Managing Rental Properties in New Zealand:
A Day in the Life of a First National Progressive Property Manager
Being a First National Progressive property manager comes with a wide range of responsibilities. From managing tenancies and rent collection to handling maintenance requests and ensuring compliance with legislation. Our property managers play a crucial role in the rental market.
In this blog, I will take a closer look at the tasks involved in managing rental properties, and explore the challenges and rewards of this profession. So, let’s dive into a typical day in the life of our property managers!
- Checking and Responding to Emails
Effective communication is key in any property management role. Our property managers start their day by checking and responding to emails. This includes addressing tenant enquiries, owner correspondence, and any urgent matters that require immediate attention. Timely and efficient email management ensures smooth communication and keeps everyone informed.
- Checking Rent Arrears and Following up with Tenants
One of the core responsibilities of a property manager is rent collection. They review rent arrears daily to identify tenants who have missed payments. Following up with tenants promptly is crucial to resolve any issues and ensure that rental income is received on time. Effective communication and negotiation skills play a significant role in these interactions.
- Checking Maintenance Requests
Tenants often submit maintenance requests, ranging from minor repairs to more significant issues. Property managers review these requests, assess their urgency and validity, and coordinate with contractors accordingly. Efficiently handling maintenance requests contributes to tenant satisfaction and the overall well-being of the property.
- Organising Contractors for Required Work
Maintenance and repairs are an inevitable part of property management. Property managers coordinate with trusted contractors to promptly address any necessary repairs or maintenance tasks. They liaise with the tenants and owners to schedule the work, ensuring that the property remains in good condition and meets the required standards.
- Holding Rental Viewings
Our property managers organise and conduct rental viewings to showcase vacant properties to potential tenants. They highlight the property’s features, answer inquiries, and collect applications from interested parties. Their expertise in presenting properties and knowledge of local market trends contribute to successful rental viewings.
- Processing Applications for New Tenancies
When a property becomes vacant, property managers handle the process of finding suitable tenants. This includes advertising the property, reviewing applications, and conducting thorough background checks. They assess potential tenants’ references, employment history, and creditworthiness to ensure they are a good fit for the property.
- Calling References and Running Background Checks
To make informed decisions about prospective tenants, our property managers reach out to references provided in rental applications. They conduct reference checks to verify the information provided and gain insights into a tenant’s previous rental history and behaviour. Additionally, they may run background checks to ensure the applicants meet the necessary criteria.
- Calling Owners to Discuss Applicants or Maintenance
First National Progressive property managers act as intermediaries between property owners and tenants. They communicate regularly with owners to discuss potential applicants and provide updates on property maintenance and repairs. Building and maintaining a strong relationship with owners is vital to ensure their needs and expectations are met.
- Completing Routine Inspections
To assess the condition of rental properties, property managers conduct routine inspections. These inspections help identify any maintenance or repair needs, ensure compliance with tenancy agreements, and address any potential issues proactively. Property managers document their findings and communicate any necessary actions to tenants and owners.
- Completing Outgoing and Ingoing Inspections at Change of Tenancies
When a tenant moves out or a new tenant moves in, our property managers conduct thorough inspections to record the property’s condition. Outgoing inspections involve assessing any damages or wear and tear, while ingoing inspections ensure accurate documentation for bond refunds and future reference. These inspections play a crucial role in protecting both tenants and owners.
- Rent Reviews for Owners
Periodically, property managers review rental rates to ensure they align with market conditions and provide optimal returns for property owners. They conduct research, analyse comparable rentals in the area, and propose rent adjustments when necessary. Rent reviews help maximize the property’s income potential while remaining competitive in the market.
- Extension or Renewal Documents
As tenancy agreements approach their expiry dates, property managers handle extension or renewal documents. They liaise with tenants and owners, negotiate terms if needed, and ensure that the paperwork is completed accurately and in compliance with relevant legislation. Their attention to detail avoids misunderstandings and protects the interests of all parties involved.
- Drawing up Tenancy Documents for New Tenancies
When a new tenancy is established, property managers are responsible for drafting tenancy agreements. These agreements outline the terms and conditions of the tenancy, including the rent amount, duration, and responsibilities of both parties. Property managers ensure that the documents adhere to legal requirements and protect the rights of tenants and owners.
- Processing Bond Refunds
At the end of a tenancy, property managers handle the process of refunding the bond to the tenant. They conduct final inspections, compare the property’s condition to the initial ingoing inspection, and process the bond refund accordingly. This meticulous process ensures fair treatment and resolves any disputes that may arise.
- Training on New Legislation
To stay up to date with changing regulations and industry best practices, property managers regularly participate in training sessions and professional development activities. New Zealand’s rental market is subject to evolving legislation, and property managers must have a comprehensive understanding of these changes to fulfil their responsibilities effectively.
Being a First National Progressive property manager demands a diverse skill set, ranging from effective communication and organisation to a strong understanding of legislation and market trends. The tasks mentioned above provide a glimpse into the daily routine of our superstar property management team, highlighting the importance of maintaining open lines of communication, ensuring property upkeep, and complying with legal obligations.
If you would like to know more about our Property Management services call me, Glen Ford 021 770 586