Tell me about those bogans that trashed your house please - Tactical Ninja
Aug. 20th, 2013
09:38 am - Tell me about those bogans that trashed your house please
So we signed the lease for the new place last night. I liked it more on second viewing, and considering I liked it on first viewing, this is a good sign. And because we don't muck about, we have already sorted movers and changing the power over and are onto the internet stuff and scored some boxes to start packing.
I am something of a speed packing expert, and could probably pack up our house in 2 days if necessary. We have 2 weeks, which is an excessive amount of time and thus a complete luxury so we can pack at our leisure. The movers are coming on the afternoon of 31 August.
Meanwhile, we are going to use a tenancy management service for the apartment. Yesterday two people put renting horror stories in my post, and yes, I have one of my own, which involved renting to a work colleague who then used the fact that we worked together to try and get away with not paying the rent. In the end she did a runner owing over $3000 and had the audacity to give my name as a reference. That was a mistake on her part. Heh.
But yeah, I've no interest in being a direct landlord and am willing to pay to have someone else deal with that stuff.
In Wellington, Quinovic is the main tenancy management company, but when I checked their charges I was quite surprised by how much they sting you for. I've only ever heard of them from the opposite side of the deal, and apparently as a tenant they also sting you for things like letting fees and are not that good to deal with. At least, I have known people who were looking at renting who have seen it was managed by Quinovic and it has put them off applying. The other thing is that if you look at their website they are very focused on 'maximising your investment' - which for me is offputting.
Background: NZ doesn't have capital gains tax. This means that property investment has been a popular way for people to gain wealth. For folks like us, who just want to go from having nothing to having something, it's nice. But you also have the rich wanker end of the market, folks who buy property then put up blocks of apartments that are 3 bedrooms in 45m2 and rent them out to students and immigrants (read: the desperate) for $150 a room a week. I kid you not - I'm not sure if it's true but I've heard that Wellington City Council had to bring in limits on how small an apartment could legally be for the number of bedrooms it has, just to stop this practice.
And from what I understand, those are the people who use Quinovic to manage their properties. So what you have is a company that's interested in squeezing money out of a property and so focuses on the lower end of the market, milking people who just want somewhere cheap to live for all they are worth, and taking a cut from landlords who are raking in the bucks by cramming loads of folks in a small space and thus can afford their exorbitant fees. And consequently their tenant pool tends towards students and younger folk, who don't have a lot of options and also tend to have a reputation for (generalising here) not being the most stable or careful of tenants.
So we're not going with them. Problem is, it's hard to get recommendations for tenancy managers online - I couldn't find anywhere that was comprehensive - and we don't know a lot of property investors or landlords to find out by word of mouth. So it's a bit of a gamble. We're interviewing a guy on Thursday whose company focuses on the middle to higher end of the market. Our place is probably on the low end of that but we're not looking for unrealisitically high rent, and the location makes it desirable. Meanwhile, I'm hoping that his tenant pool is a reflection of the small and personal nature of the firm. We shall see.
But because we're new at this, advice and recommendations are most welcome.
And if you want to freak us out with tenant horror stories, here is the place to do it. I'll take it as a form of word to the wise and traps for young players advice, so that when we interview the guy we'll know what sort of questions to ask and what criteria to set regarding tenants.
I am having happy wee dreams of herb gardens. I didn't realise how much I missed having a proper garden till the prospect of having one again was dangled in front of me.