What you need to know about property management

 This is a great thing for landlords, tenants, and Property Management NZ as it helps to protect every practice from illegal practice.

As was the case with the Kentucky Fried Chicken test, there are often cases in the media of tenants claiming that their greasy fingers haven't left stains in sinks because they're too scared to use a towel. The sketchy property management will not always go down well. Whether you're an ethical or legitimate property manager or not - your poor choice can reflect badly on your company and affect those who conduct themselves professionally and only want the best for our industry. In this month's article, we will have a look at the good things for property managers at all levels, what we can expect with certain changes, and their effects.

Why regulate?

Having a standard set of rules that must be met is similar to building a high-rise. If you keep all the parts the same, it's easy to tell if they're working correctly or not. All parties have a better idea of what is and isn't allowed in your building, and tenants can trust that you won't knowingly do anything as your reputation is tied to how well you follow the rules yourself, so there's no real point in trying to find ways around them. Of course, just as with any business plan, it's crucial for us as real estate professionals to understand the landscape we are operating within to provide the highest level of service for those who live in our buildings.

What are the proposed new regulations?

Proposed legislation may require property managers to meet certain educational standards and comply with current standards if they don't adhere to the ones set.

Certification:  To be a property manager in New Zealand, one must have a certificate.

Education:  You need to make sure you know your legal requirements. And that means you really can't take any breaks from learning about the law.

Trust accounts:  Property managers manage the financial affairs of people who own property and rent a property.

Insurance: Property managers must ensure that they hold the right insurance.

Code of conduct: When becoming a property manager, you must keep in mind important principles.

Penalties: Fines or sanctions for property managers if they do not meet the necessary standards.

Professional and ethical practice: How lodge is playing their parts

As some of you may know, right before the crisis hit the United States in 2008, our industry was deregulated. Lodge City Rentals decided to stay in good standing with REINZ (Real Estate Institute NZ and REAA. This meant we continued to obtain an audited trust account and retained a line of communication with our clients without any problems.

We ensure that all property managers are trained to the highest standard to offer you a transparent, ethical service. Think of Lodge Rentals property management as your go-to resource throughout the life of our lease agreement.

No query is too big or too small - get in touch with us today, and we'll be happy to provide you with more information on Property Management NZ.

Source URL : 
https://wapm.co.nz/

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