If you're a landlord, you know that the key to success lies in finding high-quality tenants and managing your properties effectively. But what does "effectively" mean? It's important to remember that all rental property managers tend to use some form of a "system" when it comes to managing their properties. In this article, we'll explore the pillars of effective Christchurch rental property management.
Finding High-Quality Tenants
Finding high-quality tenants is, of course, the most important part of managing a rental property. This means screening potential tenants and ensuring they meet your requirements.
If you're using a property management company to help you with this task, it will be your responsibility to ensure all candidates are in good standing with their finances and have no criminal records.
They may also ask for references from previous landlords (or employers) who can speak to the tenant's habits and responsibilities. If you're doing it yourself, however, there are still several steps you'll need to take in order to properly vet potential renters:
- Credit checks
- Background checks
Setting and Collecting the Rent
Rent collection is one of the most important aspects of rental property management. If a tenant does not pay their rent on time, you will have to go through the eviction process. This can take several months, and even with a completed eviction, there's no guarantee that they'll move out.
You need to set your rents at fair market value—a rate that tenants are willing to pay for comparable properties in your area. You can find free rent comparables online or hire an appraiser who can help you determine what your rental should be priced at in order to attract quality tenants with excellent credit and references.
Maintaining the Property
The key to maintaining your property is to keep good records and respond to tenant requests as quickly as possible.
It’s important to have a thorough maintenance plan in place for every step of the process—from finding and hiring contractors, scheduling them for work, following up with repairs, and ensuring that everything is done right the first time. Once you have this system in place, there are two key ways you can make sure everything goes smoothly:
- Ask tenants directly about their experiences with maintenance requests so you know what they think of the quality of workmanship provided by your team (or whether they feel they were treated well).
- Keep track of all maintenance requests made by tenants using email or a database like Excel or Google Sheets—and schedule follow-up calls with contractors so everyone’s on the same page about what needs doing when.
We hope this article has helped to demystify the Christchurch rental property management process for you. Rental property is a great investment, but it can be tricky to manage.
The key is to find a system that works well for your needs, stick with it and make sure that you have enough time to dedicate to your properties. With proper planning, you’ll be on your way to long-term success!