Recently there have been calls for the compulsory registration of Residential Property Managers.
These property managers act as middle-men between the property owner and the tenant, collecting the rent and handling any issues that may come up during the tenancy relating to the tenant's behaviour and with the property itself.
Currently, anyone can set up in business as a property manager, and do so without any restrictions, training or verification. There is a belief that a structured training program and the requirement that any monies received by the property manager on behalf of the property owner be held in a trust account would lead to fewer problems in the property management industry.
The NZ Property Investors Federation (NZPIF) does agree that there is room for improvement within that industry, and that such regulation would probably assist. In particular, we note that a Consumers Institute survey did show that residential tenants generally preferred to deal directly with the property owner than a property manager.
However, self-manging rental property providers do have somewhat different needs. While they must understand the laws around tenancy, they are not handling money on behalf of other people and they do need to consider the major maintenance and upgrades of the property. Thus their knowledge needs differ from those of property managers.
Therefore the NZPIF has created, and made available, an education program for private sector landlords. The NZPIF Landlord Education Program aims to enable residential landlords to learn the important basics of good rental property management, confirm their competency and become recognized as better landlords. It consists of 13 modules with 12 online
tests which can be completed on-line in a month. A certificate of completion is issued when the last module has been successfully submitted. Members of Property Investors Associations affiliated to the NZPIF have free access to this program as one of their membership benefits. The program is also open to NZPIF Associate Members and non- members for a fee of $350.
The objectives of the program are to give new and aspiring landlords the underpinning knowledge required to start and grow their rental businesses successfully, to outline the legal
requirements for a landlord, and to ensure awareness of landlord responsibilities. The content should also be of value to rental property owners who have their rentals run
under management by Property Managers. By participating they will gain valuable insights into the rental management process and be better able to work alongside their managers
in a co-operative manner.
NZPIF hopes that this program will provide a sound base for the development of a knowledgeable and well-functioning rental property industry.
For further information please contact
Peter Lewis, NZPIF Vice President, 0274520511.