Importance Of Robust Electrical Maintenance For Your Safety
- Scope Works
- 27 Jan 2023
With the COVID 19 pandemic making an impact on businesses and industries worldwide, the property market in New Zealand has also suffered from it. Before the pandemic, the real estate market of New Zealand was booming with rapid growth but Coronavirus halted its growth and properties are still lying vacant without any buyer or tenants.
Many New Zealand property owners and landlords who were into AirBNB have now listed their properties for rent which resulted in more options for tenants. The rents have been competitive due to this change. The COVID 19 has forced landlords across New Zealand to implement and adopt new strategies in order to survive in this competitive world.
What are the new Strategies for Landlords:
Though there is not an official rule book for this still landlords can make a few changes to their rules and regulations that can bring some successful results to them. Long Term Agreements, Trust Building, Inspections, and Repairs, Additional offers are some of the suggestions that can be implemented.
Focus on the Long Term Investments
It has been observed that investors who focus on long-term investment have registered more profits and low risks.
The longer your tenant stays with you, the more return you will get from your investment. Low rent is better than an empty property.
Build Trust with Tenants
The landlords and property managers need to change their approach towards tenants. Try to gain trust and build a strong relationship with tenants. As we all are aware that during this pandemic many people have lost their jobs, so try to empathize with your tenants and don’t force them for rents.
It will build trust and strong relationships with tenants.
Change your Inspection Approach
Though inspecting your property is a great thing but the approach towards inspecting it should be changed. Nowadays, rather than visiting the property in person, try to do it remotely.
It will also keep you and others safe from the virus.
Repairs and Maintenance
Offer free repairs and maintenance to tenants with long-term agreements. Keep your repair and maintenance charges minimal and if a tenant has a long-term agreement then include these charges in rent to avoid any additional burden.
Offer Add-On Services and Amenities to Tenants
With the changing times, many private properties or entities are offering various add-on services to tenants. Try to add them to your portfolio as well.
These free add-ons are a great booster for your property listings. These services include –
- Free WiFi
- Free DTH
- CCTV Access
- Smart Home Technologies
So, these are some of the strategies that property owners and landlords in New Zealand can apply in order to have long-term profit from their properties.
