General
What type of tenancy can I manage with myRent?
Any typical long term residential tenancy, which is covered by NZ residential tenancy law. This can include a single tenant or a co-tenancy with multiple tenants such as a couple or flatmates.
Sorry, we cannot manage short term holiday lets or commercial tenancies.
What sort of landlord is the service designed for?
Any private residential landlord. Landlords who are currently paying 8.5% are going to save a lot of money and landlords who currently self-manage are going to realise how much more convenient tenancies are when you have a simple effective system to manage them with.
myRent works great for a local landlord who lives around the corner or a Landlord who is based overseas. However, the rental property must be located in NZ.
I have an existing tenancy can I transfer it to myRent?
Absolutely, most of our new landlords have ongoing tenancies. myRent will guide you through the process when you sign-up.
Do you really only charge $17, surely there will be extra fees?
Unlike traditional management companies, which on average charge 8.5% of your rent we only charge $17 per property per month (plus GST) for our management tools. You can choose to pay an additional $12 to use our Hands-Free rent collection. We like to keep things super simple and completely transparent. Please see our pricing page for all the information
As we are a digital service we keep the costs to a minimum and pass on those savings. We believe with technology we can not only reduce the cost of property management but in many areas, we can actually improve the service for both the landlord and the tenant.
Do you charge fees to tenants?
No, myRent does not charge tenants fees for new or existing tenancies. Even before the current government pushed through the legislation to ban letting fees for tenants we stayed ahead and never charged them, to begin with.
Are there any other fees?
No, everything in our management service is included in the monthly subscription fee. There are no hidden or extra fees. If you need to advertise your property to find tenants then there is a one-off payment of $50, with options to upgrade. Please see our pricing page for all the information
Why is myRent so cheap?
myRent uses intelligent automated systems to collect rent, create documents and many of the other tasks required to manage a property. Because of this, we don't need a large team of expensive property managers, offices for them to work in or cars for them to drive around in. As our costs are much lower we are able to offer our property management for a lot less than traditional management services.
Is this service secure?
We take security very seriously. We use all the latest security options. All the personal information is hosted on AWS servers, which is the world's biggest cloud computing platform. All the credit card information is processed by Stripe, our merchant facility, they're one of the most popular and the most secure merchant in the world. We don't store user's credit card information, it's encrypted and handled by Stripe only.
Does the service comply with NZ law?
myRent.co.nz is built specifically with NZ tenancy laws in mind. Although it is your obligation as a landlord (or tenant) to comply with the Residential Tenancies Act (and all other applicable laws) we will try to make this as easy as possible for you. We do this by providing a system and education but as with any framework there are always people who will try and bend the rules.
Will I have a property manager?
No, myRent does not have property managers, we use technology to complete the majority of management tasks. Anytime there is a decision required to make, we provide the information and guidance for you to make the decision and myRent's systems then complete the task for you. However, there is a real team behind the service who are always happy to help and we are available through online chat on the website or via email.
I have an existing tenancy can I transfer it to myRent?
Absolutely, most of our new landlords have ongoing tenancies. myRent will guide you through the process when you sign-up.
Rent Collection
Do you make any deductions from the rent?
No. The balance of the rent is transferred to your bank account and a statement is provided through the rent section of your dashboard.
How do tenants pay their rent?
With Hands-Free rent collection, the majority of tenants pay their rent via bank transfer. myRent is set up as an official bill payer with all the main NZ banks to make payments easier.
Tenants also have the option to pay their rent via credit or debit card. Paying by card attracts a card fee which is paid by the tenant to cover the merchant fees.
How do you pay the landlord?
You nominate the bank account you want the rent paid into. This can be any NZ retail bank (Sorry myRent cannot transfer to international bank accounts).
Rent will be transferred the same day it clears myRent's bank account (usually within one business day).
Are there any extra fees?
myRent's management pricing starts at $17 per month. Learn more about our pricing.
myRent's Tenant Find service is charged separately and is not included in our management service.
Tenants do not pay any fees for our service except if they choose to pay rent via card in which case a merchant fee is collected and passed onto the card processor.
What happens if the tenancy has already started?
myRent is designed to work equally well for new tenancies and existing tenancies. If you have an existing tenancy you specify the date you want myRent to take over rent collection and we take over from there.
Is automated rent collection compliant?
Yes, myRent is built around the Residential Tenancies Act so rent is collected correctly. Records are kept longer than the 7 years required by the IRD.
Tenants can access a complete history of rent payments anytime from their dashboard so rent receipts and statements are no longer required to stay compliant.
What if a tenant doesn’t pay their rent?
We remind tenants 2 days before their rent is due to minimise accidental missed payments. If the unfortunate situation occurs where a tenant doesn’t pay their rent then we will follow up with reminders and warnings to the tenant about their obligations. You will be informed throughout. If the problem persists then we will educate you on your options and depending on what your desired solution is you can take the matter into your own hands or we can recommend a professional to guide you through.
Tenancy Agreements
Can I use my own tenancy agreement?
You are welcome to use your own agreement. Unfortunately, it will not be set up for e-signing but you can sign and upload it and myRent will share it with the tenants for them to sign and upload.
Is e-signing legally binding?
Section 226 of the Contract and Commercial Law Act 2017 specifies that e-signing is as legally binding as signing in person. You can read more about this on our blog.
Aside from saving time and hassle electronic transactions have the advantage that records of who signed what and when is much more complete.
If for some reason you are uncomfortable with the e-signing process you can always print scan and upload your documents.
Why store my documents online?
Storing your tenancy agreement, bond lodgement form and receipt, condition reports and any other documents with myRent means they are in one place when you need them and are accessible by both the landlord and the tenant whenever it is required. This means there is less confusion about what was agreed, how long the agreement was, what date the tenancy needs renewing on and any extra terms.
By law, the landlord must provide a signed copy of the tenancy agreement to the tenant before the tenancy starts - uploading it through the app is the easiest way to ensure this happens and it is recorded.
Come tax time you can find all the details of the tenancy including rent received, fees paid, maintenance costs (if you upload the receipts) in one place to keep your accountant happy.
What happens when the agreement ends?
myRent will remind you when your agreement is coming to an end and present you with the options. Read more about this in renewals.
What happens if the tenancy has already started and I already have a tenancy agreement?
Using our digital tenancy agreement is optional and you are welcome to use your own. If the tenancy has started then just upload a copy so it can easily be accessed by all parties. When you renew you can swap to our agreement or use your own again.
Renewals
What about renewals?
Whether you allow your tenancy to transition into a periodic tenancy or wish to renew onto another fixed term we’ll make it easy. You’ll receive a reminder when you need to start thinking about it along with information on your options. We will also ask your tenant what their intentions are. We will walk you through the renewal process and create a new agreement in just a few easy clicks. Once e-signed by you and tenants, they will be stored online for easy access. This is part of our service and there are no extra fees.
Do I have to renew the tenancy?
Of course not, it’s your decision. If you’d prefer you can choose to go periodic or give notice. myRent also provides a tenant find service if you have bad tenants but want to re-let the property.
Can I use my own tenancy agreement?
Yes, once you and the tenant agree on a renewal you have the option of using myRent digital tenancy agreements or you can upload your own.
What happens if my current tenancy agreement was signed before I joined myRent?
We will still guide you through the renewal process. You have the choice to switch to use our digital tenancy agreement for the renewal or you can continue to use your own.
Are there any renewal fees?
Renewals are included in our management service. You can renew as many times as you like and there are no extra fees!
How do I terminate a tenancy?
In your tenancy Settings, there is an "end tenancy" button on your dashboard which will guide you through when you can terminate and how much notice you need to give. myRent will have the documents ready and you can serve them through the platform to ensure they are delivered correctly.
myRent will also guide you through the process of the final inspection and completing the return bond/claim from bond forms.
Bonds
Can I lodge the bond myself?
Of course, just make sure you do it within the 23 days. Once you have done this we recommend you upload the bond lodgement form and the bond receipt for safekeeping in your dashboard.
What happens if the bond has already been lodged?
If you have already collected the bond then just upload the bond lodgement form and the bond receipt in your dashboard for safekeeping and access throughout the tenancy.
If there is a dispute regarding the return of a bond then it will need to be resolved through the Tribunal. By using myRent you have a full digital record of the tenancy including Inspection reports with photos which could prove to be critical in getting a fair outcome.
What happens if I want to make a claim?
If you need to make a claim from a bond then you need to complete the bond refund form. You can do this through myRent and once signed you present this to Tenancy Services and they process the correct distribution of the bond.
What happens if there is a bond dispute?
If there is a dispute regarding the return of a bond then it will need to be resolved through the Tribunal. By using myRent you have a full digital record of the tenancy including Inspection reports with photos which could prove to be critical in getting a fair outcome.
Inspections
Can I use my own reports?
Of course, you can. Just upload these through the dashboard so the tenant has access and there is a digital copy.
Inspections are highly recommended (but not compulsory) for the protection of your property and to make sure your insurance is valid (check your terms). If you have a dispute with a tenant over damage and there are no inspection reports then you will have almost no chance of convincing the tribunal into awarding you damages.
Can you handle inspections for me?
myRent is here to help! Book a one-off professional inspection service (no strings attached!) or outsource all your property inspections. Book now
Do I have to do inspections?
Inspections are highly recommended (but not compulsory) for the protection of your property and to make sure your insurance is valid (check your terms). If you have a dispute with a tenant over damage and there are no inspection reports then you will have almost no chance of convincing the tribunal into awarding you damages. Some insurance companies require you to conduct inspections quarterly. Please check with your insurer.
Maintenance
Does myRent charge for maintenance?
Absolutely not, we are not tradesmen and we don’t do the repairs, so we don’t deserve to be paid. However online maintenance issue tracking is included in the monthly management fee, starting at $17 per month.
Can I use my own builder/repairman?
Of course, we give you 100% control of your maintenance issues. The tenant will log the issue through the site with photos and/or videos and then you can decide if you want to deal with it yourself, send the details to your tradesman or the one suggested by us to quote.
Can I do the maintenance myself?
Of course, how you deal with each maintenance issue is up to you. If you are an overseas landlord then just forward them all to your handyman to deal with but if you are handy yourself then save yourself the expense and fix it yourself.
Do records help at the tribunal?
Absolutely, whenever maintenance issues are part of tribunal proceedings there is always a lack of evidence as a lot of the communication is phone calls and in person. Having a full record provides protection and shows you are a good landlord and approached things correctly.
Expense tracking
Does myRent complete tax returns?
We would love to but unfortunately, we are not tax experts and everyone’s situation is so different. However, we are great at keeping records of all your property income and expenses making the job a lot easier for you or your accountant.
Do I need to understand tax to use expenses tracker?
Absolutely not, just make sure you upload all the expenses throughout the year and when you present the report to your accountant you will save them a lot of time (and hopefully, you - money).
Does the IRD accept electronic copies of the receipts?
Yes, electronic forms of receipts are accepted by the IRD as long as they are unmodified true and clear reproduction of the original receipts.
The information contained in this article is exclusively for promotional purposes. It does not in any way constitute legal advice and should not be relied upon as the basis for any legal action or contractual dealings. The information is not and does not attempt to be, a comprehensive account of the relevant law in New Zealand. If you require legal advice you should seek independent legal counsel. myRent.co.nz does not accept any liability that may arise from the use of this information.
