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Palmerston North Property Investment Is A Good Choice

Posted on: Monday, March 18 2013

Palmerston North Property Investment Is Very Much Alive & Well

 

Palmerston North is a great place to invest for cash flow Investment properties. You will need to put in many hours of your time to find these great deals as is anywhere in the country very seldom do they drop in your lap

Why Palmerston north property investors thrive?

Population growth for the region has been higher than the national growth rate, reflecting the strength of economic growth in the region. The population is just over 80,000.

Incomes:

(Article written by Peter Crawford – Manawatu Economic Outlook September Quarter 2012)

Statistics New Zealand data for incomes from salaries and wages and self-employment by industry sector has recently been released for the year ended March 2011. The data is drawn from monthly employer payroll records supplied to IRD and IR3 tax returns for the self-employed. There is an 18-month lag before the data is published so the latest information we have is for 2011.

The data shows that total earnings in the Manawatu region in the year ended March 2011 were $2,685 million, an increase of 2.1% from 2010, and the weakest increase in annual incomes since 2003. Income growth was much stronger in Manawatu District, which achieved a 12.4% increase in annual income while incomes in Palmerston North increased by 0.2%. National incomes increased by 3.9% from the previous year.

Income from salaries and wages in the region rose by 1.7% in the year to March 2011 while income from self-employment rose by 4.4%. This is likely to reflect in part the 19% growth in total earnings in the agriculture, forestry and fishing sector. Self-employment income increased by 31% in Manawatu District and declined by 4% in Palmerston North.

 

Although this data above can be rather boring, this is good news for the Palmerston North Property Investor looking to invest in Palmerston North and the wider Manawatu region.

If you are an out of town Investor or are not wired that way to manage your rental Properties you will need to source a property manager

It is extremely important, before you take on the services of a Palmerston North Property Management Company, that you are confident they will be able to look after your property to the standard that you require. By understanding and asking these sets of basic questions, you will be able to obtain a better understanding of whether or not that property management company will be suitable for your goals and will meet your needs.

 

What You Should Look for in a Property Manager Palmerston north property investment & Management

Do they:

  1. Belong to a supporting organization in the industry?
  2. Have a proven track record in property management?
  3. Have referees you can contact?
  4. Have a robust tenancy selection process?
  5. Are they prepared to do viewings in the weekend to get your property rented?
  6. Invest in property themselves?
  7. Supply all the information you may require about their company and their services up front?
  8. Give at least monthly detailed statements to owners?
  9. Hold public liability insurance?
  10. Have a no-tolerance for rent arrears policy? Put it into practice?
  11. Have intricate knowledge of, and adhere to, the Residential Tenancies Act?
  12. Operate a separate account for rents received?
  13. Have no criminal history for themselves or their staff?
  14. Keep up with law and market changes?
  15. Have a reliable accounting system and have processes already set up?
  16. Do regular property inspections and organize maintenance as required?
  17. Update themselves and their staff with regular training?
  18. Act in a professional manner at all times?

 

There is a range of Palmerston North property management companies to choose from.
If you use the check list above you will have the confidence you have picked the right property manager for you.

Once you have decided to employ the services of a professional property manager, it is important you know the quality and range of services that you are going to be paying for. Not all property managers are the same.

When we take over the Care and Management of an Owner’s Property, we often increase the rents that will pay part or the whole Property Management Fee.

While many investors spend a large amount of time and effort carefully researching the property markets, carry out due diligence, and then finding the top investment, they ignore the role that a professional property manager can play in preserving their property’s capital value and maximizing its income.

 

 

 

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Author's Bio

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All Ways Property Management

All Ways Property Management is a company founded by Richard and Maxine Gardner in April 2009. Maxine and Richard are based in Pahiatua, and decided to make the services that they were using to manage and grow their own investment portfolio available to other investors in both the Manawatu and Tararua regions. Find Richard on Google+