Information for owners
Welcome to Edinburgh Realty Property Management
Over 10 years ago Edinburgh Realty recognised the need to establish a dedicated Property Management Division. We started with one property, one Property Manager and the determination and drive to establish ourselves as a market leader in property management in Otago. Our team now comprises a staff of an Administrator, a Letting Agent, a Marketing Support Manager and eight Property Managers, who professionally oversee one of Otago’s largest rental property portfolios.
Our Property Managers are fully trained in all aspects of property management and understand the obligations of landlords and tenants contained in the relevant legislation. We successfully manage a broad spectrum of properties including residential homes, units, apartments, student flats and studio rooms. Whilst we can boast up-to-the-minute technology, systems and innovative flair, we remain steadfastly old-fashioned in our customer service delivery and believe in establishing long-term relationships with our property owners.
We understand that entrusting your investment property to a Property Manager requires a huge degree of confidence and trust. We do not just collect rent; we take pride in ensuring that your property is fully cared for. We will professionally and conscientiously manage your investment and invite you to take advantage of our expertise in property management.
Group Manager, Property Management
027 538 4780
What do you charge?
Our fees are very competitive and are structured as follows:
• 9% on all rents collected. However, if you have multiple investment properties, we are happy to tailor a package to suit the size of your property portfolio
• There is no charge for the first and final inspections of your property – this is included in the 9%
• A fee of $50 for each regular inspection in between the first and final inspections
• Annual advertising fee of $125+gst. This is not charged for long term tenancies
• If we arrange repairs or maintenance, we charge a fee of 10% on the total costs incurred
• If we are required to attend a Tenancy Tribunal hearing, our charge is $40
All of our fees quoted above are GST exclusive.
What is covered by the 9% fee?
The following services are included:
• Rent appraisal
• Finding and interviewing appropriate tenants
• Reference checking prospective tenants
• Preparing written tenancy agreements in accordance with your instructions
• Bond lodgements
• Monthly statements
• Collection of rent
• First and final property inspections, including photos
• New management advertising across multi-media channels
• Written management contract
• Regular communication with you
• Dispute resolution
• Compliance with all statutory requirements of the Residential Tenancies Act 1986 and amendments
• Twice-monthly payments to you by way of direct credit
• Open and honest communication with you and your tenant
In order for us to provide the best possible service to you, we require your commitment to a minimum management term of six months.
When and how do I get paid my rental income?
We make payments to owners twice each month by direct credit into your nominated bank account – on the first working day of each month and on the 15th. We prepare statements at the beginning of each month and the exact date you receive them depends on the method of delivery you have selected – email or post.
How much bond do you take and what happens to it?
We require a four-week bond from all our tenants. The bond is receipted by us and paid promptly to Department of Building and Housing together with the required documentation as part of our property management obligations.
Do I pay fees if my property is vacant?
Absolutely not. There are no fees payable to Edinburgh Property Management, if your property is not tenanted.
How often can rent be reviewed and can I be consulted?
We carry out rent reviews at the expiry of a Tenancy Agreement or on an “as required” basis. Yes, you can have input into rent reviews at your request and can be notified in advance of any rent increases, as the reviews are carried out.
Can Edinburgh take over properties with existing tenants?
Yes. Edinburgh Property Management often takes over the management of properties already being managed privately or by another management company. Once you have authorised Edinburgh to act as your property manager, we will contact the current property managers for all legal documentation that we require in order to effectively and seamlessly take over the management.
Repairs and maintenance - what do I do?
Edinburgh uses a variety of contractors who are reliable, consistent and offer value for money. We can obtain competitive quotes for you. You can also stipulate a spending limit or elect to have pre-approval on all maintenance spending. The types of renovations and maintenance that should be carried out can generally be classified into urgent, short term and long term maintenance. Generally urgent and short term issues are day-to-day issues that are essential for health and safety reasons and to comply with the Residential Tenancies Act. Our Property Management Authority allows you to have an agreement with us in advance in regard to who organises maintenance. This means you will have no surprises and be aware of costs incurred.
Can I arrange my own maintenance?
Yes you can. We do provide this service whereby you can instruct us to use our proven trades people, the trades people you prefer or you can arrange the maintenance yourself.
Does Edinburgh have its own Tenancy Agreement?
Yes, we have a very comprehensive Tenancy Agreement that works well for all parties.
Do I pay extra for advertising?
Yes. The annual fee charged for advertising your property via the newspaper, internet and signage is on a 12 monthly basis if not renewing tenancy.
Should I rent my property furnished or unfurnished?
There are certain types of properties, e.g. small apartments or studio rooms that are popular because they are fully furnished. We will provide advice based on our experience and the location and type of property.
What types of tenancies are there?
There are both Periodic and Fixed Term Tenancies. Periodic Tenancies have a start date and no end date and can be terminated by either party giving the required notice. Fixed Term Tenancies have a start date and an end date and cannot be terminated before the end date stated on the Tenancy Agreement, unless agreement is reached between both parties.
What happens if the tenant gets behind in rent payments?
Edinburgh Property Management has a zero tolerance for rent arrears. Our systems provide us with daily information about rental payments and this highlights any tenants who have not paid their rent in a timely manner. Our rental management systems enable us to monitor rental payments on a daily basis. If a tenant is behind on their rental payments, we act immediately.
How frequently do you carry out inspections?
At the initial inspection, we record the details and condition of the property prior to the tenants moving in. At this inspection, we take comprehensive photos to fully record the condition of the property and chattels. When tenants vacate, we do a final inspection to again record the condition of the property and compare this to the initial inspection. These inspections are included in the percentage fee you pay as fees. As a standard, we inspect the property every three months, although you may request more regular inspections.
What happens when my tenant gives notice?
With a Periodic Tenancy the tenant is required to give 21 days notice to vacate the property. With a Fixed Term Tenancy the tenant is required to give a minimum of 21 days notice of their intention to vacate the property on the end date of the fixed term. If they fail to do this then the Fixed Term Tenancy becomes a Periodic Tenancy on the actual expiry date of the Tenancy Agreement. We advise you that the tenant has given notice to vacate as soon as we receive this. We commence marketing of your property to prospective tenants immediately and complete a rent review. In most cases, we will not wait until your tenants have vacated to market the property, as this minimises downtime for you.
What happens if I want to move back into the property or sell it?
With a Periodic Tenancy you must advise the tenants in writing, giving them 42 days notice to vacate. On a Fixed Term Tenancy the tenant has the legal right to occupy the property until the end date on the Tenancy Agreement. You may sell the property at any time, but it must be “subject to the existing tenancy”. When selling you are required to notify the tenant in writing that the property is on the market.