Catalise says, “it is, as it is: it’s quieter, it’s tougher and you need to be very vigilant as well as responsive to the environment.
Catalise is finding tenants are meeting their obligations. Some people have experienced difficulties and careful monitoring of deferment rental plans, allows them to get back on their feet quickly.
Not all properties are affected in the same way but as a general rule, there are fewer people looking to move and more viewings with longer vacancies between tenancies. However, there are good tenants taking well managed properties.
Commercial tenants may be able to open their doors but business is still subdued for many and retailers especially are under pressure. In this context, good negotiation skills to find a win-win solution, bring tenants and landlords together.
Landlords should know about emergency laws that the government has introduced to protect tenants. Giving notice to vacate with proper notice times served is possible again. However, landlords cannot increase rents until at least 25 September 2020.
Welcome news for landlords is that the government has extended the deadline to provide an assessment of compliance to Healthy Homes Act to 1 December 2020. There is a catch, as the deadline to comply with the Act for all new and renewed tenancy agreements is still 1 July 2021.
Landlords should make no mistake that assessing compliance with the Act is not as simple as “I have a heat pump in the lounge” and “the ceiling was insulated five years ago.” It should specify the output of the heat pump and the room size it can heat.
That said, insulation should have been looked at recently to assess any gaps and specify what are the R ratings or current thickness. Indeed, It is recommended to get a proper check done or a property manager can organise it for their clients.
Like at chess, patience, good strategies, knowledge of rules and responding to the environment will lead to success. Catalise regularly communicate with its clients to make sure they understand what is happening, to advise them of the best decisions to make during the recovery and optimise their return on investment, even in a challenging market. Contact Catalise if you want to discuss how they could help in your particular situation.
Catalise Ltd, 203A Symonds Street, Eden Terrace, M: 021 352 670, Sandie@catalise.co.nz, www.catalise.co.nz