• Login:
Welcome, Register Here
follow PropertyTalk on facebook follow PropertyTalk on twitter Newsletter follow PropertyTalk on LinkedIn follow PropertyTalk on facebook
Results 1 to 2 of 2
  1. #1
    Join Date
    Jun 2005
    Location
    Nelson NZ
    Posts
    3,864

    Default Nelson PIA meeting Thursday 25 September

    NELSON PROPERTY INVESTORS ASSOCIATION
    AUGUST 08 NEWSLETTER
    PO Box 198 Nelson
    Our next meeting is being held at the National Party meeting rooms Quarantine Road on THURSDAY 25 September. We have been extremely lucky to have Florus Bosch from Napier come to share his story of investing in commercial property. Florus a Dutch Immigrant, came to NZ in 1960 - went dairy farming - always keen to go into property and be a property investor - saw a 'gap in the traffic' in 1977 and diversified into property - saw the need to bring in equity partners to enable purchase of larger buildings in better areas with high profile tenants - now own and manage 17 Companies with a rent roll of approximately $10 million. Well many of you have heard how good it is in commercial. Florus comes extremely highly recommended as a speaker. Do not miss this one chance to hear an exceptional speaker with an amazing story to tell.
    NB We have a one night change of venue this month whilst renovations take place at the Suburban club. The meeting proper commences at 7.30 pm at the National Party rooms. The usual pre meeting meal at 6 pm will take place at the Suburban Club after which we will move on up to Quarantine Road.




    THE MARKET
    I hope not too many of you landlords were depressed by my last newsletter’s comment on the poor rental market.
    Being the public voice for the investors in Nelson can have its down sides with some interested parties abusing me. Well lets hope someone will praise me now for saying things are getting better. Yes that is right all of six weeks after writing the last newsletter the number of advertised vacancies has fallen back to perhaps normal levels. My own portfolio rang clean out of vacancies for a week. Sure the market, like a convalesing patient is still fragile. One bus load of people leaving or entering the city can tip the balance here and there. You just know it is getting better when unsolicited calls start coming in looking for properties that you do not have. It will not be long before we have the university students flowing back looking for summer employement and the pressure will subtely go on again.

    SURVIVING BY THRIVING
    Good tenants are easy to ignore – until they tell you they are moving out. Why are they leaving? Well, it might be because you ignored them. And when tenants plan to move, it’s very, very difficult to get them to change their minds.
    The reason you may ignore good tenants is that you spend so much time working on your not-so-good ones; cajoling them to clean up their acts or planning to evict them. When you are always on the phone with Average or Bad tenants A, B, and C, you quickly start thinking of Good tenant D as simply a check that comes in the mail, on time every month, like clockwork. But your good tenants are much more than that. They are human beings who:
    • Understand that they are paying good money, and expect good service in return
    • Notice when their building seems to be going downhill
    • Recognize when they are being abused or treated disrespectfully or dismissively
    On the other hand, YOU may not recognize these feelings in your good tenants, simply because they may be reluctant to share them. The complaints are more likely to come from your poorer tenants, and you may be more likely to dismiss them as a result. The good tenants are more likely to suffer in silence, before deciding to move on.
    It’s vitally important that you retain your good tenants, not only because they make your landlording more pleasant, but because they are so hard to replace. Once that unit is vacant, you may not re-rent it for weeks, and you have no idea how the next tenant will turn out. He could be just bad enough to make your life really difficult, or so bad that he only lasts for a month or two before eviction.
    Since your good tenants are less likely to contact you, you have to stay in touch with them. Try to get a read on their feelings by calling or emailing at least once a month. Here’s a short checklist of questions:
    • Does anything need repairs in the unit?
    • Are you noticing any maintenance issues in common areas?
    • Do you have any suggestions for me?
    • How are your neighbours?
    Not only have you learned how satisfied your good tenants feel, you’ve made them feel important and wanted. Now you need to follow up by addressing their concerns, if any, sincerely and quickly. Bear in mind as you do so that you can’t get into trouble for being nicer to your good tenants than your bad ones. If a good tenant’s got a maintenance issue, generally make it your first priority – the only more important issues will relate to safety or potential for very serious problems, such as fire or water damage hazards. If a good tenant’s got a beef with a neighbour, get all the facts and deal with it right away – making sure you get the neighbour’s side of the story before making a judgment. If a good tenant and a bad tenant are having a dispute, and neither is clearly in the right, it’s okay to side with the good tenant.
    While you’re at it, ask your good tenants if they’re thinking about moving. Yes, that’s shockingly blunt. But it’s the only way you’ll ever find out if a tenant is planning to move before he or she actually signs a lease for another unit. Once they sign that lease, they’re gone – and no amount of cajoling is going to get them back.
    If a tenant IS planning to move, ask why and press (nicely!) until you get an answer. Hopefully their decision will be based on a problem you can fix. The unit feels kind of old and grimy? Offer to repaint it. It’s too hot in the summer? Get them an air conditioner. It’s too small? Maybe you have a larger unit vacant, even if it’s in another building – and you’ll help them move for free.
    Some of these fixes run into some serious money. You need to compare them to the cost of finding a new tenant. That is a certain amount of lost income, plus the cost of marketing the unit, plus any necessary renovations to make it re-rentable. If the unit needs paint anyway, then painting it to motivate a good tenant to stay is much better than painting to get a new tenant. If the money looks REALLY serious, ask them to sign a new lease. Point out that they would have to if they moved to a different building anyway.
    You should also make sure your tenant recognizes the cost and aggravation of moving. They’ll have to rent a truck, buy or steal boxes, pack everything, arrange for new utilities, physically transport the stuff, and change addresses for all of their mail. Why should they do all that when you can offer them what they want with much less hassle?
    On the other hand, they might be moving for reasons you can’t control, maybe because they’re getting married or taking a new job in a different city or buying a house. Thank the tenant for being a great tenant, and ask if they know anyone else who might be interested in renting the unit.
    You have to be committed to keeping your good tenants happy. That doesn’t include letting them break rules or
    pay rent late. Instead, look for little things you can do to be helpful. I give a good quality calendar to all tenants. Others give coffee shop or pizza vouchers. It’s definitely worth $10 to make a good tenant happy.
    The neighbours around your rental property are your allies. They see things and hear things that you can't, because you probably don't live near all of your rental properties. And they can pass along important information to you. If they are other tenants, so much the better, they already have your phone number. The trick is to give your phone number to the neighbours of your rental property who are not your tenants. There are two ways to pull this off.
    First is to call them. If they are in the phone book that is easy. Usually they will be happy to talk to you. After all, it's their neighbourhood you are wanting to keep up.
    Second is to knock on their door. They will also probably be happy to talk with you at their door.
    Either way, get their phone number as well. If you suspect that your tenants are not behaving the way you would prefer, call them to get their impressions. One of three things will happen. One, they won't have noticed anything and will tell you so; two, they will have noticed something and tell you about it; or three, they will have noticed something, won't tell you about it, but, since they are friends of the offending tenant, will tell him or her. Them telling the offending tenants that you were asking about them may be all that is needed to get them to clean up their act.
    If the neighbours are having problems with the tenants, here is what to do.
    1. Tell them you want to correct the problem, but need their help to stop the behaviour and/or get the tenant out.
    2. Ask them to document the instances noting time and date. Assure them that you will not tell the tenant where the information came from. Chances are you will get similar information from several neighbours, anyway.
    3. Call them back or stop by their home in a week to collect the information.
    At that point you serve notice on the property that the tenant has 10 days to correct the violation of the rental agreement or run the risk of you applying to the tribunal. It is important that you itemize exactly how and when the tenant has violated the rental agreement. The more specific you are, the better the effect on the tenant. If you have a problem drafting the letter properly, call the Department of Building and Housing 0800 TENANCY. But get the evidence first.



    This newsletter has been sponsored by SBS/banking- Southland Building Society is not a registered bank.
    NB. We have a change of venue this time at the National Party rooms Quarantine Rd






  2. #2
    Join Date
    Jan 2005
    Location
    Turkey/NZ
    Posts
    1,821

    Thumbs up

    Quote Originally Posted by Glenn View Post
    Our next meeting is being held at the National Party meeting rooms Quarantine Road on THURSDAY 25 September. We have been extremely lucky to have Florus Bosch from Napier come to share his story of investing in commercial property. Florus a Dutch Immigrant, came to NZ in 1960 - went dairy farming - always keen to go into property and be a property investor - saw a 'gap in the traffic' in 1977 and diversified into property - saw the need to bring in equity partners to enable purchase of larger buildings in better areas with high profile tenants - now own and manage 17 Companies with a rent roll of approximately $10 million. Well many of you have heard how good it is in commercial. Florus comes extremely highly recommended as a speaker. Do not miss this one chance to hear an exceptional speaker with an amazing story to tell
    Florus is a class act, and a quiet achiever. His talent seems to be thinking big and attracting big tenants; some of his develop and build commercial deals have included the likes of Ezibuy, The Warehouse, Warehouse Stationary, Farmers etc

    Well worth a listen from a down to earth guy (from Masterton I believe, not Napier??)

    Regards
    G


 

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Nelson Property Investors September newsletter and meeting announcement
    By Glenn in forum Property Investor Associations (NZ)
    Replies: 0
    Last Post: 28-08-2017, 12:09 PM
  2. Nelson PIA September newsletter and meeting
    By Glenn in forum Property Investor Associations (NZ)
    Replies: 3
    Last Post: 13-09-2015, 08:09 PM
  3. Nelson PIA September newsletter
    By Glenn in forum Property Investor Associations (NZ)
    Replies: 0
    Last Post: 21-09-2013, 10:13 PM
  4. Nelson PIA meeting Thursday 14 Feb
    By Glenn in forum Property Investor Associations (NZ)
    Replies: 0
    Last Post: 13-02-2008, 07:37 PM
  5. Nelson PIA September 07 newsletter
    By Glenn in forum Property Investor Associations (NZ)
    Replies: 0
    Last Post: 17-09-2007, 08:57 AM
  6. Nelson PIA meeting 27 September
    By Glenn in forum Property Investor Associations (NZ)
    Replies: 0
    Last Post: 17-09-2007, 08:56 AM
  7. Nelson PIA meeting 22 September.
    By Glenn in forum Property Investor Associations (NZ)
    Replies: 1
    Last Post: 27-08-2005, 06:41 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •