Property Management Foundations

Introduction

1.1 Introduction

1.1.1 What does the RTA say?

1.1.1 What role does a Property Manager play?

1.1.1 The Property Manager takes on the risk

1.1.1 ​Two main types of landlords

Quiz 1.1.1 What is a residential landlord?

1.1.2 Renting in New Zealand

1.1.2 What do Landlords want?

1.1.2 Summary

Quiz 1.1.2 What is a residential landlord?

1.2 Overview

1.2.1 Why do we need to know about Property Investment?

1.2.1 Yield

Quiz 1.2.1 Property investment jargon

1.2.2 Return on Investment

1.2.2 Operating Expenses

1.2.2 Interest Rates

1.2.2 Negative Gearing

1.2.2 Equity

1.2.2 Loan to Value Ratio (LVR)

Quiz 1.2.2 Property investment jargon

1.2.3 Capital Gain

1.2.3 Depreciation

1.2.3 Summary

Quiz 1.2.3 Property investment jargon

Overview

1.3.1 Being a landlord is easy right?

Quiz 1.3.1 The cost of being a landlord

1.3.2 Repairs and Maintenance

1.3.2 Mortgage Payments

1.3.2 Insurance

1.3.2 Rates

1.3.2 Property Management Fees

1.3.2 Body Corporate Fees

1.3.2 Vacancy

Quiz 1.3.2 The cost of being a landlord

1.3.3 Improvements

1.3.3 So how much does it cost?

1.3.3 Interest Deductibility

Conclusion

Quiz 1.3.3 The cost of being a landlord

1.4.1 What do tenants want?

Quiz 1.4.1 What does the tenant want?

1.4.2 Quick professional repairs

1.4.2 Transparent and clear communication

1.4.2 What do tenants look for when searching for a rental property?

1.4.2 Tenancy Compliance and Investigation Team

1.4.2 Summary

Quiz 1.4.2 What does the tenant want?

2.1 Introduction

Overview

2.1.1 Address for service

2.1.1 Different Types of Tenancy Agreements

2.1.1 Content of a Tenancy Agreement

2.1.1 Unenforceable Clauses and Prohibited Transactions

Quiz 2.1.1 All about Tenancy Agreements

2.1.2 Healthy Homes Statement

2.1.2 Healthy Homes

2.1.2The Residential Tenancies Amendment Bill 2019

2.1.2 Address for Service

2.1.2 Variations and Renewals of a Tenancy Agreement

2.1.2 Changes to the Tenancy

2.1.2 Landlords living or travelling abroad

Quiz 2.1.2 Tenancy Agreements

2.1.3 How old can a tenant be?

2.1.3 Understand your responsibilities under the Human Rights Act

2.1.3 Unit Titles and Body Corporate

2.1.3 Summary

Quiz 2.1.3 Tenancy Agreements

2.2 Overview

2.2.1 How is the rent paid?

2.2.1 Understanding rent payments

Quiz 2.2.1 Rent and Bonds

2.2.2 Market rent

2.2.2 Reviewing and increasing rent

2.2.2 Are there any special provisions for a Fixed Term Tenancy?

Quiz 2.2.2 Rent and Bonds

2.2.3 What if there are damages or substantial improvements or a variation of the terms?

2.2.3 Keeping good records

2.2.3 The Bond

2.2.3 What can the landlord charge?

Quiz 2.2.3 Rent and Bonds

2.2.4 What must the landlord do on receipt of the bond?

2.2.4 What do you do with the bond once it is paid?

2.2.4 What does Tenancy Services do once the bond is paid?

2.2.4 What happens if there is a change of tenants?

2.2.4 What if there is a change of landlord?

2.2.4 Refunding the bond

Quiz 2.2.4 Rent and Bonds

2.2.5 Summary

Quiz 2.2.5 Rent and Bonds

2.3 Overview

2.3.1 What do different terms mean?

2.3.1 Landlord responsibilities

Quiz 2.3.1 Rights and Responsibilities

2.3.2 What responsibilities does a landlord have to the tenant?

2.3.2 Right of entry

Quiz 2.3.2 Rights and Responsibilities

2.3.3 What responsibilities does a tenant have to the landlord?

2.3.3 What happened in Osaki?

2.3.3 So what are tenants liable for?

2.3.3 What are other responsibilities that tenants have?

2.3.3 Section 42 - Tenants fixtures

2.3.3 Section 43A to 43C - Assignment of the tenancy by the tenant.

2.3.3 Section 44 - Subletting or parting with possession by the tenant.

2.3.3 Section 46 - Locks

2.3.3 Section 48 - Landlords Right of Entry

Quiz 2.3.3 Rights and Responsibilities

2.3.4 What rights do the tenants have?

2.3.4 Quiet enjoyment of the premises

Quiz 2.3.4 Rights and Responsibilities

2.3.5 Getting things fixed

2.3.5 Paying rent on time

2.3.5 Summary

Quiz 2.3.5 Rights and Responsibilities

2.4 Overview

2.4.1 What is an Unlawful Act?

2.4.1 Changes under the Residential Tenancies Amendment Act 2020

2.4.1 What are exemplary damages?

2.4.1 Compensation

2.4.1 Case Study 1: Tribunal Case 4057600

2.4.2 Case Study 2: Tribunal Case 4169801

Quiz 2.4.1 Exemplary Damages and Unlawful Acts

Quiz 2.4.2 Exemplary Damages and Unlawful Acts

2.4.3 Increased powers of the Regulator

2.4.3 Landlords and Property Managers with 6 or more tenancies

2.4.3 What is the difference between an infringement fine and an infringement fee?

2.4.3 What is an infringement notice?

2.4.3 What is an improvement notice?

Quiz 2.4.3 Exemplary Damages and Unlawful Acts

2.4.4 What are the fines and fees for infringement offences?

2.4.4 Exemplary damages

Quiz 2.4.4 Exemplary Damages and Unlawful Acts

2.4.5 Pecuniary Penalties

Quiz 2.4.5 Exemplary Damages and Unlawful Acts

3.1 Introduction

3.1 Overview

3.1.1 Is the property compliant?

3.1.1 Make sure you have the authority to act on behalf of the landlord

3.1.1 What is happening in the market?

Quiz 3.1.1 How to Market the Property

3.1.2 What are the benefits of the property you are advertising?

3.1.2 Maintenance and recommendations

3.1.2 How is the interior?

3.1.2 What is the neighbourhood like?

3.1.2 Who is your target market?

3.1.2 How do I work out what the property will rent for?

3.1.2 Tenancy Services

Quiz 3.1.2 How to Market the Property

3.1.3 Property sites such as Trade Me

3.1.3 How do we market the property?

3.1.3 Examples of Good and Bad photography

3.1.3 Scriptwriting

3.1.3 Rent bidding is not allowed

3.1.3 What if the property is already tenanted?

3.1.3 How to Market a Property Policy

3.1.3 Commence marketing

3.1.3 Choose your marketing platform and budget

3.1.3 What if there is no enquiry?

3.1.3 Discuss options with the landlord

3.1.3 Conclusion

Quiz 3.1.3 How to Market the Property

3.2 Overview

3.2.1 What to consider before holding a viewing?

3.2.1 Access to the property

3.2.1 The property is vacant

3.2.1 The property is tenanted

3.2.1 Can the current tenants say no to viewings?

3.2.1 What if the tenant is being problematic?

Quiz 3.2.1 How to host a viewing of a rental property

3.2.2 Different types of viewings

3.2.3 Etiquette in conducting a viewing

3.2.2 Be prepared

3.2.2 After the viewing

3.2.2 Example of a policy about conducting a viewing

Quiz 3.2.2 How to host a viewing of a rental property

3.2.3 Holding a viewing

3.2.3 Viewing cancelled due to no attendees

3.2.3 Future trends

3.2.3 Conclusion

Quiz 3.2.3 How to host a viewing of a rental property

3.3.1 Overview

3.3.1 Educate the tenant

3.3.1 Do not discriminate

Quiz 3.3.1 How to select the right tenant

3.3.2 What criteria should I look at?

3.3.2 Gut Feelings

3.3.2 Can they afford the property?

3.3.2 What is their situation?

3.3.2 What should I be looking for?

3.3.2 What is not relevant in an application?

3.3.2 Keep them up to date

3.3.2 Reference and background checks

3.3.2 Ensure you have their consent

Quiz 3.3.2 How to select the right tenant

3.3.3 Credit checks and Tenant history

3.3.3 Renti Privacy Quiz

3.3.3 What if the report isn’t great, but it is the best applicant you have?

Quiz 3.3.3 How to select the right tenant

3.3.4 You have selected the tenant, now what?

3.3.4 What about all the other applicants?

3.3.4 Should I tell the applicant why they have been declined?

3.3.4 Bad tenant database

3.3.4 Example of Screening of Tenants Process

3.3.4 Conclusion

Quiz 3.3.4 How to select the right tenant

3.4 Overview

3.4.1 Plenty to discuss prior to signing the agreement

3.4.1 The first step is to set up the appointment

3.4.1 What should you be telling them about the induction?

Quiz 3.4.1 The tenant induction

3.4.2 The tenant induction process

3.4.2 Meeting and greeting the tenants

3.4.2 Going through the Tenancy Agreement

3.4.2 How do they pay rent?

3.4.2 Breaches of the Tenancy Agreement

Quiz 3.4.2 The tenant induction

3.4.3 Completing the Bond Form

3.4.3 Changes to the Tenancy Agreement and Bonds

3.4.3 The importance of a Tenant Handbook

3.4.3 Tenant fees

3.4.3 Tenant Induction Video

Quiz 3.4.3 The tenant induction

3.4.4 Can the tenant make alterations to the property?

3.4.4 Body Corporate Rules

3.4.4 Moving into the Property

3.4.4 Signing the agreement

3.4.4 Example of a Tenant Induction Procedure

3.4.4 Conclusion

Quiz 3.4.4 The tenant induction

4.1 Introduction

4.1 Overview

4.1.1 Rental Appraisal

Quiz 4.1.1 All about inspections

4.1.2 Entry Inspection

4.1.2 Example of an Entry Inspection Procedure

Quiz 4.1.2 All about inspections

4.1.3 Access

4.1.3 Routine Inspection

4.1.3 What does the landlord insurance policy say?

4.1.3 Ensure you comply with the RTA

4.1.3 Notifying the tenants

4.1.3 Organising your inspections

4.1.3 Inspection etiquette

4.1.3 Start your inspection – Checklist

Quiz 4.1.3 All about inspections

4.1.4 Providing feedback

4.1.4 Issuing a breach post inspection

Quiz 4.1.4 All about inspections

4.1.5 Example of a Routine Inspection Process

4.1.5 Example of a Routine Inspection Report Process

4.1.5 Exit or Bond Inspection Notification Process

Quiz 4.1.5 All about inspections

4.1.6 Example of a Exit Inspection Process

4.1.6 Other types of inspections

4.1.6 Conclusion

Quiz 4.1.6 All about inspections

4.2 Overview

4.2.1 What are our legal requirements?

4.2.1 Can landlords do their own maintenance?

4.2.1 Don’t delay, get things fixed

Quiz 4.2.1 All about property maintenance and care

4.2.2 Working with Contractors

4.2.2 What authority do you have?

4.2.2 What if the landlord believes the tenant is liable?

Quiz 4.2.2 All about property maintenance and care

4.2.3 How is work organised?

4.2.3 Completion of work

4.2.3 How much should a landlord allocate for maintenance?

4.2.3 Preemptive maintenance and troubleshooting

4.2.3 Troubleshooting

4.2.3 Future trends and technology

4.2.3 Conclusion

4.2.3 Example of Tenant Reporting Maintenance

Quiz 4.2.3 All about property care and maintenance

4.3 Overview

4.3.1 When and who can give notice

4.3.1 Example: Giving Notice

Quiz 4.3.1 The end of a tenancy

4.3.2 Calendar of Notice Period

4.3.2 The landlord or family members moving back into the property

Quiz 4.3.2 The end of a tenancy

4.3.3 Changes to the property

4.3.3 Tenant giving notice

Quiz 4.3.3 The end of a tenancy

4.3.4 Table for Serving Notice

4.3.4 90 day notice no cause termination and Retaliatory notice

4.3.4 Tenants giving 21 days notice

4.3.4 Surrendering of a tenancy

4.3.4 Expiry of a Fixed Term Tenancy

4.3.4 Mortgage sale of a Fixed Term tenancy

4.3.4 Reduction or termination of a Fixed Term tenancy(commonly referred to as 'Breaking a fixed Term')

4.3.4 Non compliant dwellings

4.3.4 Death of a sole tenant

Quiz 4.3.4 The end of a tenancy

4.3.5 Physical assault by the tenant

4.3.5 Destruction of premises

4.3.5 Termination due to contamination of premises

4.3.5 Abandonment of premises

4.3.5 Order of the Tribunal

4.3.5 Boarding House Tenancies

4.3.5 Conclusion

Quiz 4.3.5 The end of a tenancy

5.1 Overview

5.1.1 Tenancy Tribunal jurisdiction

5.1.1 Basic facts about the Tenancy Tribunal

5.1.1 Making an application

Quiz 5.1.1 Mediation and Tenancy Tribunal

5.1.2 Name suppression in a Tribunal Appeal

5.1.2 Name suppression

5.1.2 What options are there to resolve the dispute via Tenancy Services?

Quiz 5.1.2 Mediation and Tenancy Tribunal

Quiz 5.1.3 Mediation and Tenancy Tribunal

5.1.3 About the Tenancy Tribunal

5.1.3 Tenancy Tribunal

Quiz 5.1.4 Mediation and Tenancy Tribunal

5.1.4 Keep control

5.1.4 Can I challenge the adjudicator?

5.1.4 Orders of the Tribunal

5.1.4 What if I do not agree with the decision?

5.1.4 Rehearings v Appealing. What is the difference?

5.1.4 Beyond the District Court

5.1.4 Jurisdiction of Tenancy Tribunal

5.1.4 Pecuniary Penalties

5.1.4 Stay of proceedings

5.1.4 Witnesses and evidence

5.1.4 Enforcement of orders

5.1.4 Summary

Quiz 5.1.5 Mediation and Tenancy Tribunal

5.2 Overview

5.2.1 Cortisol, the fight or flight hormone

5.2.1 Keep control

5.2.1 Tips on dealing with disputes

5.2.1 The emotional bank account

Quiz 5.2.1 Common Issues and Disputes

5.2.2 Common issues and solutions

5.2.2 Rent arrears

5.2.2 Rent arrears

5.2.2 Tenant in arrears on separate occasions

5.2.2 Rent Arrears Process

5.2.2 Arrears and the pandemic

5.2.2 A consistent policy and process

Quiz 5.2.2 Common Issues and Disputes

5.2.3 Accidental Damage to the property

5.2.3 Intentional Damage to the property

5.2.3 Lack of maintenance

5.2.3 Occupants exceeding the Tenancy Agreement

Quiz 5.2.3 Common Issues and Disputes

5.2.4 Short term subletting such as AirBnB

5.2.4 Having pets without prior approval

5.2.4 Lawns and gardens not being maintained

5.2.4 Noise and anti-social behaviour

5.2.4 Methamphetamine and using the premises unlawfully

Quiz 5.2.4 Common Issues and Disputes

Leaving goods behind at the end of the tenancies

5.2.5 Non-compliant property

5.2.5 Case Study; Brar v PFSL Rentals Ltd.

5.2.5 Conclusion

Quiz 5.2.5 Common Issues and Disputes

5.3 Overview

5.3.1 Health and safety at work

5.3.1 What is a PCBU?

5.3.1 Asbestos in rental properties

Quiz 5.3.1 Health and Safety in Property Management

5.3.2 Natural Disasters

5.3.2 Pandemics

5.3.2 Keeping safe out there and trusting your instinct

5.3.2 The Safety rules

5.3.2 Zero tolerance to bullying!

5.3.2 Tragedy can and has happened

5.3.2 Finally, drive carefully

5.3.2 Conclusion

Quiz 5.3.2 Health and Safety in Property Management