New Zealand Property Investors Federation (NZPIF) has developed an education program specifically for the self-managing landlord. Those who undertake it learn vital basics, confirm their competency, and become recognized as better landlords. It is explicitly designed for the newer investor. However it contains information that even the most experienced property investor will benefit from learning. The purpose of the program is to help you run your property investment like a professional.
The Education Program for Self Managing Landlords consists of 13 online modules. It covers the Residential Tenancies Act, necessary forms and documents, fixed-term and periodic tenancies, and the rights and responsibilities of both the tenant and the landlord. It also includes how to successfully rent out your property, what you should know about property maintenance and improvements and how to carry out a property inspection. How to handle tenant issues, and the processes to follow if things go wrong are also part of the program. Once each module has been completed, the user must complete a skills test before moving on to the next module. A Certificate of Completion is awarded at the end of the program.
NZPIF developed the program in response to the demand for knowledge from owners/managers of private rental properties. Although not specifically designed for property managers, it does give the user a general understanding of what is involved in looking after a property.
Many countries are now making it compulsory for an owner/manager to have some formal training before they are permitted to look after the tenants in their rental property. NZPIF believes it will only be a matter of time before this is also the case in NZ.
In late March, the first intake was limited to 50 participants. However, due to high demand, the intakes have now increased to 100 participants per month. The program can be completed within the month and takes about 6 hours. Self-managing landlords have a real thirst for knowledge and this program fills that need.
Landlords need to gain knowledge if they are to cope with all the changes coming through the industry. The proposed changes to the Residential Tenancy Amendment Act include unlawful acts and monetary penalties that could hinder a successful property investment strategy.
If you are a member of one of the 19 local Property Investors Associations throughout the country, the Education Program for Self Managing Landlords is offered free as a NZPIF membership benefit. It is also available to Associate Members and non-members for a fee. For more details, click on the advert for the program on the home page of nzpif.org.nz.
Sharon Cullwick, NZPIF Executive Officer