In The Know - Property Management
03 April 2019
Find all the Property Management information on this page or visit the full In The Know version
Four-Day Week for Property Managers?
Is the four-day week something that should be considered in the Property Management workplace?
Last year, Perpetual Guardian founder Andrew Barnes set about undertaking a trial with a four-day week and the results have been extremely encouraging. Following the trial, the four-day week has now been implemented in the business.
There is a constant struggle for many Property Managers in terms of creating a work/life balance while keeping their productivity and engagement levels up.
The four-day week allows employees to focus on the work in work time and recover outside of work time with an extra day off.
While this innovative way of thinking may challenge more traditional employers, there appears to be some extremely positive results coming through.
The evidence has shown that productivity will either hold steady or go up.
Click here for more information on the four-day week.
Regional Rental Activity Update
While online rental listings in Auckland are sitting above the 2,000 mark, some price ranges have seen a slow-down in enquiry. It’s a different story in other areas that are struggling with a lack of stock.
Melanie Rouse from Hamilton Rentals says the Hamilton rental market still has a shortage with approximately 300 rental listings available when historically they have around 900 rental listings. They are seeing an average of 3.5 days between tenancies at the moment. Rent rates still appear to be on the rise.
Dan Lusby from Tauranga Rentals says there are 221 rental listings available, not many for a city with 125,000 people and 50,000 dwellings. Their company usually carries between 10-15 listings at any one time, but stock has been as low as 3 listings recently. It’s taking between 1-10 days to secure a tenant once the property has been listed.
Tania Ellis from Whittle Knight and Boatwood says Christchurch is seeing an improving rental market with listings still hovering around the 1,000 mark. Of recent weeks this figure has been under 1,000 – which is low for Christchurch, especially considering it has been one of the few places in New Zealand where there has been an oversupply of available stock. The flip side to this is that rents are increasing, which hasn’t been the case for a while in the Garden City. Many properties are being rented after only one viewing, to quality tenants. The market is good right now and properties will rent provided they are priced to market.
The February REINZ market rent report would indicate that across the country as a total there is quite a decrease in the number of homes that have been rented this year versus the same period last year.
Case Update: Incorrect notice to terminate tenancy?
The issue in this case was whether the tenants gave the correct notice to validly terminate the fixed term tenancy.
Applicable law: Under section 60A of the Residential Tenancies Act 1986, a fixed term tenancy becomes a periodic tenancy on the expiry of the fixed term tenancy unless, either party gives written notice to the other party stating their intention to end the tenancy. According to section 60A(3) of the Act, the effective period is not more than 90 days before the tenancy expires and not less than 21 days.
Under section 51 of the Act, a tenant must give 21 days’ notice to terminate the periodic tenancy. If they do not give the correct notice, they must pay 21 days of rent instead of notice to terminate the periodic tenancy.
Facts: On 22 May 2018, the tenants requested that the fixed term tenancy be extended until 27 January 2019.
On 23 January 2019, the tenants gave the property manager, four days’ notice to end the tenancy. They did not give the minimum notice being 21 days’ notice within the period.
As a result of an invalid notice, the fixed term tenancy turned into a periodic tenancy.
Finding: The Tenancy Tribunal found that the landlord was entitled to 21 days’ rent as the tenants had not served the correct notice.
You can find the full decision here.
Property Manager Workshop: Health and Wellbeing through Mindfulness
Friday 12 April, 9.30am - 11.00am - Events on Khyber, Auckland
Under the pump? Pressed for time? Busy, stressed and need to calm your mind?
As a busy Property Manager, it’s easy to feel stressed, time-pressured and under the pump. By focusing on what you’re doing in the present moment, you can help calm your mind, alleviate stressful moments and feel much more in control.
Becoming more mindful helps reduce tension, stress and anxiety – especially in a fast-paced working environment when juggling your rent roll, managing relationships, dealing with conflict and more!
REINZ and Real-iQ deliver the NZ Certificate in Residential Property Management
Lift your professionalism and standards and prepare yourself now for potential industry regulation.
Click here for more information.
