Frequently Asked Questions
How much rent will I get?
This is a tricky one as it will depend where your property is, what condition it’s in, what features it has etc. We can compare your property to a range of other similar properties and let you know what they rented for. We will work with you to ensure you receive the maximum rent whilst at the same time ensuring your property is rented as quickly as possible.
How long will it take to rent my property?
This is one of the things that troubles most landlords because a vacant property means loss of income! There is no guarantee how quickly a new tenant is found. However, the team at Spectrum Rentals are extremely pro-active in marketing our properties. As soon as tenants give notice the property is advertised and viewing arranged. Provided the property is well maintained and priced right it shouldn’t take long at all to find a suitable tenant.
One way to look at it is this… if you aren’t getting rent for your property, we aren’t getting paid so it is in our best interests to find you the best tenant that fits you tenant profile in the shortest possible time!!
Where do you advertise?
Spectrum Rentals has a database of qualified tenants and we also get daily calls and emails from people looking for places to rent. Your property will be marketed across a range of websites including Trade Me, realestate.co.nz (which is a site that only real estate and property management companies are able to advertise on) Gumtree.co.nz which is a well known website used by those living overseas to find rental properties and Spectrums own site. Additionally we may also advertise in the local suburban paper. A combination of all these things ensures your property will get not only local, but worldwide exposure. If your property is located on a main or busy road you can also utilise our sign boards which give your property great exposure and are there 24/7. We will run open homes and viewing by appointment and often do these after work hours and on Saturdays to ensure that no one misses an opportunity to see your property.
Do you show properties for rent after hours and at weekends?
Absolutely. Unlike a number of rental property management companies, we are happy to conduct viewings outside regular work hours and at weekends. We are very proactive with finding tenants and realise that many suitable tenants can only view properties after hours and at weekends.
How does Spectrum ensure we get suitable tenants for our property?
As your rental property manager, you charge us with the responsibility of finding the tenant that best fits your preferred profile. When a tenant applies for a property we:
- Obtain a comprehensive tenancy application from them.
- Request proof of identity and proof of income.
- Conduct credit checks.
- Conduct phone reference checks.
- Have them complete a detailed tenancy agreement.
How much bond do you recommend and where does it go?
Our policy is to secure a four week bond but on occasions with some properties and tenants we will be more flexible and will allow a three week bond. The bond is receipted by us and then lodged with Department of Building & Housing as soon as the tenants have paid.
Does Spectrum rentals provide a casual letting service?
Yes we do. As a landlord, your investment for this service is $75 plus GST. The actual letting fee is paid by the tenant.
What are the benefits of using a property manager?
Owning an investment property is one thing, managing it is another. Our role as RENTAL property manager for your property is to be experts in all facets of rental property management to ensure your property performs and gives you the best yield possible. As your rental property manager we assume the responsibility of:
- Marketing your property as soon as tenants give notice.
- Careful tenant selection (including credit and reference checks).
- Completion of a comprehensive tenancy agreement.
- Lodging of your bond.
- Rent collection and disbursement to landlords.
- Regular property inspections and reporting (after the initial entry inspection, the first inspection is completed within a month of a new tenant moving in. Subsequent inspections are either quarterly or six monthly).
- Regular rent reviews
- Lease renewals.
- Rent arrears management.
- Dispute resolutions (this includes Tenancy Tribunal applications, mediations and court hearings).
- Monitoring maintenance and making recommendations when needed.
In short… your rental property manager removes the stress from you the landlord!
How often will you pay me the rent?
Your rent is collected from your tenants on your behalf either weekly or fortnightly and held in a trust account. This money is then transferred to your account every fortnight on a Tuesday. We provide you with a monthly statement so you can see incomings and outgoings for any given month. Our system however does allow for our owners to receive rent at any time during the month to enable you to meet your financial needs so please just let us know if you require a different payment option.
What will my investment be to have Spectrum Rentals manage my property?
Spectrum Rentals operates a unique fee structure with no hidden costs. In fact, the more expensive your property, the cheaper it becomes to have it managed!! We don’t have the high overheads that the bigger corporate companies have so we are able to provide you with a more realistic level of investment without compromising our service.
If the rent on your property is less than $640 per week, our fee is 6.5% plus GST on rent received
For properties that rent for more than $640 per week we operate a capped fee of $40 plus GST per week.
The only additional investment you make is:
Routine Inspections: $45 plus GST
Entry Inspections: $80 plus GST
Exit Inspections: $80 plus GST
Tribunal applications: $17.77 plus GST
Advertising your property for rent $75 plus GST
There is no charge for any maintenance we arrange, monthly statements sent out, or administration fees. That’s what you a pay a management fee for isn’t it!
What happens if a tenant gets behind in their rent?
Rent arrears are monitored on daily basis and we operate a strict “no arrears” policy. We have a sophisticated system in place to minimise rent arrears, including SMS, Phone, email and letter based reminders. We also have an alliance with a leading tenancy debt collecting service.
If a tenant misses a rent payment we contact them to let them know that the rent has been missed and to request that payment is made immediately.
If no payment is received within 2 days a 14 day letter is sent advising them that they are in breach of their agreement.
If the rent has still not been paid within 7 days, a second arrears letter is sent and an application to Tenancy Tribunal is made to recover the rent arrears.
The key to managing rent arrears is to act quickly, monitor the rents frequently and communicate clearly and concisely with the tenants.
How often do you do inspections?
The first inspection is completed with the tenants just prior to them moving their belongings in. The second inspection is carried out within six weeks of them moving in. When a tenant first moves into a property, that is usually the time when issues arise so by inspecting the property again within the first six weeks it gets things sorted quickly and also enables us to see how the new tenants are looking after the property.
Routine inspections are carried out every 3-4 months and are charged at $45 plus GST. A word of advice is to check with your insurance company to find out how often they require you to have inspections carried out as some require inspections a minimum of every 3 months.
Is it OK if I use my own trades people to carry out repairs and maintenance for my property?
Absolutely. You can either supply us with your list of preferred tradespeople to use or arrange the work yourself. Spectrum Rentals also has affiliations with a large pool of trusted tradespeople that are able to carry out any repair work in a timely fashion.