This document outlines the six key steps to renting out a property: 1) researching and setting rents, 2) preparing the property, 3) promotion and advertising, 4) receiving inquiries and viewing the property, 5) tenant selection through application forms and reference checks, and 6) completing paperwork and settling the tenant into the property. It emphasizes the importance of tenant selection to avoid problems with tenants down the line and notes that following these six steps will help establish control, eliminate errors, create efficiencies, and enable confidence in the rental process.

1. S E S S I O N 8:
Renting out a Property
Presented by
???
1 Hour and 15 Minutes

2. RentingoutaProperty There are always 6 Steps to
renting out a property
These 6 Steps will help you to:
• Establish Control
• Eliminate Errors and mistakes
• Create Efficiencies
• Enable confidence

3. RentingoutaProperty There are always 6 Steps to
renting out a property

4. RentingoutaProperty Researching and Setting Rents
Sources of Rental Information

5. Insert image of NZ Property
Magazine

6. www.tenancy.govt.nz

8. www.NZPIF.org.nz

9. www.NZPIF.org.nz

10. www.NZPIF.org.nz

11. www.NZPIF.org.nz

12. www.NZPIF.org.nz

13. Careful with statistics
House price and rental price dynamics
Value
Number
House
prices
Rental
prices

14. www.realestate.co.nz

15. www.trademe.co.nz

17. Preparing the Property
Two goals
1. Get the best tenant
2. In the shortest time
Street appeal
Inside should be Clean!
Fix anything that needs it
First impressions count...

18. RentingoutaProperty There are always 6 Steps to
renting out a property

19. Promotion
• Trade Me,
• Local paper,
• Notice boards,
• Street sign,
• letter box drop

20. Advertising
Write compelling adverts:
• AIDA
• What does the tenant want?
• Put in as many benefits
as possible
• Save what works…

21. Property To Let
Waterview 3 Bedroom house
PLUS sleepout.
Ideally situated for Unitec
Features:
• Good sized bedrooms (All doubles)
• Washing Machine & Fridge Included
• Broadband access in each bedroom
• Garage and Extra off-street parking for two cars
• Unlimited gas hot water heating (Saves money)
• Water rates paid for by landlord (saves around
$20 per week)
• Ground maintenance paid for by landlord
(saves around $10 per week)
• Rental price averages just $100 per room at
$400pw
Available Now. Ph: XXX XXXX

22. Receiving Enquiries
• Allow sufficient time to answer calls
• This is when you begin the selling process
• Record all contact details
• Continue to take contacts until
agreement is unconditional

23. Hi I’m ringing
about your
property
Good can I tell you a
bit about it ?
Yes Sunny, 3 bedroom
double garage
(expand on ad)
Does this sound
like what you are
looking for?
Yes
Before we view the
property, this is the
availability, bond,
term etc are you still
interested?
Yes

24. Viewing the Property
Plan how to show the property:
• Give address for drive by, call back
• Book a time, combine with 2 -3 groups
• Have an open home for 1 -2 hours
• Existing tenant to show through …

25. There are always 6 Steps to renting
out a property

26. Why Tenant Selection is so Important
• Getting a new tenant is time consuming
• Actual costs in getting a new tenant
• The wrong tenant can make your life a
misery
• You don’t want to end up
at the Tenancy Tribunal …

27. Why Tenant Selection is so Important
• stats on Tribunal hearings and times…

28. Why Tenant Selection is so Important
• Graph showing what hearings were for…

29. Application Forms
• Avoid discrimination
• Beware the pushy applicant who wants
to move in NOW! What’s the urgency ?
• Check all info has been given
• Advise them you will be
checking references and will
contact them …

30. Checking them out
• Are they who they say they are?
• Full name and date of birth
• ID. Drivers license or passport
• Ask for permission to check them out
• References (landlord or Employer)
• Tenancy Tribunal orders online
• Credit Check…

31. Checking Credit History
Veda
(the old Baycorp)
Tenancy
Information NZ
(TINZ)

32. RentingoutaProperty There are always 6 Steps to
renting out a property

33. Making the Offer
• Complete all checks
• Ask ‘Are you still interested?’
• If ‘no’ this saves you time
and hassle
• If ‘yes’ make the offer and
confirm detail
• Do not contact the other
applicants until agreement
is completed…

34. Completing the Paperwork
• Checklist
• Standard Tenancy Form
• Bond 3 weeks plus 1 week rent
in advance (allows 21 days
if you need to go to the
Tribunal). Can be four weeks.
• Bond transfers – accept with caution
NO RENT + NO BOND
= NO KEY !!

35. Auckland Tenancy Tribunal
This could be you !

36. There are always 6 Steps to
renting out a property

37. Settling-in Period
• If anything needs fixing, fix promptly
• Inspection after 1st month, then 3
monthly
• Give notice 48 hrs prior to inspection
• 10 day letter of things that need doing
(return in two weeks to make sure they
are done)
• Regular inspections
- keep on top of repairs and tenant
cleans regularly

38. Research rent
Prepare
property
Advertising
Receiving
inquiries
Interviewing
Application
forms
Reference
checks
Making the
offer
Paperwork
Bonds
Settling in
period
Checking rents
Inspections
There are always 6 Steps to renting
a property

39. Inspections
• 3 monthly (Check your insurance policy)
• Arrange access / give 48 hours notice
• Key areas to check bathroom, kitchen and
any water areas
• Be specific about what you are
not happy about
• Follow this with 10 day letter
• Give positive feedback
on good condition

40. Remember!
• Establish Control
• Eliminate Errors and mistakes
• Create Efficiencies
• Exude confidence