How much do rental agents charge NZ?

Agents work for a fee – usually between 8% to 12.50% of the weekly rental income. There may also be additional fees, including set-up fees and other administrative fees in special situations. As an example, a $600/week rental can cost you $3,000+ a year in agent fees. Agents have additional fees.

How do I find a good tenant in NZ?

7 golden rules to selecting great tenants

  1. Choose a tenant with a good credit history.
  2. Always check Tenancy Tribunal records.
  3. Verify tenants ability to pay rent.
  4. Check the tenant’s rental history.
  5. Look for stability.
  6. Trust your gut feeling.
  7. Keep on the good side of the law.

How much do property managers charge NZ?

8.5 percent
Fees. Property managers typically charge on a commission basis. According to the Independent Property Managers Association, the average commission is 8.5 percent of gross rent. On top of this, there are usually charges for advertising the property, credit checks on prospective tenants and sundry other items.

Are letting fees legal in NZ?

This is now prohibited under the Residential Tenancies Act. Letting agents may choose to charge a landlord for these services, but they are prohibited from charging them to tenants. Landlords or agents may incur costs from a tenant asking to assign, sublet or part with possession of a property.

Do tenants have to pay a letting fee?

For too long, Londoners have been forced to pay sky-high letting agent fees every time they move home, and even when they renew their tenancy agreements. From 1 June 2019, when the Tenant Fees Act comes into effect, it’s illegal for a letting agent to charge you fees when you rent a new property, or renew your tenancy.

Can landlords do credit checks NZ?

Landlords now have to background and credit check tenants prior to them moving in according to new policy changes. This is because insurance sees this as a way to prevent meth-contamination: An occurrence which is expensive if properties end up testing positive. Rent arrears.

How does a landlord choose a tenant?

The priority for most landlords will be to find a long-term, reliable tenant who pays their rent on time and treats the property as their own. When choosing a tenant, you’ll need to carry out a comprehensive reference check.

Do I need a property manager NZ?

A property manager is always there to take care of your investment in a professional manner, leaving you free to travel as you please without worry. The law in New Zealand also states that a landlord that is overseas for 21 days or more must appoint a New Zealand-based agent.