Just like learning to ride a bike, anyone can learn the ropes of being a landlord, with a bit of googling and a copious amount of reading up on current property laws and rental regulations it’s 100% achievable to manage an investment property alone.
However, being a great landlord requires time and experience. And it’s likely when you are navigating the required paperwork and the many hurdles that come with managing tenants, you may find yourself searching for a local property management company near you.
Property managers can often be overlooked, but it’s no exaggeration when they are referred to as ‘worth their weight in gold’!
Here’s why…
If the New Zealand National average rent (as of June 2021 according to interest.co.nz‘s new Residential Rent Report) = $491 per week
And a (Rentsmart) property manager takes 7.9%+gst = $44.61 per week
For taking care of your property 24 hours a day/7 days a week = 168 hours per week
The cost of a (Rentsmart) property manager is $0.27 cents per hour!
($44.61/168 hours = $0.27c per hour)
That means for $0.27c per hour a (Rentsmart) property manager takes care of:
- Advertising and marketing your property – Through high-quality photographs, online channels, and to a waitlist of potential tenants kept on hand
- Property regulations, tenant rights, and rental legalities – Property managers keep up with the play by attending regular industry talks and conferences so you don’t have to
- The paperwork – Property managers have the systems and processes in place to ensure details, forms, and legally required information is submitted on time and stored in a professional manner
- Maintenance and repairs to your property – Utilising discounted rates and quick response times with reputable service providers
- Tenancy management – Rent collection, rent records, and regular property inspections
- Property performance – Better management, better returns!
- 24/7 days a week problem solving – Think lost house keys at 7pm on a Friday evening, or a burst pipe on a Sunday morning
Meaning for $0.27c per hour you (the rental property owner) can focus on:
- Your business, profession, or other income streams
- The lifestyle you wish to live
- Time spent with family and friends
- None of the points listed above
So ask yourself knowing the above, would you manage your investment property privately or consider listing it with a property manager?
National data courtesy of – interest.co.nz‘s new Residential Rent Report: https://www.interest.co.nz/property/110471/rents-have-risen-much-more-slowly-auckland-compared-rest-country