Having an investment property can be a great source of wealth generation but it comes with legal responsibilities and challenges. If you are contemplating becoming a landlord, you need to decide if you will manage the property yourself or use the services of a professional property manager. There are wide-ranging financial and other benefits of doing so, especially if you have a growing investment property portfolio.

Once you have carefully vetted and selected an experienced property manager the first thing they will do on a landlord’s behalf is find, vet and secure the right tenants. 

This begins with advertising your property online. A property manager will then organise inspections and each applicant will be carefully assessed. 

Property managers have access to tenancy databases that allow them to view prospective tenants' rental history. Your property manager can then advise you on the best application and highest quality tenant, leading to fewer problem tenants, decreased tenant turnover and reduced risk of having a vacant property. 

Before the tenant moves in, a property manager conducts an entry inspection and routine inspections occur every three months afterwards to ensure the property's upkeep. These inspections include detailed reports and photographs documenting any repairs needed. A Raine & Horne Property Manager also has a strong network of trades people which ensures competitive pricing for maintenance and repairs. Additional benefits of using a property manager include:

Reduced stress and avoid potential tenant confrontations

Leaving a professional to manage your property means less worry and stress. Property managers act as a buffer between a landlord and the tenant and are expert at handling issues like late payments and property damage on their behalf. Using a property manager also prevents so called blurred boundaries that can occur when a landlord gets too friendly with a tenant.

Ensure you meet all legal requirements

If you own a rental property in Aotearoa, you are legally required to know and comply with several pieces of legislation. Property managers stay up to date with any changing legal requirements and ensure you stay compliant in dealing with tenants. They can also confidently act on your behalf if a claim is lodged with the Tenancy Tribunal.

Maximise your rental income 

As well as ensuring rent is paid on time, a property manager can keep you up to date on changes in market rents for properties that are like yours, helping ensure you earn the maximum rent possible.

Whether you want to sell buy or rent a property, don’t hesitate to contact your local Raine & Horne office.