Residential property management in New Zealand has grow to be highly competitive over recent years. Adjustments to the Real Estate Agents Act now mean that rental property management are excluded from this Act meaning landlords don't have the protection of this act. Adjustments to the Residential Tenancies Act likewise now enable anyone who does property management as a professional job to bill a tenant a letting fee. These adjustments have opened the door for a lot more private operators to start property management businesses. Some of these operators charge you a bit lesser charges than licensed Real Estate Companies & other Professional Property Managers. 
Property owners must be careful in choosing an appropriate property manager. A lesser fee can often result in a lesser service. You may be able to quantify a little variance in the cost of a service but often the difference in the caliber of the service could be miles apart. Customers ultimately get what they spend on so you have to be confident your manager has the experience, knowledge and resources to efficiently manage your property.
In the last couple of years adjustments in legislation have increased the obligations of landlords and property managers. This isn't restricted to responsibilities under the Residential Tenancies Act but also other legislation including building, maintenance as well as insurance issues.
The Residential Tenancies Amendment Act was in fact passed in to law at the end of 2010 which gave more significant protection to tenants and landlords. As a part of this the act increases the monetary jurisdiction of the Tenancy Tribunal from $12,000 to $50,000. The amendment act likewise observed the introduction of prohibited acts and exemplary damages by means of fees to the parties who breach these acts.
Property owners should complete detailed due diligence in order to appoint a property manager with a lot of experience in tenancy law and landlord obligations. Now more than ever a person can not afford to appoint the most affordable manager or try and get by managing properties them selves with little ongoing knowledge as well as expertise. It goes without saying the more you put in to your property the more you will have out of it. Competent residential property management is a completely separate and highly competent part of real estate that demands well qualified and experienced personnel along with an productive and systemised approach to management.
Whichever property manager you get know about the differences in service as well as any variations in price. Request references and study a company's website to verify the level of resources they put in to property management. It's also wise to research the range of resources they offer tenants in order to support and persuade long term tenancies. In this day and age there is simply too much at stake to get it wrong.
Property owners must be careful in choosing an appropriate property manager. A lesser fee can often result in a lesser service. You may be able to quantify a little variance in the cost of a service but often the difference in the caliber of the service could be miles apart. Customers ultimately get what they spend on so you have to be confident your manager has the experience, knowledge and resources to efficiently manage your property.
In the last couple of years adjustments in legislation have increased the obligations of landlords and property managers. This isn't restricted to responsibilities under the Residential Tenancies Act but also other legislation including building, maintenance as well as insurance issues.
The Residential Tenancies Amendment Act was in fact passed in to law at the end of 2010 which gave more significant protection to tenants and landlords. As a part of this the act increases the monetary jurisdiction of the Tenancy Tribunal from $12,000 to $50,000. The amendment act likewise observed the introduction of prohibited acts and exemplary damages by means of fees to the parties who breach these acts.
Property owners should complete detailed due diligence in order to appoint a property manager with a lot of experience in tenancy law and landlord obligations. Now more than ever a person can not afford to appoint the most affordable manager or try and get by managing properties them selves with little ongoing knowledge as well as expertise. It goes without saying the more you put in to your property the more you will have out of it. Competent residential property management is a completely separate and highly competent part of real estate that demands well qualified and experienced personnel along with an productive and systemised approach to management.
Whichever property manager you get know about the differences in service as well as any variations in price. Request references and study a company's website to verify the level of resources they put in to property management. It's also wise to research the range of resources they offer tenants in order to support and persuade long term tenancies. In this day and age there is simply too much at stake to get it wrong.
About the Author:
If you would like much more information on rental property managers, contact simonallen@allenrealty.co.nz or visit www.allenrealty.co.nz
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