Welcome to Walker Weir website!
QUESTION? CALL US NOW: 09 972 1212  |  Get connected:

QUESTION? CALL US NOW: 09 972 1212

The End of the Year is Here

End of year disbursement payments:

This will be the last disbursement message this year. Hurrah we hear some of you say! Your next disbursement payment will be made on Wednesday 3 January 2018. Because most of you will still be in holiday mode there will be no disbursement message. The hard-working crew at Walker Weir will be working and on call right through the stat days this year, although where possible, we will be working reduced hours.

 

QV house price index:

Once adjusted for inflation, national house values are up by 4.4% year-on-year, leaving the national average value at $664,485. According to a QV spokesperson national value growth was led by stronger growth in Wellington, Dunedin and many other regional centres. Easing of the LVR’s is likely to improve activity and demand in the housing market through the summer months the spokesperson said.

 

Five golden rules for property investors:

  1. Try to buy below value or find a way to add value.
  2. It’s a business so treat it as such. Cash flow is important.
  3. You can’t do it on your own. An efficient team and professional property manager is important.
  4. Keep the big picture in mind.

 

Property investment vs Bitcoin:

Up until a couple of months ago most of us wouldn’t have even known what bitcoin was. In fact, do we still even know what it is? Wikipedia tells us that bitcoin is a ‘cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator’. Perhaps you need to be under the age of 17 to understand what that means. We still think that there’s security in bricks and mortar, but information from a local broker claimed that $150 invested in Bitcoin 6 years ago would now be worth a staggering 1.5 million!

 

FAQ:

Q: As a landlord what are my obligations to fix or repair my property during the term of a tenancy?

A: Landlords have an obligation under the Residential Tenancies Act to provide and maintain premises in a reasonable state of cleanliness and provide and maintain the premises in a reasonable state of repair having regard to the age and character of the premises.

Landlords who don’t meet these standards may be committing an unlawful act and tenants may sue (for exemplary damages) the landlord for breaching these standards or not meeting them.

Repairs and maintenance need to be addressed in a timely manner to prevent tenants taking Tribunal action. Where a tenant can show that repairs have not been carried out in a timely manner or they’ve dragged on too long then our experience is that generally, they will be supported by the Tribunal.

 

Next Disbursement:

Next year! Wednesday 3 January 2018.

From all of us to all of you. Have a very merry Xmas and a happy New Year.

 

Disclaimer:

Given the opinions expressed in parts of this email it’s important that we make it clear that the contents of this email are opinions and observations and made in good faith. We suggest that in all cases independent legal and financial advice is sought.

 

Kind regards,

ryan

Ryan Weir

Business Owner

December 28th, 2017

Unlawful properties update:

For those of you who haven’t followed the Dunedin case of Vic Inglis and the case of his unconsented property here it is in abbreviated form. Inglis rented his property to a female tenant after having lived in it for a short time himself. During the tenancy there was an issue with the tenant and Inglis took her to the Tenancy Tribunal. The tenant made enquires with the Dunedin City Council and found that some alteration work at the property had been applied for but had not been signed off once it was completed. The tenant made a claim for all of the rent that she had paid on the basis that the property, by virtue of the fact that it had unconsented work, was unlawful. The Dunedin Tenancy Tribunal adjudicator agreed with the tenant and Inglis was ordered to pay back all the rent that the tenant had paid while in the tenancy. Inglis was able to show that the alterations had all been completed properly and obtained retrospective sign-off but the adjudicator was not swayed by that. Quite rightfully in our view, Inglis appealed and Judge Kevin Phillips overturned the TT decision. Thank God for common sense. In summary Judge Phillips found that the adjudicator took too literal a view on a previous High Court decision. He found that the alterations to Inglis property had been completed appropriately, and that the tenant was in no way adversely affected by the fact that the work hadn’t been ‘officially’ consented. The tenant was ordered to repay the rent and the original TT order was overturned.

Learnings from this decision are many. Firstly, the TT is not always right (well we knew that already). The Tribunal has a duty to ensure fairness to both landlords and tenants and in this case the original outcome was patently unfair to the Landlord. The moral of the story is however – rental properties need to have the correct consents in place. If for example a tenant (or anyone for that matter) is hurt or adversely effected because of unconsented building work the Tribunal has the authority to fine a landlord up to $50,000.

 

Crystal ball gazing – the changing face of the rental market:

The business of being a landlord is constantly changing, but never more so that the last few years. There’s a lot to negativity around at the moment, particularly from landlords, but having had a good gaze into our crystal ball we don’t agree with all of the doom and gloom. The demographics amongst renters is shifting. Gone are the days when landlords were the wealthy ones and the tenants the poor ones. More and more we are finding that our tenants are wealthy professionals who have made the choice to be not tied down with property ownership. These people want good quality, well maintained properties and they are prepared to pay the appropriate rent for them. Neither are they ‘transient’ so landlords renting to these tenants can expect their properties to be well looked after and for the tenants to be there for the long haul. And while we are at it let’s not dismiss the effect automation in our lives is going to make. For example, it’s been predicted that no more petrol cars will be built after 2025 (that’s only 8 years away folks) and five years after that most journeys will be undertaken in Uber style self-drive electric cars! We’re not quite sure how we feel about that, but moving on – people will be able to live further away from where they work as they will work while being driven by an unmanned electric car on their way to the office (if they even ned or have an office that is). Car parks and home garages will be a thing of the past ….hmmm how many more bedrooms could I fit into that rental if I no longer need the double garage? Yes things are going to change but rest assured the world is always going to need rental properties and landlords.

 

Market update:

Trade Me have advised that there has been a big drop in rental listings compared with last year. Their rental property index found the number of rental listings last month was down 50% on last year! They reported that they hadn’t seen that kind of drop in advertising previously. So what’s it all about? According to head of Trade Me Property, Nigel Jefferies it has to do with credit restrictions on first home buyers meaning fewer can get into the market and were therefore renting longer. He also said that new legislation on capital gains tax could be scaring off new landlords. He said the average rental property was receiving 28% more enquiries on the auction site in the first week of listing, compared with a year ago. We aren’t sure of the exact percentages here in Dunedin, but there is no doubt that good quality properties, advertised at the right rent are highly sought after and are being snapped up like hot cakes. The other trend we are noticing is the high number tenants opting to sign back on for another year’s tenancy.

 

FAQ:

Q: Does a fixed term tenancy agreement automatically extend?

A: No, it doesn’t. Where a landlord wishes to end a fixed term tenancy at the conclusion of the tenancy he/she must write to the tenant between 21 and 90 days from the tenancy ending advising the tenant that the tenancy will end on the due date. If the landlord fails to do that then the tenancy automatically reverts to a periodic tenancy and the landlord would need to give the tenant 90 days notice for them to vacate.

Insulation reminder: 2019 is just around the corner and we have already started hearing reports of insulation prices increasing. If your rental is not fully insulated by the time its compulsory then it will probably cost you twice as much. Get in and get it done now before the price rises.

 

Next Disbursement:

Friday 15 December 2017.

 

Disclaimer:

Given the opinions expressed in parts of this email it’s important that we make it clear that the contents of this email are opinions and observations and made in good faith. We suggest that in all cases independent legal and financial advice is sought.

 

Kind regards,

ryan

Ryan Weir
Business Owner

December 15th, 2017

On the 23rd of September this year, New Zealand’s election will take place.  Here’s what the minority parties key policies are on Housing:

Act Party

✓ Sees sudden reform as socially disruptive transfer away from those who have invested in the current market.

✓ Would remove New Zealand’s large cities from the Resource Management Act, and create separate urban development legislation, prioritising land supply and reducing red tape on developers.

✓ Incentivise councils to consent more land for development and build more infrastructure, by sharing a portion of GST levied on construction.

✓ Get Councils out of the building standards process, by replacing council building inspections and compliance with a mandatory private insurance regime for buildings.

Greens

✓ Reduce speculative investment in the housing market by tightening the rules around loss attributing qualifying companies and introducing a capital gains tax on all but the family home.

✓ Providing funding to third sector housing organisations for a minimum of 1,000 units a year for the next 3 years

✓ low interest finance for low income households

✓ shift tenancies to more secure, predictable tenure arrangements

New Zealand First

✓ Non-residents who are not New Zealand citizens would be ineligible for home ownership except if a genuine need to do so can be demonstrated.

✓ Establish new state agency to acquire land in the Auckland Special Housing Areas

✓ Sell sections under long term agreements up to 25 years on a cost recovery basis.  Sections would be offered to first home buyers with low interest rates like 2% and then the home buyer would build on the home using normal bank finance.

✓ Better housing quality, sustainability and adequate insurance in light of recent earthquakes

The Opportunities Party

✓ Overhaul the tax system

✓ People’s income taxes would fall, but all owners of homes would pay tax each year as though they were an investment.

✓ Wants to tax all assets including houses saying “around 80 per cent of adults will be either unaffected or pay less tax as a result of this taxation reform.”

If you’d like to discuss these policies further and how they may impact the Auckland Rental market, feel free to contact me, Ryan, at Walker Weir Property Management.

August 29th, 2017

Walker Weir has the edge over its competitors when it comes to advertising your property for rent.

We use cutting edge systems which mean tenants can not only book in for viewings online but also apply for our properties online 24/7 without the inconvenience of having to print, scan and sign forms.

Properties need to be advertised with good images. A poor photograph can lead to low levels of interest and poor turn out at viewings. With this in mind we put extra care into every photograph and make sure we get the best angles and high quality needed.

You can see here how we compare to some of our top competitors. The difference speaks for it's self!

Another difference for your listing is the positioning on Trade Me. See below how our listing is number 1 on the list. Where as a competitor listing the same property was on page 3.

Having your listing on page one will give you more page views and more interest in your property resulting in getting it rented faster.

So if you are looking for property management that leads the way and puts your listing as a priority then get in touch either by phone Ryan on 0226579432 or by email at ryan@walkerweir.co.nz.

July 24th, 2017

Is asbestos contamination the next ‘can of worms’ for property investors to deal with?

The hits seem to just keep on coming for property investors. The latest ‘industry scare’ is asbestos. It’s believed that up to 75% of the NZ rental housing stock will have building products containing asbestos. Proposed changes to the Health and Safety Act mean that from April 2018 every property under management may need to contain an asbestos register if there is a possibility that the property may contain asbestos. We are keeping a close eye on this issue and will update all of our property owners as necessary.

When is discrimination lawful?

In a recently publicised case a rental agent refused to arrange a house viewing for a heavily pregnant woman and her partner because the landlord did not want children living there. The matter was referred to the Human Rights Commission where a spokesperson said the Human Rights Act deemed it unlawful to discriminate based on “family status” which included caring for children. Andrew King, the executive officer of the New Zealand Property Investors Federation, said it was not an issue he had heard of in the past. In the past landlords had often preferred families because they were more stable tenants but since the Osaki case, where the Court of Appeal ruled last year that a tenant did not have to pay for damage after leaving a pot of oil on the stove and causing a fire, landlords were more wary of potential damage to their property and were looking closely at the suitability of tenants they were putting into their properties . http://www.nzherald.co.nz/property/news … d=11874883 – 13 June

Common sense starts to kick in over tenants damaging landlord’s properties:

The Residential Tenancies Amendment Bill (No. 2) which has been introduced to Parliament will provide better protections and clarity for landlords, Building and Construction Minister Dr Nick Smith says. “This Bill makes three practical changes to the Residential Tenancies Act to help ensure our tenancy laws better manage methamphetamine contamination, liability for careless damage and the tenancy of unsuitable properties. It builds on the changes we made last year requiring smoke alarms and insulation, and establishing a Tenancy Compliance and Investigations Team. “This Bill recognises that meth contamination of properties has become a significant issue that needs clearer direction. We want homes to be safe but we also don’t want properties being vacated when the risks are low. Under the new Bill tenants will be liable for the excess (insurance) cost up to a maximum of four weeks rent for each incident of damage.

Insulation:

It is now an unlawful act for a landlord not to stipulate on a tenancy agreement the extent and types of insulation a rental property has. The Tenancy Tribunal has made it quite clear in a recent ruling that failure to disclose insulation on a tenancy agreement is unlawful. In June 2019 it will be unlawful to rent a property which is not adequately insulated. We are working very hard to ensure that all of our owners are aware of these new laws. We will be unable to complete new tenancies where we have not been given the appropriate information about a rental properties insulation.

Next landlord disbursement date:

Tuesday 1 August 2017

Disclaimer:

Given the opinions expressed in parts of this newsletter it’s important that we make it clear that the contents of this email are opinions and observations and made in good faith. We suggest that in all cases independent legal and financial advice is sought.

Kind regards from the hard working team at Walker Weir.

ryan

July 18th, 2017

Is asbestos contamination the next ‘can of worms’ for property investors to deal with?

The hits seem to just keep on coming for property investors. The latest ‘industry scare’ is asbestos. It’s believed that up to 75% of the NZ rental housing stock will have building products containing asbestos. Proposed changes to the Health and Safety Act mean that from April 2018 every property under management may need to contain an asbestos register if there is a possibility that the property may contain asbestos. We are keeping a close eye on this issue and will update all of our property owners as necessary.

In the wake of the London tower fire:

There has never been a better time to consider emergency preparedness in both your rental property and own home. The tragic London fire has served as a reminder to us here at Walker Weir to ensure that all of the properties we look after are fire safe and have emergency evacuation plans where necessary. We harp on about it, but for a very small annual cost we can ensure that your property is smoke alarm compliant – which is now a legal requirement. If you haven’t done so already then please get in touch and request our annual smoke alarm service. If you live in Auckland then we can also include your own home. Hint: Always keep a working torch beside your bed (the wind up ones are good because then you don’t need to worry about the batteries.

Common sense starts to kick in over tenants damaging landlord’s properties:

The Residential Tenancies Amendment Bill (No. 2) which has been introduced to Parliament will provide better protections and clarity for landlords, Building and Construction Minister Dr Nick Smith says. “This Bill makes three practical changes to the Residential Tenancies Act to help ensure our tenancy laws better manage methamphetamine contamination, liability for careless damage and the tenancy of unsuitable properties. It builds on the changes we made last year requiring smoke alarms and insulation, and establishing a Tenancy Compliance and Investigations Team. “This Bill recognises that meth contamination of properties has become a significant issue that needs clearer direction. We want homes to be safe but we also don’t want properties being vacated when the risks are low.” Under the new Bill tenants will be liable for the excess (insurance) cost up to a maximum of four weeks rent for each incident of damage.

Property maintenance: 

It’s an UNLWAFUL ACT for a landlord to fail to adequately maintain a tenanted rental property. As agents for the landlord that responsibility falls to us and the fine for each breach is $4000. Tenancy Services now operate compliance units to help tenants take action against landlords for issues such as failing to adequately maintain rental properties.
Next landlord disbursement date: Monday 3 July 2017
Disclaimer: Given the opinions expressed in parts of this newsletter it’s important that we make it clear that the contents of this email are opinions and observations and made in good faith. We suggest that in all cases independent legal and financial advice is sought.
Kind regards from the hard working team at Walker Weir Property Management.

July 6th, 2017

There are two payment options, ‘Mid & End of Month’ and ‘End of Month Only’.

By default Clients frequency with Walker Weir is both, but at any time you can change to a different frequency.

Mid-Month

All monies received 1st to 14th of the month inclusive
We pay out Mid Month payments on the 15th of the month (or the next working day if the 15th falls on a weekend or public holiday).
This ensures we capture any monies paid on the night of the 14th.

Up-coming Payment Dates

  • 17th July 2017
  • 15th August 2017
  • 15th September 2017
  • 15th October 2017
  • 15th November 2017
  • 15th December 2017

End of Month

All monies received to the last day of the month inclusive
We pay out End of Month on the 1st of every month (or the next working day if the 1st falls on a weekend or public holiday).
This ensures we capture any monies paid on the night of the last day of the month.

Up-coming Payment Dates

  • 3rd July 2017
  • 1st August 2017
  • 1st September 2017
  • 2nd October 2017
  • 1st November 2017
  • 1st December 2017

Variation

  • The only Variation to this is during the Christmas and New Year period, but you will be made aware of the change to payment dates later in the year.
June 16th, 2017

Landlords are often asking us: do I need landlord insurance? We always like to remind landlords that owning a rental property is a lot like running a business. Part of doing that successfully is protecting against the potential for financial loss. These policies that provide insurance for landlords can help achieve that goal. So, we’re talking about some circumstances in which insurance is necessary, and how certain policies can help landlords, compared to what would happen if you didn’t have one in place. (more…)

March 22nd, 2017

At Walker Weir Property Management, we are a boutique and specialized property management company serving all of Auckland. Today, we want to talk to you about why people choose to work with us.

Walker Weir Rental Guarantee

A lot of our clients come to us because of the rental guarantee we have in place. With this guarantee, we make ourselves financially responsible for any tenancies we set up. If your tenants leave before they fulfill their lease contract or they don’t pay their rent for whatever reason, we will step in and pay what they owe. You won’t miss out on any rental income. We choose only the best tenants for your rental property, and that’s why we are able to provide this commitment. We know that if they don’t pay you, our own money is on the line.

Walker Weir Tendered Rent System

Another reason that property owners are excited to work with us is because of our tendered rent system. This is a unique way for you to earn more money and increase Why Work with Walker Weirthe value of your rental property. We will advertise your home with a price guide instead of a fixed rent. Tenants who are interested in the property will be screened and qualified, and those who are approved will have the opportunity to submit a tender for what they’re willing to pay for your property. This system creates competition among desirable tenants. It pushes the price of your property up, and you’ll find that it’s impossible to under-rent your property. Simply trading in a fixed price for a tender system increases your value and your income.

These are just a couple of the main reasons that people choose to work with us. If you have any questions about our rental guarantee or our tendered rent system, or you’d like to hear more about our services, please contact us at Walker Weir.

June 29th, 2016
OUR TEAM WHAT WE DO WHY CHOOSE US RENT TENDERS RENTAL INCOME GUARANTEE PROPERTY MANAGEMENT WITH A PERSONAL APPROACH
© 2018 | All rights Reserved | Privacy Policy