Last Week's Speaker
Property Management 101
Sharon Latham has worked for Quinovic for over nine years. In that time, she has learned a great deal about the property management but also about human nature, and finds this understanding a major advantage to her role.
The first rule of renting your property is to approach it as a business, not with your heart but with your head. This is important, noting that most landlords come to the role unintentionally, by moving out of their own house to live with a new partner or perhaps letting Mum’s house if she goes into a rest home. Comparatively speaking, investor-landlords are few.
Professional property managers help you to make the most out of your rental through a range of services. These include pre-purchase advice (e.g. when, how, what), finding and keeping ideal tenants (e.g. marketing, screening, applying a bond, clarifying the landlord's responsibilities), advising on financial aspects (e.g. costs, risks) and interpreting the various regulations within the Tenancies Act 1986, amended in 2010. They also make recommendations to tenants on how to be good renters, e.g. recording the condition of property on commencement, paying their rent on time, maintaining the property and reporting problems promptly.
Property managers also assist with dispute resolution, often helping to sort out problems between landlords and their tenants before they escalate, but if necessary supporting their clients through tenancy tribunal and district court processes.
In Sharon’s experience, tenants are very aware of their ‘rights’ and mediation is never black and white, so it is wise to be aware of the pitfalls before becoming a landlord. Her advice is to select a property manager who suits your needs and to choose your rental property carefully; the right property for the right price will always rent well.
Thank you for your time and effort Sharon, you gave us an interesting and informative presentation.