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Residential Property Management Greg Greg Watson Director Watson Real Estate Limited

Watson Real Estate Ltd Palmerston North New Zealand Local family business Residential Rental Properties Property Management Services Team of 9 staff Look after 660 properties

Why am I talking to you Overview National Award Winners by REINZ National Award Winners by LPMNZ National Award Winner NZ Best Practice International Winner Global Benchmarking Award Manawatu Business Award Best Manager Helped write the NZQA qualifications Represented property management on the REALITO board Consultant and mentor to property management companies Speak internationally

Is Property Management a Growth Market

Is Property Management a Growth Market What does this mean in New Zealand

Is Property Management a Growth Market Are the number of tenants i e demand growing

Is Property Management a Growth Market Which age demographics are the creating the most of this growth

Is Property Management a Growth Market Are more or less owners of rented properties using property management services

Is Property Management a Growth Market Are more or less owners of rented properties using property management services

What do property managers do

What do property managers do Provide a service to Take away the day to day worries Reduce risk Help clients earn more money

What do property managers do Contractual vs Legal Obligations Agent Common Law Owner Landlord Tenancy Law Property Manager Tenant

What do property managers do Act in utmost good faith Act in principals best interest Covered under contract law Consumer Guarantees Act Disputes Tribunal Crimes Act amongst others Owner Principal Property Manager Agent

What do property managers do Residential Tenancies Act Building Act Health and Safety Fencing Swimming Pools Human Rights Act Fair Trading Act etc etc etc Property Manager Landlord Tenant

What do property managers do LET ME OFF

Functions of a Property Manager Forecasting Influenced by the future Planning Establishing objectives Making decisions Implementing the decisions

Functions of a Property Manager Commanding Position of leadership Coordinating Effective communication Controlling Anticipating problems

Marketing to attract tenants Strategic Approach Direct Marketing Tenant Database Print Media Internet Out of town

Tenant Selection

Tenant Selection

Tenant Selection Meet the tenants and show them the property Process application forms Between 8 and 10 background checks Ministry of Justice Fines Drivers License Credit and financial background Tenancy tribunal court rulings Online tenant databases Past two landlords Employer reference Business reference Personal reference

Arranging Leases Completing a Tenancy Agreement Completing Bond paperwork

Arranging Leases Ingoing Inspection Report Appointment with Tenants

Ongoing Property Management Collecting Rent

Ongoing Property Management Ingoing Routine and Outgoing Inspections

Ongoing Property Management Breaches

Ongoing Property Management Arranging Maintenance

Ongoing Property Management Advice

Record Keeping Manual Electronic

Goals Objectives and Policies Goals Depend upon the owner Fiduciary duty of care Objectives The best fit for a property to maximise returns Preservation and enhancement of property value Sound application of property management principles Efficient property management skills Abide by the Residential Tenancies Act Policies Depend on the organisation examples

Objectives of Building Management Optimum return Full occupancy Regular maintenance Good landlord tenant relationship Efficient operating and administration procedures Compliance Improvements for resale

Administration Operating Expenses Net vs Gross Lease Budgeting Inspections Reports Daily log Long range diary Energy conservation Tendering processes

Tenancy Schedules Names of each lessee Rent payable Term of each lease Date of expiry Date of next rent review Details of lease renewals Operating expenses

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Building Management Techniques Servicing contracts Energy management Lobby directory boards Emergency procedures Insurance Naming rights and rent Marketing Noise pollution

The Property Consultant Value advice Investment advice Development advice Management advice Market advice

Questions

Further Resources Greg Watson greg watsonproperty co nz Email me any questions www watsonproperty co nz Downloadable Property Management information Facebook com watsonproperty Property Articles questions comments Watsonpropertymanagementblog com Property Discussions and Forums