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- 1. S E S S I O N 8: Renting out a Property Presented by Peter Lewis & Andrew King 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
- 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
- 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 • Social Media • 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 Statistics on Tribunal hearings and times… • In 2014 the Tenancy Tribunal received 45,093 complaints, more than 41,000 landlord- initiated. • The most common was for unpaid rent and the majority of tenant applications involved bond refunds.
- 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