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  1. #1

    Default Use a Property Manager our Manage it ourselves?

    Hi Everyone
    Once again I turn to this amazingly helpful forum for some advice.....

    My wife and I have bought a Home and Income (two completely separate legal dwellings) is a good part of Pakuranga. We will live in the Income, and rent out the Home. It is our first home, and our first Invetment Property.

    We were planning on managing the property ourselves, but getting a Rental Agency to find the tennants. In talking with a couple of them and reading the other thread on here about the property in Rodney, we are now thinking that might not be such a good idea.

    So that leaves two options:
    1 - Do everything ourselves. I have been reading through the DBH site a lot and having been a tennant for many years feel that I have a reaonable understanding of the tennacy law not to make a huge mess of it. Advertising, credit checks (through TINZ looks like a good option) is all pretty straight forward, but we are not so confident about the reference check and tennant selection process (i.e. do we actually know who makes the ideal tennants?)

    2 - Give the whole thing to a Property Manager. We don't really want to hand over 7.5% +GST per week when we will be onsite so will end up doing a lot of the property management by default, but is it a better way for us to start and learn?

    We take possesion on 1 December, so it will be very tight for us trying to get tennants before Christmas. But we really don't want to have it vacant until mid-Jan!

    Any advice appretiated!

  2. #2
    Join Date
    Jul 2010
    Location
    Auckland City, why invest else where?
    Posts
    984

    Default

    Is the 'home' part of the property vacant? Do you need to do renovation first before tenanting the place?

    I would suggest you ask a property manager to look for a tenant for you, otherwise you may not be ready (knowledge wise) to do the tenant process yourself.

    Also I would suggest ask the agent to kindly let you show prospective tenants through.

    That way, your property is already advertised for rent before you settle on the property, and have the new tenants move in on the same day or next day of settlement date.

  3. #3
    Join Date
    Nov 2009
    Location
    North Shore Auckland
    Posts
    565

    Default

    Well done gumbii...now the fun begins.

    And being a LL isn't rocket science.....just apply a little common sense...I often turn down prospective tenants because I "don't like the look of them"

    Whilst some might say this is foolhardy/harsh or just plain silly, I can honestly say that in 20yrs of managing my own properties I haven't really had any major problems with tenants.....so for what it's worth, i think the "sniff test" I apply seems to work just fine.

    And I must confess, I've NEVER done a credit check on any of my tenants.....only because I refuse to give my credit card details over the net....that should give you a clue to my age

    Do manage the property yourself.....but get a rental agent to help you find a tenant...you can interview the person...the agent shouldn't sign them up without your prior approval.

    Also, see if you can get access to the property to show prospective tenants thru' so you have someone to move in when you take possession.

  4. #4
    Join Date
    Nov 2008
    Location
    Karratha WA
    Posts
    1,444

    Default

    Join your local property investors association for heaps of people who have good conatcts in your area, you don't have to have lots of property to go along.

  5. #5
    Join Date
    Nov 2006
    Location
    Cyberspace
    Posts
    5,737

    Default

    Quote Originally Posted by Ahar View Post
    And I must confess, I've NEVER done a credit check on any of my tenants.....only because I refuse to give my credit card details over the net....that should give you a clue to my age .
    Join TINZ. Get an account. Pay by cheque.

  6. #6
    Join Date
    Feb 2010
    Location
    Dunedin
    Posts
    410

    Default

    Congrats and all the best in your new enterprise.
    Since the property is on the same bit of land resist the temptation of "over managing" the property as the is the quickest way to piss tenants off.
    I agree with the others who say get an agent to advertise and show/sign up a tenant.

  7. #7
    Join Date
    Nov 2009
    Location
    North Shore Auckland
    Posts
    565

    Default

    Quote Originally Posted by Keys View Post
    Join TINZ. Get an account. Pay by cheque.
    Hey, thanks for that Keys....honestly hadn't thought of that

    And gumbii........never forget....... tenants are not your friends......this especially applies to tenants living next door.
    By all means be pleasant, but keep the LL tenant relationship at a professional distance......it's much too hard to "discipline" friends and there are folk out there who are only too quick to take advantage.

  8. #8

    Default

    Quote Originally Posted by Ahar View Post
    tenants are not your friends
    Good advice, and it is probably the primary reason we are a bit worried about both finding tennants and managing it ourselves. We are both 'nice people', but we have to make sure we never make the assumption other people are also 'nice people'. Also great advice about your "sniff test".

    The property is in above average condition so we don't need to do any renovations immediately which is good. Plenty of work that could be done on it to increase value, but nothing urgent.

    I have called the Agent and she is going to talk with the owners to see if we can have an open home or two before settlement. Fingers crossed.
    Last edited by gumbii; 28-10-2011 at 05:59 PM.

  9. #9
    Join Date
    May 2004
    Posts
    2,759

    Default

    If using a property manager, even just initially, it is a good idea to search on them in the TT database. One can learn a lot from reading the judgements. (Landlords who did that before selecting Jericho, since failed, would have seen several red flags.)

    Most tenancies run perfectly, or close to, if tenant selection is good. Good learning experience too. And of course plenty of great advice on this site if you run into problems.

    Good luck!

  10. #10
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    14,767

    Default

    Quote Originally Posted by Ahar View Post
    And gumbii........never forget....... tenants are not your friends...
    ...this especially applies to tenants living next door.
    Taking that advice a little further, treat them as if
    they are next door. Next door neighbours! Ones
    separated from you by a mental fence.
    With all the Draconian new laws for residential rental LLs, perhaps AirBnB would be better? To avoid any hassle in Hawke's Bay, consult Be My Hostess. Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!


 

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