Even though it is often difficult to get information about prospective tenants, it is important to find out if people have a criminal conviction or have been taken to the Tenancy Tribunal for not paying their rent. The property managers mentioned below can help get the best solutions for your rental property.
L J Hooker, PonsonbyAre all your clients’ rental properties up to date with the healthy home standards?
Yes.
How can your rental property be made safer for families?
Regular maintenance checks and ensuring there is adequate fencing. Any health and safety issues are dealt with in a timely manner.
Landlords may want to prepare their properties and give them a makeover. What are the important things to consider?
They need to keep the décor neutral, ensure there is adequate heating to make sure they are up-to-date with the upcoming healthy homes standard, ensure the property meets insulation requirements. And that the outside of the property is tidy and easily maintained for the tenant.
The cooling market may mean better deals for investment properties. What recent examples have you seen?
Don’t agree. Well-presented homes in good suburbs are in short supply.
Property managers can often assist with understanding the lease agreement and make suggestions about deferring repairs and maintenance. Any thoughts?
We advise owners of when maintenance is required to be done. They can call us for advice and we help them by giving them recommendations about potential upcoming maintenance issues, so we can all plan accordingly. We provide a comprehensive tenancy agreement that is compliant with industry standards and easy for both landlords and tenants to understand.
Bayleys Real Estate, Ponsonby
General manager for the residential property management arm of Bayleys Real Estate in Central Auckland, Lisa Sargison, said all residential properties within the agency’s letting books were compliant with the new Government healthy homes legislation.
“And any new properties coming onto our books, which have not previously been investment stock, have 90 days to become compliant with the insulation legislation,” Sargison said.
“For some landlords and their properties, the work required to achieve a level of compliance can be substantial, and we recommend they seek project management advise from either an independent licensed building practitioner or the Ministry of Business Innovation and Employment which is administering the new insulation and home heating process.”
Sargison said that deferring maintenance on rental properties was not a practice the agency recommended – as smaller issues usually tended to grow into bigger problems. “Problems don’t go away so we, as property managers, have them dealt with as soon as possible. That practice has the parallel benefit of showing tenants that a landlord actually cares for them and the home they are renting. And in virtually all cases, remediating a problem earlier is more cost effective than treating it later,” she said.
Bayleys Ponsonby sales manager Bernadette Morrison said the current stable residential property market was driving many investors to calculate their estimation of a property’s value based on rental yield or improvement potential – rather than relying on any capital gain over the short to medium term.
Catalise Property Management
Are all your clients’ rental properties up to date with the healthy home standards?
Catalise’s clients were briefed on the requirements that came into force on 1 July 2019, well ahead of time, and we assisted them doing the necessary upgrades to their property insulation. Some have taken the opportunity to implement at the same time upcoming requirements from the Healthy Homes Standards Act – notably, installing a vapour ground barrier and one fixed form of heating in the lounge. Others are aware of what’s required but elected to defer the cost outlay to later in 2020/early 2021.
How can your rental property be made safer for families?
Property features families especially value are a fully fenced property and a decent modern kitchen and appliances. A bathroom with a bath is appreciated for young children. Insulation used to be a big one but, as it is now compulsory for all rentals, it is no longer a point of difference. If one wants to be ahead of the curve, then install a heat pump or a flued gas/wood fire now without waiting for 2021. Tenants also appreciate a security alarm but landlords should be aware they will be responsible for its ongoing maintenance as well.
Landlords may want to prepare their properties and give them a makeover. What are the important things to consider?
Landlords should assess their target market and property type to evaluate what will give the best returns and appeal for their budget. One would not do the same makeover for a two-bedroom unit in Mangere and a character three-bedroom/two-bath house on a full site in Mt Albert.
Paint is a number one, inside and outside. It can transform a space at a moderate cost. It is best to choose a light and neutral colour scheme but landlords don’t have to go too bland either, as touches of personality through a painted/wallpapered feature wall or a bright front door may be what sets their place apart from the competition. Low sheen is harder wearing and easier to clean than a flat/matt finish and should be preferred for rentals.
I am a fan of wooden floors in the open plan area kitchen/dining/lounge and hallway, they are easier to maintain, hard wearing and give a nice modern flow and unity to a place compared to having vinyl in the kitchen area only and carpet for the rest. Install overlay wood flooring or, if it is an older house, chance is there are native wooden floors under the carpet waiting to be exposed and polished.
If there is more budget left, landlords should look at window furnishings (blinds may be lower maintenance and give a modern look compared with traditional pencil pleat curtains), a kitchen and bathroom appliances upgrade and choose them based on their target market. A rental in a suburb prized by young executives may deserve better than the white freestanding stove.
Needless to say, a roof that doesn’t leak with clean gutters and a tidy (but not fancy) garden should be mandatory.
The current cooling market may mean better deals for investment properties. What recent examples have you seen?
Bank lending is still a significant hurdle for investors, so I haven’t seen many being very active yet. However, for the ones with significant equity or ‘cash up buyers’, there are opportunities out there and more time to evaluate and negotiate deals than at the time when properties were selling faster than hot bread in a French bakery!
Property managers can often assist with understanding the lease agreement and make suggestions about deferring repairs and maintenance. Any thoughts?
Laws about renting in New Zealand are becoming increasingly complicated and property managers will guide landlords making sure the tenancy agreement used has all the relevant clauses to protect landlords as best as possible, as well as the necessary insulation and insurance information they must provide.
A good property manager will also be a partner in the investment journey, bringing to the owners’ attention maintenance items before they become a big problem and advise on which ones really need to be dealt with without delay and the ones that possibly could wait. Sometimes, property managers are able to offer clever solutions to maintenance aspects. They also have access to a network of trades people who can attend the job in an efficient timeframe as they give property managers a preferential service.
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