At Rotorua Rentals, we meet a lot of landlords who have struggled with managing their rental property. The exact issues they face are almost as diverse as the landlords themselves. Because of this, there are also a number of common mistakes that landlords tend to make. We have curated a list of 5 mistakes that independent landlords often make, and how we can help you avoid them.

Charging the Wrong Rent

Calculating the optimal rent to charge is a tricky balancing act. If you charge too little, you will not be earning as much from your property as you should be. If you charge too much, your property may end up sitting empty for months. This is especially troubling if you have invested heavily in a property, and the rental value is significantly lower than expected. Therefore, it is always worthwhile to get an independent rental appraisal, rather than relying on a real estate agent’s word.

Get in touch today to book your free independent rental appraisal.

Lack of Regular Inspections

Owning an investment property is a business. Like any business, it is incredibly important to look after your investments. Even if you trust your tenants, it is still incredibly important that you arrange regular inspections. These are absolutely vital if you ever need to make an insurance claim. At Rotorua Rentals we make regular, reported inspections to ensure that your tenants are treating your property well. In addition, we have access to the gold-standard landlord insurance and can make sure that your investment is protected.

Overpriced Maintenance

We have heard several stories of independent landlords getting stung with a heavy maintenance bill unnecessarily. That’s why it’s so important to know which contractors will provide quality workmanship at a fair price. At Rotorua Rentals, we organize your property maintenance for you, when and if it is needed. By working in Rotorua for almost 30 years, we have developed a network of reliable, consistent contractors. That means we can arrange to get maintenance done in a timely manner, at a reasonable cost.

Poor Tenant Selection

For inexperienced landlords, tenant selection is a challenging process. When choosing a tenant, you need them to meet three key criteria.

1. They will take care of your investment
2. They have the means to reliably pay rent on time
3. They have a history of paying rent on time

Inexperienced landlords often struggle to find tenants that meet these criteria, resulting in large costs down the line. At Rotorua Rentals, we have an extensive pool of quality tenants to choose from, so we can find the perfect tenant for your property.

Choosing the Wrong Property Manager

Not all property managers are created equal. When choosing a property manager, it is important to consider the range of options that are available to you. Ideally, your property manager will have local knowledge of the market that you own property in. In addition, your property manager should have up-to-date knowledge of tenancy law, in terms of both legislation  and interpretation. Our skilled team at Rotorua Rentals have up-to-date knowledge and understanding of the rental market and tenancy law. We have close to 30 years of knowledge of the Rotorua rental market, so feel free to give us a call on (07) 349 3429 or email us today!