Owning a rental property in New Zealand can be an excellent way to make some more money, but that doesn’t mean it’s easy. Heaps of tasks need to be taken care of so that you and your tenants stay happy. You need to know of the potential pitfalls that come with property management in NZ.
The mistakes listed in this article are rather common, but they can have terrible consequences. How can you avoid them? The first step is easy – read through this article and become more informed. Knowing more about an error makes you more likely to prevent it.
6 Common Mistakes That Property Owners Make (And How To Avoid Them!)
Being a property owner can be very rewarding, especially since you know you’re providing homes for people who need them. However, you have to be keenly aware of how to be a good property owner in order to keep everyone happy.
There are so many easy mistakes that can be made! Here are six mistakes that people often make:
1. Not Having A Good Rental Agreement. A rental agreement is a contract that highlights the many responsibilities of the landlord and the tenant. It’s essential to have a well-written rental agreement in place to protect yourself and your valued tenants in case of any disputes.
Without a proper rental agreement that highlights details regarding your NZ property management duties, you could face confusing issues that are hard to resolve.
To avoid this mistake, be sure you write out a rental agreement that you (and your tenants) are happy with. This will clearly outline what everyone is expected to do. If anything wrong happens, you can consult the agreement to find a peaceful solution.
How exactly do you write a rental agreement? Consider speaking with a New Zealand property management company that knows what to do.
2. Not Doing Background Checks On Tenants. Have you ever had a tenant who never paid rent, didn’t treat your property with respect and overall was a pain to deal with? What a nightmare!
So, it’s important to do background checks on all potential tenants. Never go off of first impressions because your impression of them may not be correct. Background checks will make sure they have a good rental history and are financially stable. This will reduce the risk of unpaid rent and damage to your property.
3. Not Inspecting A Property Regularly. A key staple of NZ property management is routine property inspections. It’s vital that you inspect your rental property regularly to make sure it’s in good condition and that the tenant is taking care of it. This will help you avoid major repairs or damage down the track.
Be sure you, or your helpful property manager, has a good inspection schedule.
4. Not Being Responsive To Tenant Requests. Tenants should always be able to contact you if there’s a problem with the property or if they need something fixed. It’s crucial to be responsible for their requests to keep them happy and to avoid any disputes.
After all, you’re supposed to be there for them if they have any issues regarding the property you own.
Make sure that all of your pertinent contact information is correct and easily accessible by all of your tenants.
5. Not Keeping Up With Maintenance. A significant part of NZ property management is, of course, property maintenance. It’s very important to keep up with regular maintenance on your rental property to prevent any major repairs in the future. This includes fixing leaky pipes, replacing broken appliances and so on.
Sticking to a maintenance schedule is key! Your property manager should be able to keep up with routine maintenance.
6. Not Setting Clear Expectations. You should always set clear and concise expectations with your tenants at the very start of their tenancy. This includes things like the rent amount, the payment due date, the pet policy and quiet hours. This will help to avoid any confusing misunderstandings or disputes.
Try to go over any rules or expectations you have as soon as you can. Otherwise, your tenants may feel like they were kept in the dark.
The Ultimate Answer To Your Property Management Needs In Auckland
All of these mistakes could lead to disgruntled tenants and more stress for you, so avoid them as best as you can! Don’t worry, though; avoiding these mistakes is actually pretty easy if you work with an experienced NZ property management company like us at Reliance Property Management.
We’re not just a standard property management team that you’d find anywhere in Aotearoa; we’re the property management team that always goes the extra mile to keep you and your tenants happy. We’re prepared to offer you excellent service.
If you’d like to learn more, don’t hesitate to call us on 0800131141 or visit our website for more details.
Avoid these common mistakes with Reliance Property Management.