- What is property management?
- What’s involved in getting a property professionally managed?
- Which areas is your service available in?
- How many properties do you manage at a time?
- How often will I receive rent payments?
- What is your rental management fee?
- Are property management fees tax deductible?
- How much commission do you charge on repairs and maintenance work?
- Do you organise repair work automatically, or do I need to approve it first?
- Why should it matter to me if you charge tenants a letting fee or not?
- How else does my choice of rental management company affect my property’s profitability?
- How do you make sure that the tenants are likely to be OK?
- Does it matter if the property is Furnished or Unfurnished?
- What types of tenancy do you recommend: a Periodic tenancy or a Fixed-term tenancy?
- Do you offer a casual letting service?
- Who is responsible for doing the gardening at the property?
- I’d like some larger renovations or maintenance to be carried out to improve the property – can you help?
- Do I need any insurance?
- What property expenses do I pay for, and what do the tenants pay?
- How often do property inspections take place?
- How can I find out what condition my property is in?
- What is the Annual Property Maintenance Report?
- How do I get all the financial information to my accountant?
- What do I need to do if I wish to sell the property, or move into it myself?
It’s like the role of management in any business, but property management is specifically about the operation of residential, industrial or commercial real estate.
Bridgman Property Management specialises in residential real estate property management in the central Auckland suburbs.
You can read about our rental property management services here.
Bridgman Property Management’s rental management services are available exclusively in Central Auckland Suburbs, from Onehunga to Herne Bay and New Lynn to Remuera, as shown on the map. Note that Bridgman Property Management does not manage properties in the Auckland CBD and Viaduct area.
Bridgman Property Management strictly limits itself to managing just 60 properties at a time. That means that we’ve got the time and resources to really take care of your Auckland property investment.
The property management industry often recognises that the optimum number of properties a Property Manager should have in their portfolio is 80. Yet this number is usually exceeded: often even very junior, inexperienced Property Managers without qualifications can be managing 100 properties. Some Property Managers even manage 120, 200 or 250 properties. But the more properties a Property Manager manages, the less time they have to focus on YOUR property!
Because we only manage a maximum of 60 properties at a time, our services are available on a strictly first-come, first-served basis. So if you’d like a Property Manager that puts your property’s profitability first, please contact us right away.
Moneys owing to you will be paid by Direct Credit to your bank account on the first working day of each month. Monthly statements will be sent out the next day detailing moneys collected, charges deducted and accounts paid.
The rental management fee is 8% plus GST.
Yes, property management fees are tax deductible.
Zero – for jobs up to $3,000 in value! This is covered by our management fee. That includes:
(a) double-checking the tenant’s request: we’ll visit the property to see what repairs are needed – and we’ll also check that it’s genuine wear and tear or damage caused by the tenant; and
(b) supervising the work done by tradesmen, to ensure it’s of an appropriate standard. (And it’s also another opportunity for us to check that everything else is OK at your property.)
Hint: Mark-ups on repairs and maintenance are commonly charged by other Property Managers – but can quickly erode your profitability on your property.
For repair work up to the value of $600 plus GST, we’ll organise that for you automatically. If the repair work is more than that, we’ll need your approval before we go ahead with it.
Some Property Managers charge tenants a letting fee. You may not think that this matters, because, after all, it’s paid by the tenant, rather than by you!
But it’s actually a very important consideration when choosing a Property Manager. You see, if they charge a letting fee, the Property Manager is actually profiting from having a high tenant turnover rate. Yet it’s long-term tenants who tend to make the best residents as they will look after your property and treat it with respect.
Remember too that in property investment the quality of tenants is vital. Choosing the right tenant is important for protecting your investment’s capital value; for maintaining a healthy cash flow; and for keeping you sane! Don’t let the financial inducement of a letting fee get in the way of finding (and retaining) great tenants.
Examples of the hidden cost to you with letting fees
Let’s look at these using a $300 week rent; 8% property management fee; and $300 letting fee…
Property Manager A: Lets property for 44 weeks (2 x 4 week vacancies and 2 tenancies):
Property Manager B: Lets property for 48 weeks (4 week vacancy and 1 tenancy):
Bridgman Property Management: Lets the property for 52 weeks to one tenant:
These examples are indicative only and do not infer any guarantees on rental income or profitability.
They do, however, show that what’s good for you isn’t the most profitable outcome for a Property Manager!
If you’re wondering why Bridgman Property Management works in this way, it’s because we’re property investors too. We care about growing your investment so you get the best possible returns on it.
Our pricing structure means that our income comes is just from the management fee. This way, there’s no conflict of interest and we can focus on building good relationships with stable, long-term tenants who’ll look after your property.
You can find out here why you’re financially better off with Bridgman Property Management.
A lot of care and effort goes into checking the tenants’ references, credit worthiness and other aspects. You can read more about the tenant selection process here.
No, it doesn’t matter: we can rent both Furnished and Unfurnished properties for you.
Bridgman Property Management recommends Periodic tenancies.
No. Bridgman Property Management focuses only on servicing our clients’ properties. We only spend our valuable time on your property portfolio and not on properties that aren’t under management. We don’t take management time away from your property portfolio in return for a one-off letting fee.
To keep your property in top-top condition, it’ll need services such as:
- Gardening: lawn mowing, weeding, hedge trimming, shrub and tree pruning.
- Exterior chemical washing of the property.
- Water blasting of decks, paths and driveway.
- Gutter clearing.
We’ll agree with you what’s needed, and will arrange it for you. There’s no mark-up; this work is covered by our management fee.
I’d like some larger renovations or maintenance to be carried out to improve the property – can you help?
Yes, absolutely! Barry Bridgman at Bridgman Property Management will project manage such work. He has 25 years’ experience in engineering consulting and construction, so you’re engaging a highly-qualified and experienced expert.
Common types of renovations that rental properties might need include things like bathroom and kitchen upgrades, new flooring, heating installation, paintwork, and so on.
For all work above $3,000 in value the project management fee is 8% plus GST, which includes us visiting the property daily to check and supervise the work.
You must have insurance for the property (i.e. the physical buildings on the section and also your chattels).A comprehensive landlord-specific policy is recommended, which combines conventional home owners insurance with landlord risk cover.
We always recommend that tenants take out insurance for their personal belongings, as this is their responsibility.
Tenants must pay for utilities such as electricity, gas, telecommunications and rubbish bags. In addition, the tenant must pay for metered water if there is a separate water meter and the water supplier charges on the basis of metered water. The landlord pays for the local Council rates.
Property inspections take place every 4 months, and ground inspections are monthly. Photographic records are taken, and you can view this information at any time online.
You can access the property inspection reports, photographic records and account statements at any time by logging in.
Our rental property management services are about keeping your properties in top condition.
To ensure that your asset is well protected, an experienced building inspector examines the interior and exterior of your property every year – for free.
This Report is completed for all our customers’ properties every year – and we’re the first property management company in the country to offer this as part of our property services at no additional cost. It’s all included in the management fee. You can read more about the Annual Property Maintenance Report here.
Easy – we’ll send it to them directly! Just give us their details, and we can supply them with the financials they’ll need.
There are certain legal procedures that need to be followed in such instances. Please contact us for advice.