If you own an investment property in Auckland and have been considering professional management, read on for everything you need to know about what to expect and tips for choosing the right company.

What to Expect

Initial Consultation – A representative from the property management company may meet you to discuss your requirements and identify what management services you will need (Residential, Commercial or Body Corporate). If you are a Body Corporate, this may also include a formal presentation to a chairperson/committee. They will talk you through your property requirements, relevant legislation, and management packages.

Account Activation – Once you give approval and management documents have been signed, your details and your property details will then be added into a management software system. The company will assign a property manager to you as your main point of contact.

Advertising – If you have a vacant residential rental or commercial property, your property manager will liaise with you on the best strategy to market your property to attract tenants. For commercial properties, this may include also liaising with a leasing agent. For residential rentals this will include arranging viewings and listing your property online via several websites.

Tenant Management – Successful rental properties start with selecting the best tenants for the property and building great relationships. Our team thoroughly checks rental applications to meet our criteria before approving them. Our residential and commercial managers communicate and liaise with tenants on all queries and maintenance requests.

Inspections – Rental property inspections occur in accordance with property insurance requirements (usually every 3-4 months). Commercial properties are inspected usually every 6 months. You should receive a report from the inspection to show the condition of the property.

Finances – The important part. Residential rental owners and commercial property owners are usually paid monthly. Commercial property managers should also draft operational expense and capital work budgets. Body corporate managers collaborate with their committees to plan and manage Long Term Maintenance funds to ensure compliance with all regulations, and liaise with owners on levy collection.

Day-to-Day Management – Your property manager will communicate with you throughout your property’s management and keep you up to date on market rent, with any compliance or legislation changes, property specific updates, lease renewals, as well as organise maintenance work to keep your property in top shape.

How to Choose the right Property Management Company

Research and Due Diligence – Do you know someone with a managed property? Have you got a referral or are you starting from scratch? Research and due diligence into property management companies is an important first step. Visit their website, contact the company and speak to a representative, learn about the services available, and find out what management packages are available that suit your property and needs.

Property Management Experience – You will want to choose a company with proven history of managing your type of property. How long have they been in business? What support is available within the team? Do they have testimonials?

Legislation and Compliance Knowledge – Property companies need to comply with all the legislation applicable to your property. What do they do with their Long Term Maintenance Funds? Does the company have a Trust Account? Does your property comply with the Residential Tenancies Act, Property Law or Unit Titles Act? With experience, comes knowledge on the industry and a professional management company should be across it all.

 

apm has been in the property management business since 1991 and our Managers have many years’ experience. We currently manage over $8 Billion dollars’ worth of property including Residential, Commercial, Bodies Corporate and Residents’ Associations. Our experience, knowledge, thorough processes, and commitment to our clients make us a great choice for your Auckland property. Get in touch with our team today if we can help with your property management needs.