When owning an investment property in Wellington, there’s more to consider than rent collection and tenant selection. As property managers ourselves, we’ve seen many times these five common mistakes landlords make. Come learn what they are and how to avoid them.
5 Common Mistakes Landlords Make
As property managers, it’s our job to ensure all our clients and their properties meet the requirements of the Residential Tenancy Act. A reasonably wordy legal document, it sets out the rights and obligations of both landlords and tenants. It’s also this document that can trip up new and existing landlords.
As well as not understanding the tenancy act, there are five common mistakes we’ve seen landlords make:
- Poor tenant screening processes – the failure to thoroughly screen potential tenants can result in multiple pitfalls down the track. Background, credit and reference checks must be done to reduce the likelihood of no or late rental payments, property damage and the need to use eviction procedures.
- Neglecting property maintenance – by regularly deferring property maintenance, a landlord runs the risk of property deterioration and damage, resulting in longer down time between tenants, unhappy tenants and lower rental returns.
- Not undertaking regular property inspections – property inspections help ensure your apartment or townhouse remain in good condition, as you can deal with problems proactively as they arise.
- Improper lease agreements – by using the services of us as your property managers, we will ensure the rental of your furnished apartment or townhouse meets current regulations, legal obligations and record keeping requirements.
- Not charging the correct rent – as an investment, your rental property needs to have rent set at the right price. Too high or two low, your property won’t attract the right tenants, you could lose money and have the property sit empty for longer.
As Wellington’s top furnished apartment rental specialists, we have the know-how and ability to avoid potentially costly mistakes for our clients. Through excellent communication, correct usage of the Residential Tenancy Act, and proper record keeping, we ensure your property is well cared for and take away the stress and hassle of managing it yourself.
You can learn more of the benefits of hiring a property manager here, or book a time to have a chat with one of our friendly team members on how we can help you.