Managing Your Residential Rental Property:
The clouds are forming. Anyone involved with managing residential property needs to understand this.
Housing was a key issue in the recent election and we have a new coalition government. Changes are definitely coming. They have indicated that renting will be more stable and healthy for families. So changes are most definitely coming!
Are you aware of recent past changes to your responsibilities as a landlord? The big issue last year was smoke alarms and all home/apartments should be meeting the standards. Make sure you know how this applies to your property.
Changes to the rules about insulation are compulsory from 1 July 2019. Savvy landlords are looking to meet these standards sooner rather than later. They know there are only a limited number of quality insulation installers available.
Some landlords have left things to the last moment. It is likely costs will increase as installers struggle to finish all work by the deadline.
What should you be doing right now? If you are a first-time landlord make sure you get a Landlord Pack from Tenancy Services. Under the Residential Tenancies Act 1986 it will tell you:
- What protections and responsibilities you currently have
- Tell you how to lodge a bond
- How to keep track of rental payments
- How to go about selecting good tenants and what you can do if your tenant breaches tenancy law
Landlords and tenants must both respect “quiet enjoyment. Are you aware of the responsibilities you have towards your property’s neighbours? Do you let your tenants know about their responsibilities?
What about your responsibilities for locks, security, repairs and damage? Experienced landlords would be wise to ensure their practices are up-to-date and robust.
And then there’s the rental property insurance minefield. Are you aware of how your insurance policies work and what they cover (and don’t cover). This includes requirements for regular inspections, detailed property reports and relevant photos.
Moving forward, what can you expect? Healthy homes are warm and dry. You need to make sure your rental property is well-ventilated and has heating. Our view is that over time a heat pump will be the least standard.
A Warrant of Fitness for rental properties will likely soon be essential. It would cover ventilation, insulation and heating requirements.
Your future options. The reality of being a landlord is you are running a business with its risks as well as rewards. Being a landlord is no longer a hobby or part-time job.
At Quinovic Parnell it is our job to keep up with what is happening in all aspects of property management. Our expertise allows us to help our owners plan ahead and maximise investment return.
Our knowledge and experience allows us to assist our rental property owners mitigate risk
With proven systems in place we check and report on all compliance areas affecting your property and tenants.
Talk to Quinovic Parnell about partnering with us. We are your specialists in residential property management. We commit to looking after you and your property with both care and return.
Get in touch with Kerry from Quinovic Parnell today about us managing your Auckland residential property: