management company has the skills to market your property efficiently, minimising the time it stays unoccupied. Setting the right rental price is crucial for renting out your property quickly with minimal vacancy. A single week of vacancy could cost you between $500 – $2000, depending on your property's rental rate. We quickly adapt to market changes to decrease vacancy periods while maximising your returns. 

8. Peace of Mind for Property Owners

Arguably, the greatest advantage of employing a Property Manager is the peace of mind it brings. Whether you have one rental property or several, entrusting a professional with the daily tasks lets you concentrate on other priorities, confident that your investment is well-managed. At Kimpton Property Management, we monitor calls around the clock, so if a pipe bursts in the middle of the night, we handle it while you sleep! 

Employing a property management company for your rental properties provides numerous advantages, including legal compliance, rent collection, maintenance, and tenant management. Although managing properties yourself might appear to save money, the difficulties and potential risks often surpass the advantages. For property owners aiming to enhance their rental income while reducing stress, engaging a professional property manager is a wise investment for the long-term success of their rental portfolio.

At Kimpton Property Management, we frequently step in to resolve issues with self-managed properties that have gone wrong. We are happy to assist or offer some no obligation advice! However, the best choice is to hire us before such a costly mistake occurs! Contact us if you’d like us to manage your property.