1. Basic Guidelines For Landlords and Property Managers
When Doing Routine Inspections, Enquire About the Current Tenant
When conducting a property inspection it is wise to enquire after the tenants living there.
Chatting with tenants allows one to glean useful information that could influence the future of
the property. If the tenant were to reveal that he or she has recently been made redundant,
or is searching for a job in another country, or even if a significant other is coming to love with
them, it could affect the future plans of the property owner. Information revealed by the
tenant could lead to changing plans - the landlord may want to monitor rent checks more
carefully if the tenant lost their job or make preparations to find someone new if the tenant
suddenly leaves to pursue a new career elsewhere.
Look for New Tenants Immediately After the Existing Ones Give Notice
Property managers don't realise that the best time to market a property is immediately after
the old lease is up - they don't need to delay until it's empty. Tenants are obligated to give 21
days notice before leaving, and property managers can inspect the unit for 14 days prior to
their departure. It is advisable to use that 14 day inspection period to show off the unit to
potential tenants. Marketing a property without waiting for the previous tenant to vacate is not
only completely legal, but also a good way to ensure fast turnaround of the rental unit.
Plan Your Lease Periods Carefully
Most landlords want to sign tenants on a long-term lease instead of a periodic renewable
lease. A long term lease offers the landlord some protection and allows for future planning.
Many landlords, however, are short sighted when it comes to the timing of their leases. Most
go with a standard 6 month lease that ends in December - a notoriously difficult time to find
new tenants. A smarter alternative would be to sign a 7 or 8 month lease that does not expire
in December. Not only will this keep the unit occupied throughout the winter holidays, but
property managers will have an easier time finding new tenants in the new year.
Don't Fall Behind On Paperwork
Computer software has made it easy to keep extensive records of all aspects of maintaining
a rental property. A comprehensive paper-trail that includes tradesmen invoices, emails,
notes on tenants, correspondence from the bank, etc. have to be collated and stored for
future reference. While it may seem excessive to store every email or make notes of
conversations with tenants, a time may come when such records will prove crucial. For
example, keeping records of all repairs and maintenance work, no matter how minor, can
save money in the long run when dealing with tradesmen. Learn info about Queenstown
investment property management.

2. Keep Track of Depreciation
Any property will lose value over time - something accountants call depreciation. The two
main types of depreciation with properties are wear and tear on the fittings and the reduction
on the value of the property itself over time. Depreciation has its uses, however - the
reduction in the value of fittings and fixtures can be claimed as a tax break.