It’s no secret that property management is a growing business here in Auckland, requiring greater specialisation, but what is it that property managers do, exactly?
To put it simply, property managers act as a valuable resource for landlords and tenants alike, ensuring that landlords and property investors earn the highest possible value for their properties, while also ensuring their tenants enjoy a comfortable renting experience. That may sound simple, but the role of a property manager runs much deeper. If you’re interested in investing in an Auckland rental property, read on to discover the vast array of responsibilities that property managers can help you with.
Property managers take the lead with rent. Their understanding of the property and the area market help them to set the rent level appropriately to compete for the best possible tenants. Additionally, their proximity to the tenants themselves, combined with their resources and understanding of tenancy law, make them the ideal choice to collect rent from tenants. Property managers also oversee adjusting rent when necessary. Recent changes to tenancy law dictate that this can only be done at specific timings, so rent adjustments must be handled with tact.
Thanks to the time they spend on the premises and from the 3 or 6-month routine property inspections, property managers are well equipped to address the routine maintenance efforts and repairs needed to ensure the property’s value remains high. They will act as the point of contact for tenants who need to report property issues, using their vast network of connections to arrange repairs promptly.
Property managers shoulder the burden of finding the right tenants for a property and subsequently addressing their concerns. They are front and centre from the start, marketing the property to attract interested tenants, screening those tenants via credit checks, assisting them with property viewings and tenancy agreements, working with them to address emergencies and complaints, and finally ensuring that all the requisite boxes are ticked when the tenants move out.
By setting and adjusting the rent levels for a property, property managers are determining the amount of cash flow that property can generate. However, they must also determine how much will need to be spent on it, trying to limit expenses without diminishing the property’s value. By determining how money comes in and how much goes out, property managers are effectively dictating a property’s profit margin. Each month the net balance is paid into the landlord’s bank account and monthly and yearly statements emailed direct to them. Their role shaping this budget is a major asset for property investors and landlords.
If property investment sounds like a rewarding future, you can learn more at one of Lochore’s Real Estate’s regular seminars! The most helpful property seminars Auckland has to offer, the residential sales and property management team at Lochore’s can show you what it takes to break into Auckland’s competitive real estate market. Contact us today to learn more. Your future in property investment awaits!
If property investment sounds like a rewarding future, you can learn more at one of Lochore’s Real Estate’s regular seminars! The most helpful property seminars Auckland has to offer, the residential sales and property management team at Lochore’s can show you what it takes to break into Auckland’s competitive real estate market. Contact us today to learn more. Your future in property investment awaits!
4th May 2023. Picking exactly where we are in the economic and property cycle is always a challenge. Historically, a complete circumnavigation of the clock below can be 8 – 10 years, depending on the location, type of property, economic factors, and demand … Read more
At a point in time that we reflect, following two of the most major weather events to occur in Auckland and NZ ‘s history, I thought that a blog on house and/or commercial property insurance is worthwhile reading. Clearly, under-insurance is a significant issue that can have serious … Read more