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Property Owner FAQs
What happens if my tenant doesn’t pay the rent?
All landlords want tenants who pay the rent on time. Our credit checking procedures minimise the risk of problems in this area. Reid Yacht Services monitor rental collections on a daily basis and communicate with tenants immediately should rental payments fall behind. Jeanette Tobin is fully trained in all aspects of arrears management. Should a tenant fail to meet their obligations and fall in arrears by 21 days application is made immediately to terminate the tenancy in accordance with the Residential Tenancies Act.
How often will you inspect my property?
Regular property inspections have a twofold purpose: 1. To ensure that the tenants are keeping the property in a clean and tidy condition. 2. To identify any maintenance issues that require proactive attention We carry out inspections two times per year as a minimum and forward you a detailed report. A thorough property inspection is also carried out at the start of each tenancy to thoroughly document the condition of the property prior to the tenant moving in. Occasionally we will recommend a refurbishment to maintain the property in an attractive condition and to ensure that you are getting the best possible return on your investment. Should this occur, we will liaise with you and contractors to ensure minimal disruption to tenants, and your income.
How much do you charge?
Our management fees are extremely competitive. Please contact us for further details.
How will you advertise my property for rental?
Reid Yacht Services have three key objectives when marketing your property for rental: 1. To obtain the most suitable tenant 2. To achieve maximum possible rental income 3. To lease the property in the quickest possible time We aim to effectively promote your property to the widest possible audience. This is done through newspapers - Reid Yacht Services advertise in Auckland’s largest newspaper, The New Zealand Herald, and in local papers delivered free of charge to all homes.
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Will Reid Yacht Services charge me for advertising?
No. We provide advertising free of charge for all properties managed by Reid Yacht Services.
Do you still charge me if my property is vacant?
No.
What happens if I decide to move back in?
The Residential Tenancies Act provides that where a landlord wishes to use the property for their own use, or for the use of their family, they must provide a tenant 42 days written notice of this. Reid Yacht Services can do this for you, just contact us. This does not apply to fixed term tenancies, where the tenant is guaranteed a security of tenure.
What if I decide to sell the property?
If you decide to put your property on the market we are legally required to give your tenant written notice of this. If your property is sold and the purchaser requires vacant possession the tenant must be given 42 days notice to vacate. Again Reid Yacht Services can do all of this for you, and put you in contact with the appropriate people should you require assistance to market your property for sale. This does not apply to fixed term tenancies, where the tenant is guaranteed a security of tenure.
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Should my property be rented as furnished or unfurnished?
Many owners ask us this question, particularly owners of inner city apartments. Largely this depends on current market conditions. Several factors come into play, including the style and location of your property, desired rental returns and occupancy rates. We recommend you contact us to discuss your specific situation.
What insurance should I have?
We recommend you have house cover including a loss of rents extension. A loss of rents extension provides compensation for lost rental income should your property become uninhabitable due to fire, flood or other calamity. Your insurance company or broker will be able to provide expert advice on insurance matters.
What taxation issues are relevant to me?
The Inland Revenue Department in New Zealand requires rental income to be declared. Likewise, a number of related tax deductions are available to the property investor. These include: • Repairs and maintenance costs • Rates • Interest on associated borrowings • Depreciation • Management fees • Body Corporate levies • Wastewater charges Many of our overseas clients are required to prepare tax returns for both New Zealand and the country they are residing in. For expert advice we suggest you contact your Chartered Accountant. Alternatively contact us and we can put you in touch with a Chartered Accountant.
What maintenance contractors do you use?
Reid Yacht Services have a range of contractors across all trades. All contractors are independent of Reid Yacht Services and are selected for their response times, quality workmanship and competitive pricing. If you have relationships with your own contractors and would like us to continue using them for your property, we are happy to accommodate this.
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What bills can you pay on my behalf from the rental income?
All bills relating to your property can be directed to us and we will pay them on your behalf.
How much rent will I get?
Rental levels are driven by the style, location and condition of your property, amenities and current market conditions. Reid Yacht Services aim to maximise your weekly rental while maintaining high occupancy rates.
How do I get paid?
Funds are transferred directly into your bank account or by cheque. We remit funds on the first working day of each month. In addition we can make fortnightly payments if this is more convenient to you. Fortnightly payments are made every second Thursday.
What accounting information do you provide?
Monthly statements of all income and expenditure are prepared and forwarded to all owners. We can also forward a copy directly to your Chartered Accountant should you wish. At the end of the year we are able to provide you with a summary of transactions for the year to assist you in preparing your tax return.
Fees
Please contact us to discuss our fees.
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