Being a successful landlord can be difficult, especially if you have limited experience in managing properties and people. Here are some first steps to help turn your Wellington rental property into a profitable investment.
Pick The Right Rent For The Property:
Seemingly easy, choosing the best rent value can become a stressful tug of war between getting the most money for yourself and trying to attract tenants with a good price. If it’s too high you risk not finding tenants, and if it’s too low you can miss out on valuable rental income. A good place to start is having a look at Trade Me and seeing what similar properties in the area are renting for.
Otherwise a property manager can help give you an idea of how much rent your Wellington property can get in the current market. You can request a free rental appraisal here.
Prepare Your Property For The Rental Market
Good tenants expect a secure, tidy property with no current maintenance issues, so it’s a good idea to get your property in working order to help attract tenants and reduce tenant turnover. A place to start is making sure the lightbulbs, locks, and appliances are working properly, and ensuring the house and garden are tidy. If needed, a property manager will be able to recommend qualified tradespeople or arrange necessary repairs on your behalf.
Make Sure Your Property Is Compliant With The Law
Having a proper look at the Residential Tenancies Act 1986 and keeping up with the latest law changes is a good way to make sure your Wellington rental property is in alignment with New Zealand laws.
A recent amendment declares all rental properties by 1st July 2016 must have working smoke alarms installed throughout the household - these must include long-life batteries and a photoelectric sensor.
When creating new tenancy agreements, keep in mind that under this recent amendment, property owners from 1st July 2016 are obliged to provide a declaration of the insulation’s type, condition and location. The Sustainability Trust is currently providing insulation reports for free, making things easy for property owners nationwide.
Be Prepared To Deal With Disputes
An issue we all like to avoid, it’s common for landlords to underestimate the large amount of time and effort usually needed to resolve disputes and mediations.
Spend some time researching resolution procedures, and find out the rights and obligations of tenants and landlords to help prevent and prepare for future disputes, and reduce stress later on.
If disputes worry you, having a property manager makes it significantly less stressful for you. Being a landlord can be difficult, but the right strategy can help turn your property into a successful investment.
Interested to hear how we can help you and your investment? Find out how our Wellington Property managers can help you. We manage property in the Wellington and Hutt Valley regions. Feel confident your property and tenants are looked after by our professional Property managers with our property management services .
Discover how our Care & Return System will benefit you. Receive a no-obligation, FREE rental appraisal today for your Wellington investment property!
Call Jordan Atkinson - 027 297 0873
Quinovic Kent Terrace | Wellington
Call Allan Hartley - 027 522 9084
Quinovic Johnsonville | Wellington
Call Helen Vance - 027 487 8103
Quinovic Hutt Valley | Wellington