Landlord Information and Frequently Asked Questions
1. I have a property I would like professionally managed. What is involved?
2. Will I lose control of my property if I give it to you to manage?
3. How much will it cost to manage my property?
4. Are management fees tax deductible?
5. What information do you provide to help me with my tax return?
6. How do you find tenants?
7. How do you qualify prospective tenants?
8. What insurance do I need?
9. When do I receive my rent payments?
10. What happens if the tenant doesn’t pay rent?
11. What do I need to do if I wish to put my property on the market?
12. What do I need to do if I wish to sell or want to move back into the property myself?
13. How much notice do I need to give if I simply wish the tenant to leave?
14. How much notice must be given to undertake an inspection and what time can this occur?
We look after your property as if it were our own. We carry out regular inspections and urgent or minor maintenance. We carefully select tenants through our stringent selection process and work hard to retain quality tenants. We ensure we achieve a full sustainable market rental for your property.
We take care of all management aspects, including:
- Assessing the current market rental for your property
- Stringent tenant selection
- Preparation of tenancy agreements and bond lodgments
- Three monthly inspections to ensure your property is well maintained
- Collection of rent
- Handling tenants vacating and dealing with bond refunds
- Carrying out necessary maintenance and repairs
- Checking, approval and payment of accounts
- Daily monitoring of rent payments and immediate action on arrears
- Where necessary – attendance at Mediation hearings and Tenancy Tribunal
- Bi-monthly payments of funds to your nominated Bank Account.
Yes – management fees are an earnings related expense and therefore they can be claimed as a tax deduction.
You will receive comprehensive monthly statements to monitor the success of your investment and provide your Accountant with all the information necessary to file your Taxation Returns quickly and efficiently. These are posted or emailed directly to the client.
We use several ways to attract quality tenants:
- Advertising in the Christchurch Press and Rentmart
- Advertising on our website and Trademe
- Enquiries into the office
- Through our widely distributed rental list
- For Rent” signs on the property
- Tenants registering enquiries on our Internet site
All prospective tenants are required to complete a Rental Application where we find out as much information about them as possible including several references. Credit checks are done on all prospective tenants and enquiries made with previous landlords, employers and other relevant parties.
Insurance cover on property and contents (to cover the fixtures and fittings). Can also take out special cover to protect against loss of rents and damage by Tenants. The tenants are responsible for ensuring their own properties.
We transfer all monies held less expenses into your account twice a month, on the 15th and final day of the month. You will receive comprehensive monthly statements to monitor the success of your investment and provide your Accountant with all the information necessary to file your Taxation Returns quickly and efficiently. These are posted or emailed directly to the client.
- We monitor rent payments on a daily basis.
- On the first day after a rent payment is missed, we phone, text or email the tenant to notify them of the missed payment.
- If the tenant fails to pay the rent for another day we issue a 10 day breach notice, giving the tenant 10 working days to rectify the problem. In many cases we are able to negotiate an agreement from the tenant to make additional payments to pay-off arrears.
- If there has been on contact, or breach of agreement from the tenant approximately seven working days into the 10 working day notice, we file an application for a mediation hearing with Tenancy Services.
- If a mutual agreement is not reached at mediation, or the tenant does not appear, we file for a Tenancy Tribunal hearing at the District Court.
There are a number of statutory and procedural steps, which must be followed when selling a residential rental property. Please contact us if you are thinking about putting your property on the market to ensure the correct procedures are followed with respect to tenant notice and access.
Under the Residential Tenancies Act 1986, you are required to give 42 days notice of your intention to move back into the property. This can only be done if the tenancy is periodic. Legally neither party can break a fixed term tenancy. If the property has been sold then you are required to give 42 days notice. Please note there is also an allowance of a further three days for postage.