We’re settling into a 2021 groove here at Lodge City Rentals, with the market looking pretty equal with enough supply to meet our good demand for rental properties.
There’s no arguing the point that the property rental industry has seen a lot of changes in the past few years, particularly around legislation and landlord responsibilities.
If new laws such as Healthy Homes and the Residential Tenancies Act (RTA), as well as the time-savings and expert knowledge are the reason you engaged a property manager, you’re not alone. At Lodge City Rentals, our portfolio has grown almost 10% over the past two years, as landlords come to the realisation that the industry can be tough to navigate, especially for newcomers.
The last twelve months have seen a lot of new owners getting into the investment market, and time has shown that these newcomers have done very well with their investments. Staying in the rental market, rather than sell up in response to the new laws has proven to be very prescient indeed.
We’re finding that these new owners buying their first investment property are now automatically coming straight to a property manager, as the experts in the field.
This trend is discussed in a recent Stuff article, with growing numbers of landlords turning to property managers given the expansion of a landlord’s responsibilities. They see the many benefits a property manager offers, including:
Time savings, especially for owners working full-time
Valuable legislative knowledge
Help to choose the right tenants
I’ll discuss this trend in the industry in more detail, as well as an added service we can offer our investor clients. I’ll also discuss our compliance focus for the coming months, related to the Healthy Homes legislation.
Why use a property manager?
We find that once an owner signs on with Lodge City Rentals, they appreciate the professionalism plus the industry and regulatory expertise our managers bring to the table. After all, when you think of the RTA, billed as the biggest industry changes in 35 years, coming in one tsunami wave it is a lot to get your head around.
Property managers also offer:
Time-savings: Owning rental property on top of a full-time job can really dig into your weekends (and weekdays – issues that need resolving can come up at any time). Property managers take care of the work, so you can head to the beach, café or gym.
Tenant selection: Reviewing applications and knowing who would be the best fit are where property managers excel. They can also help take the emotion out of it, especially if owners have a strong connection to the home.
Tradie connections: Property managers engage with tradies all the time, and have built up strong networks of reliable tradespeople they can call on when something goes awry.
With the current heated housing market, and many investors looking to buy and expand their portfolios, I thought I’d mention another service we can offer. When you’re looking for a suitable investment and rental property, bring us on board early so we can advise on the viability of a particular property as a rental.
It’s crucial to know whether you’re buying in the right area where you can attract good tenants, and whether the property is either already fully Healthy Homes-compliant, close to it or not at all. Make the process easier down the line, by getting your property management advice early. Feel free to give me or Jason a call if we could help you with this.
Compliance: it’s time to put heat pumps and ventilation on your radar
Mid-2020, I brought your attention to the news that Covid-19 was impacting supply chains around the world, including those bringing heat pumps and extractor fans to our shores.
From July 1 this year, the Healthy Homes ventilation standards will be compulsory within 90 days of a new lease or a lease renewal, and in all rentals by July 2024.
As we all know, shipping delays continue around the world. Therefore, while there’s no need to panic, we would not recommend leaving the installation of a new heat pump or extractor fan until the last minute. It’s time to start thinking about getting your ducks in a row now, to avoid missing the deadline.
If you need assistance navigating the ventilation, or any other Healthy Homes standards, to ensure your property is compliant or what you might need to get up to scratch, reach out to our team – we’re here to help.