Property Management for Foreign Investors
For foreign investors living abroad, it is good to have somebody to assist and look after your property when you are not around. This is especially important when you are renting out your property for passive rental income. Let us now discuss and understand what exactly is property management and what this entails.
Real estate assets are usually managed by a company or individual property manager. The asset being managed is often held by a person or company and can be any sort of real estate, including residential, commercial, or industrial. In most cases, these investment properties provide returns for their investors in the form of capital growth or passive rental income.
A property manager makes sure the property under his/her management holds or increases its value. They are also in charge of administrative matters as follow:
• Settlement inspection when taking over a completed unit
• Tenant screening
• Documenting and approving leases on behalf of the investors
• Collecting rent from tenants
• To attend tribunal hearings related to rent arrear
• Arrange for evictions in the event that a rental agreement is not adhered to
It is also a property manager’s duty to upkeep the condition of the property, including scheduling any repair work as well as routine maintenance.
Arrangement of Property Management at Williams Corporation
The fees for the property management services is determined by the percentage of money generated by the property during the management period. The fees charged by the property management company will be deducted from the rent before depositing into the owner’s New Zealand bank account.
It is easy to find great property management in New Zealand with the average cost around 7% to 9% (plus GST). At Williams Corporation, we include Rental Appraisals in our Property Information Packs for your consideration. Our Client Consultant will also be able to advise the recommended property manager/company. Property owners simply have to sign the appointment letter for the property management company to start the tenancy process, conduct takeover inspection and collection of keys before the final settlement.
To learn more, connect with us now and talk to one of our Client Consultant.