Thinking of managing property ourselves

[Charms]

Hi everyone,

Firstly can I say every bit of advice will be greatly appreciated.

We have owned 1 IP since 2008 which has been managed through agents until December last year (property has been empty since then).
We had it up for sale but that has just fallen through so we have decided to put it back into the rental market.

We are thinking about managing it ourselves as it is only 1 property but am worried that we may overlook something crucial if sometime in the future worst comes to worst.

I am about to go to Paper Plus and get a bog standared rental agreement and see what that is all about.
I know we need to get previous landlord and work references and do a credit check. No idea how to go about doing a credit check!!

What else do we need to make sure we do to safeguard ourselves as much as possible??

Thanks everyone.
Charms

[artemis]

Check out the Tenancy section on the DBH site (www.dbh.govt.nz). Lots of info there along with tenancy agreement and inspection form to download. Come back here with specific questions once you have read through the section.

Simplest way to get a credit check is through TINZ (www.tinz.net.nz).

[One]

Do your credit check through TINZ. http://www.tinz.net.nz/

[Keys]

Send me an email. I'll ping some forms your way.

Ring me at 8am tomorrow for a chat.

[Charms]

Thanks for the info so far. Lots and lots of reading to do by the looks of it!!

[Property-Manager-Auckland]

Hi, Looks like you’re pretty sorted but here’s is my two cents.

For credit checks I use Baycorp (VedaScore Plus). The only details you need from the potential tenant are: Surname, First name, DOB, Gender then Street name, Suburb and City. Cost $15 a go

Most property management companies will offer a free letting service which usual includes things like:
Advertising on Trademe, Realestate.co.nz and their own website
Preparing the residential tenancy agreement
Bond lodgment
Reference checks and credit checks
Rental evaluation and assessment
Hosting open homes etc

The cost is past onto the new tenant. We charge the tenant 1 weeks rent as a letting fee.

Hope this helps!
Nick Powell

[shami]

Hi, Looks like you’re pretty sorted but here’s is my two cents.

For credit checks I use Baycorp (VedaScore Plus). The only details you need from the potential tenant are: Surname, First name, DOB, Gender then Street name, Suburb and City. Cost $15 a go

Most property management companies will offer a free letting service which usual includes things like:
Advertising on Trademe, Realestate.co.nz and their own website
Preparing the residential tenancy agreement
Bond lodgment
Reference checks and credit checks
Rental evaluation and assessment
Hosting open homes etc

The cost is past onto the new tenant. We charge the tenant 1 weeks rent as a letting fee.

Hope this helps!
Nick Powell

and, who fix the rent in this case - is it the landlord or the property management company ?

[Property-Manager-Auckland]

and, who fix the rent in this case - is it the landlord or the property management company ?

Not sure I understand the question Shami?

[shami]

Sorry for that. I mean to ask, if the landlord fix the rent for the property or is it the property manager.
Because I heard from some of my friends here, that the rent for the property managed by the agent is relatively high, especially when there is no letting fees charged by the agent.

[Property-Manager-Auckland]

Sorry for that. I mean to ask, if the landlord fix the rent for the property or is it the property manager.
Because I heard from some of my friends here, that the rent for the property managed by the agent is relatively high, especially when there is no letting fees charged by the agent.

The landlord and the property manger will come to an agreement on what they both think will be the best price to charge a week for the property. Usually the Landlord will want a higher amount to maximize there gain.

When a property is advertised privately the landlord will not charge a letting fee. But I don’t see the landlord wanting to charge less than another property which is the same? Especially when the rental market in Auckland is so buoyant

[shami]

Thanks for that info. Thats what trying to know.

[Samuel]

You could always ask for references from previous landlords and follow up to confirm. This way you will get a good idea about people.