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What do you need to know about managing a rental property?

By Craig Catley

Have you got an investment property that you’re struggling to find suitable tenants for? It might be that applicants aren’t the right fit, or they’ve got a bad track record in previous rentals. Managing these people might be a little trying at times, but that’s why Ray White Takapuna offers property management services.

You don’t have to handle any of the client-facing tasks when you have a property manager, which suits the more hands-off investor. For those who prefer to be more in touch with their tenants, the tips below could help you to have more successful and long-lasting tenancies. On the other hand, if you’re looking to select the right property manager for your North Shore home, check out our advice below:

Know who to call in an emergency

The unexpected can happen at any time around your property – whether you have tenants or not. It might be something as simple as a broken dishwasher or washing machine, or something more serious like a gas leak or a sparking fuse. If you’ve collated all of the appropriate contacts before a tenancy begins, when something happens that requires immediate assistance, you don’t have to go searching online for the right tradesperson.

You’ll be glad you had the right numbers saved on your phone when you need to call an emergency tradesperson.

Instead, flip open to your bookmark about emergency repair people, or open the note on your phone, and you’ll have all the information you need. Your tenants will be thankful that you were prepared for the worst!

Cover absolutely all of the basics during the interview

If you’re selecting tenants for your property, you’ll need to meet them before you let them live in your rental. During this interview process, you can learn a lot about the prospective renters, including how they intend to use your property and if you think they would be an appropriate fit.

Tenancy Services recommends going deeper than just asking the hopeful tenants about their family situation – you should also ask about their employment and subsequent ability to pay the rent, how many people they intend to have living at the property, and if they understand the basic responsibilities of a tenant. You don’t want to have a routine inspection of your investment and see that the place is a mess, when you thought the people renting it from you were totally responsible!

Finding the right tenant for your North Shore rental doesn’t have to be a challenge.

Make sure that you tell them what your expectations as the landlord are – and put as much detail as possible into the official tenancy agreement. That way, if something does go wrong with the property, either during or at the end of their stay, you’ll have legal grounds to fall back on.

Choose a property manager that understands your goals for the property

If you’re going down the route of choosing a property manager for your rental, you don’t just want to settle on the first option you come across! Make sure the person or business you’re leaving in charge of your home knows exactly what you want from the property, including the sort of tenants you’d like, and if you’d prefer short or long-term stays.

Further, let the reputation of a property manager speak for itself – just because you know someone or they have a slick website doesn’t mean you should leave your wealth-building strategy in their hands. Search online for reviews or previous experiences with a property manager and choose one that stands out from the rest.

Remember, both tenants and property managers will be in some control of the success of your wealth creation strategy with an investment home on the North Shore. Keep that in mind when selecting both, and you’ll reach your financial goals! For more information about how to get the most out of your rental property, get in touch with Ray White Takapuna today.

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