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.
If you're considering Property Management get in touch with us today. Locally owned and managed, we offer residential property management services across the entire Wellington & Hutt Valley region.
We take care of investments, offering peace of mind and a personal service to investors and tenants alike. Our solutions are backed by industry-leading technology and proven systems that promote both excellent property care and strong investment returns. Taking on all aspects of the landlord’s role, we guide our clients with professional, tailored advice using our extensive experience and insight in the rental market that can only be built over time.
If you would like to chat about the possibility of working together, or to receive a no-obligation, FREE Rental Appraisal get in touch with our team today.
Quinovic Johnsonville | Wellington
Call Jordan Atkinson - 027 297 0873
Quinovic Hutt Valley | Wellington
Call Helen Vance - 027 487 8103
Quinovic Kent Terrace | Wellington
Call Jordan Atkinson - 027 297 0873
Quinovic Wellington Property Management