With letting fees becoming a thing of the past, more and more property investors are thinking of taking over their agents. There is no better time than now to consider whether your property manager is providing a service that best serves your investment.
If you're considering taking over tenancy, you need to make sure all the necessary paperwork and information are collected from the property manager.
1. Tenancy Agreement.
Make sure you get a copy of the tenancy agreement that has been signed by your tenant and a property manager. As the landlord taking over, you will inherit the tenancy agreement, with all the original terms and conditions of that existing agreement.
2. Sign a change of landlord/agent form.
Whenever the landlord changes, the bond record must be updated. Complete the change in landlord/agent form and send to Tenancy Services. It's crucial that you do so, to avoid problems with releasing the bond at the end of a tenancy.
3. Rent records.
Your property manager should provide rent records/rent books from the start of the tenancy. If there are any issues in future and you need to apply to the Tenancy Tribunal to collect overdue rent, you would be expected to bring these records to the hearing.
4. The initial property inspection report.
Property inspections are important. Having a correctly filled-in report as part of a written tenancy agreement can be very useful evidence if problems or disputes arise later on. You may also want to check for any photographs, videos or copies of other routine inspection reports that your agent may have on record.
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5. Copies of any other notices.
It’s crucial for landlords to keep all records about the tenancy. So, ask your agent for copies of all 14-day notices to remedy, copies of rent increase letters (at least the latest letter stipulating current rent) or any other correspondence with the tenant that you could need in the event of a Tenancy Tribunal hearing.
6. Notify your tenants.
The current property manager must give the tenant notice in writing of the change. The notice must include the names of new landlords, contact details and the effective date of this change. It's a good idea to be copied in on this notice, or ask for a copy of it for your records.
7. Future rent payments
Contact tenants to introduce yourselves, explain where to make rent payments to and how best to contact you about future maintenance and repairs issue.
If the tenant is paying through WINZ, you’ll need to register as a Work and Income supplier to receive payments.
8. Collect keys and safety certificate.
Collect keys, remote controls and security alarm codes, if applicable. Get a copy of the insulation certificate. Check that you have a record confirming that smoke alarms were tested at the start of the tenancy, and their expiry dates. If new appliances were installed during the tenancy, collect warranties and all the manuals.
Don’t let the process put you off, because it’s actually very easy. There are platforms out there, like myRent.co.nz, that help you save time and money. We help you step through the Residential Tenancies Act, keep you compliant, help you get your head around all of the processes and responsibilities in a simple, transparent way. We've done all the hard work developing the system, so all you need to do is add your tenancy to myRent.co.nz and help you manage it.
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.
