You will have your own specific reasons for wanting to rent out your residential property. It may be that you are a property investor, or you may just want to rent your family home while you’re overseas. Your motive could be to create a legacy for your family, a retirement “nest-egg”, a vehicle for financial leverage, or just to have your home looked after and costs recovered.
Whatever your motive, you will need to consider your property rental as a business. The first “rule of thumb” in any healthy business is to keep costs down. This can be achieved by reducing maintenance costs, minimizing vacancies and having no arrears of rent. Secondly, income must be maximised. Rentals should be received by you as soon as they are paid by tenants; your rents should be properly reviewed on a regular basis to ensure that a fair return is being achieved on the investment. This will have the effect of maximising your returns and cashflow. A third consideration for any successful business owner is accountability and reporting. You should have access to financial transactions online in the same way that you are able to access information from your bank or other financial institution. This speeds up the decision-making process. Fourthly, profitable businesses rely on reducing risks immediately. This is achieved by being able to access specialist advice at short notice e.g. on the Residential Tenancies Act or any other legal advice from professionals who are only a phone call away. Detailed photographs of the property, accurate lists of chattels and regular inspection reporting will resolve any problems which could arise between landlord and tenant. Prompt advertising of the property well in advance of the current tenants leaving ensures that the you don’t suffer from loss of rentals due to vacancies.
At Quinovic Parnell we treat all of the properties that we manage as individual businesses and we strive to achieve all of the four criteria above to maximise your profits, and minimise your costs and risks. In addition, we ensure that your “business results” are communicated in a timely and accurate manner so that you will feel comfortable that your property investment business is being watched and monitored very carefully.
Call Quinovic Parnell today on 09 373 4353 or email enquiries@quinovic -parnell.co.nz
for a complimentary rental app raisal of your property.