Preparing to let
Here is a list of things you need to do when preparing to let your property.
You first need to return your Authority to Act back to us which will be included with this document, then our work begins. If you want us to not manage your property, but just find you a tenant for your property then there is a Casual Let Authority that needs to be completed and sent back to us.
If we haven’t done so already, we will arrange for keys and for advertising quality photographs to be taken of your property and the surrounds. If you wish to supply us with photographs showing the property with furniture and ambiance, then that’s fine too.
The next step is for us to complete a detailed and in-depth Property Condition Report. This report comprises an initial inspection and includes photographs of the pre-occupancy state of the property.
We may note that work needs to be done to ensure that we get the best possible rental or to comply with health and safety or code of compliance.
Properties that are furnished take significantly more time as all major items are inventoried. Because some houses have very little and others have a lot, we simply charge per hour to complete this.
A copy of the Property Condition Report is provided to the tenant at the start of the tenancy and helps us to ensure that there is a clear understanding of the condition of the property before and after the tenancy.
Back at the office we begin preparing documentation for your property and entering the property information into our computerised systems. We make sure that your bank account details are correct so we can transfer your funds to you at the end of the month, lodging the property with the online advertising systems.
We keep one set of keys at the office as we find that it is much cheaper than replacing all the locks when the tenant misplaces their set.
Finding the Right Tenant
Tenant selection is most important to the investment return on your rental property.
Generally we have a greater number of people looking for good quality rental accommodation than we have available rental properties. This means we are able to maintain a meticulous qualifying process to ensure we place responsible tenants in our properties. Sometimes we are able to find the right tenant without advertising.
In the process of qualifying tenants, we check current and previous rental histories, employment status, character references, the Ministry of Justice Tenancy Tribunal orders, the C.I.A. Debt recovery group, T.I.N.Z (Tenancy Information NZ) database, Veda Advantage credit history, the Ministry of Economic Development website for company directorship, as well as council records where available.
Some tenants do not have rental references for various reasons, however we always ensure that we have at least two good references. In some cases we may ask for a guarantor to oversee the property commitment.
We also require a photo ID such as a drivers license or passport as is recommended by the Department of Building and Housing.
Once all of those checks are done the best applicant is offered the property. A bond and rent in advance is paid by the tenant and we hand over the keys.
The bond is held by the Department of Building and Housing throughout the term of the tenancy. This is only refundable after we have carried out a final inspection on the property and found it to be left in a satisfactory condition.