How to Choose a Property Manager

Choosing a property manager is an important process because you are trusting someone else to take care of what may be the largest investment you’ll ever make. That’s why you need be confident that they can handle the job properly. Of course, they must be dependable and trustworthy. Here are some other things to consider to help you understand how to choose a property manager.

Communication
With all the people involved, such as the owner, the tenants, and the manager, communication is key. Some owners like to receive regular updates while others are happy with a select few. No matter how much communication you desire, it’s important you get high-quality communication. Your property manager needs to be available and respond readily. Think about their speed, courtesy, and availability as soon as you make the first contact with a potential manager.

Residents
The property manager has two key duties as far as renters are concerned; finding high-quality residents and ensuring they are treated well. A happy renter will stay around for longer and be more reasonable if something goes wrong. Whereas bad tenants are some of the most expensive mistakes you can make. It can be costly to evict someone, especially if you have to miss out on a lot of rent, and it can also be expensive to repair and clean up the damage left behind. The property manager must be willing to perform background checks on tenants and choose good ones.

Fees
Property management fees are generally fairly standard – typically coming in at between 7 and 15% of a months’ rent. 10% is considered the standard. Sometimes you could be paying less for a condo than a house because the home and yard are smaller. The owner is the one footing the bill for maintenance costs and often has to pay a finder or leasing fee, which could be worth a full month of rent when new residents move in. Find out if you’re going to be charged, even in the event the unit is empty. Some managers will sometimes charge additional fees, so find out how much you can expect to be paying before hiring a property manager.

House Visits
Your property manager should be proactive about inspecting your property, inspecting it at least once or twice a year to ensure everything runs smoothly. These are time-consuming tasks so a property manager needs to have a reasonable caseload. Hiring one that is managing too many properties removes the personal touch. Find one that has the time to give your property the attention it needs.

Earning Potential
Property managers need to get the absolute most out of your property. This involves properly marketing the unit to reduce vacancies. This can involve posting the property on rental websites and taking great photos to show it off. Property managers must also keep up with market rent rates and adjust rents accordingly. You wouldn’t want to be charging too little and not earning what you should for the property.

October 08 2017 | Uncategorized | No Comments »

THE SECRETS TO BECOMING A REAL ESTATE AND PROPERTY DEVELOPER

You might have heard a few people say they really want to become a successful Real Estate and property developer but are not sure if they have what it takes. So here’s some info that might be of help in letting you achieve your aim of being a real estate developer.

Lots of studies have concluded that each one of us has a wealth plan. From our earliest moments, our opinions towards money are accustomed by the sources around us like our friends, relatives, teachers, classmates, parents and the media. This programming in due course influences the accumulation of our wealth.

We discovered that part of creating a ‘Developer’s Mindset’ means that we need first to remove any obstructions that could prevent us from achieving our true potential. These obstructions can be physical (maybe a real injury), emotional (being rejected or judged), mental (not having the language skills) or spiritual (taking some teachings to their limit). Whatever type it is, these obstructions can be like a big rock in front of you that hinder your forward progress.

Many people have tried Real Estate and Property Development in the past though not all of them have been successful. Some have failed miserably just because they didn’t have the right mindset to start with. This step shouldn’t be overlooked as getting our mindset right is the underlying fundamental important element to our success.

Jim Rohn, a renowned American business philosopher, once said that the most important part of becoming a millionaire is that person that you have to become to accumulate millions in the first place. Likewise, many financial advisors will say that the first million is extremely difficult to obtain, but the second million is almost certain.

You will have to develop a different mindset and also different habits from the average person if you wish to become a successful real estate and property developer. By becoming this kind of individual, you also become the kind of person who can now earn the second and also the third million. If you happen to lose all of your money, you would be able to recover it all back again because you have become that kind of person who can now make a million. Fundamentally, by adopting the habits of the Rich and also the mindset of successful real estate and property developers, you can also become one.
Remember that your success lies in your mindset. It all begins with the quality of your thoughts. If you have negative thoughts, you will have negative results, and if you have positive thoughts, you will have positive results. You must first believe that you have the ability to create productive and profitable developments before it can happen.

July 14 2017 | Uncategorized | No Comments »

Timothy Manning linked to Fiji Casino Development in National Business Review NZ

Extract from NBR Article:

” ‘Manning syndicate backs Fiji casinos’

David Williams

Auckland Property Developer Tim Manning is leading an Asian syndicate backing Fiji’s ambitious $US200 million casino project.

NBR first linked Mr Manning and Singapore based Nico-Franken, to the project in June. Mr Manning confirms the deal this week, which sees his company HGW International take a 50% stake in the casino developer One Hundred Sands and Mr Manning and Norwich Properties general manager Brad Worthington join the board.

The Casino Project involves two sites – near Nadi and Suva – with the former site featuring 250 slot machines, 40 tables, a 1500 seat convention centre, a Hotel with up to 600 rooms, bars and restaurants.

A development site near Denarau Island should be confirmed next month. “We’ll be building in the first quarter of next year quite easily.” he says.

Mr Manning will not say where his syndicate investors are based, or how many there are, and is coy about his own financial involvement in the project.

He’s confident a deal can be struck with Fiji’s government over $US100,000 monthly penalty payments.”

 

For the full article go to: http://www.nbr.co.nz/article/manning-syndicate-backs-fiji-casinos-149946

December 26 2013 | Uncategorized | No Comments »

Swiss-Belhotel sign Queenstown property

By Emma Gardiner on August 21, 2013

Swiss-Belhotel is set to make its entry into New Zealand with the signing of a resort outside Queenstown.

Swiss-Belhotel International Chairman, President and owner, Gavin Faull, a New Zealander by birth, said he is proud to bring the rapidly growing brand ‘home’.

“Swiss-Belresort Coronet Peak Queenstown is the closest resort to the Coronet Peak ski field and this lends an exclusivity that is perfect for well-heeled international travellers and aspiring skiers and snowboarders,” Faull told HM.

Swiss-Belhotel International is doing a full rebrand of the property and planning to raise its rating to four stars. This will include the introduction of additional conference and meeting space and outdoor hot tubs as well as upgrades to leisure facilities including spa and sauna, petanque, volleyball, croquet, badminton, ski waxing and drying rooms as well as Queenstown’s only ten pin bowling alley.

The resort’s location provides easy access to the Onsen Hot Pools – a natural geothermal hot tub connected to the Shotover River which itself offers an extensive range of water sport activities.

The launch of Swiss-Belresort Coronet Peak Queenstown brings the Hong Kong-based group’s portfolio to more than 120 hotels, resorts and projects ranging from 2-star to 5-star classifications across Asia, the Pacific, China and the Middle East.

Online article at:  http://www.hotelmanagement.com.au/2013/08/21/swiss-belhotel-sign-queenstown-property/

August 30 2013 | Property Development | No Comments »

Tim Manning comments on Swiss-Bel Queenstown

Norwich Properties and Tim Manning – New Zealands most experienced property developer is thrilled to have engaged Swiss-Bel as the operator or its latest Hotel in Queenstown. It plans to work with Swiss-Bel to roll out further hotels around New Zealand to complement their 120 hotels in Asia to date. Tim Manning likes doing deals with Kiwis, especially successful ones and Tim is very excited about the partnership of Swiss-Bel Resort Queenstown.

Swiss-Belhotel rebrands ski resort in New Zealand

TTGasia – Article by Hannah Koh, Queenstown,

Published August 22, 2013

SWISS-BELHOTEL International will take over the management of Coronet Peak Hotel and rebrand it as the company’s first New Zealand property, the Swiss-Belresort Coronet Peak.

The upscale resort is situated within the ski playground Coronet Peak and was previously running under independent management.

Swiss-Belhotel is set to fully rebrand and launch extensive upgrading on the property to meet four-star standards, and will add extra conference and meeting space as well as outdoor hot tubs.

Swiss-Belresort Coronet Peak general manager, Marcus Kennan, said the resort would remain operational throughout the refurbishment process. “We are lucky we can close different accommodation wings of the hotel and carry out work, without impacting the guests staying with us. Total scheduled completion date is the end of March 2014.”

Gavin Faull, chairman, president and owner of Swiss-Belhotel International said in a press release: “Swiss-Belresort Coronet Peak Queenstown is the closest resort to the Coronet Peak ski field and this lends an exclusivity that is perfect for well-heeled international travellers and aspiring skiers and snowboarders.

“Queenstown is an immensely popular destination in both the summer and winter months, with June to September seeing droves of snowboarders and skiers descend upon Coronet Peak’s 280 skiable hectares and extensive, state-of-the-art snowmaking installations…This guarantees a long season.”

The resort offers 75 rooms and a range of leisure facilities including a spa and sauna, pentaque, volleyball, croquet, badminton, ski waxing and drying rooms, Queenstown’s only ten-pin bowling alley and an après-ski restaurant and bar.
Online article at: http://ttgasia.com/article.php?article_id=21568

August 28 2013 | Property Development and Tim Manning | No Comments »

Auckland’s 39,000 Homes Target ‘Hard to Believe’ – Tim Manning

Auckland has almost no chance of reaching a housing accord’s target of 39,000 new houses in the next three years, a property developer says.

The accord, announced on Friday by the government and the Auckland Council, allows for the fast -tracking of certain developments while the city waits for its unitary plan to take effect in three years.

It has set “aspirational” of 9000 new homes next year, 13,000 the year after that and 17,000 in 2016.

Building consents in the city remain in the doldrums, with fewer than 5000 being issued in the year to March, equating to only three new houses per 1000 people.

Building boom unlikely

And developer Tim Manning of Norwich Properties says it is extremely unlikely the city will be able to reach the lofty targets included in the housing accord.

He says the accord is a good one and will give a boost to property development in the city, particularly by speeding up the consenting process.

But whether the industry can achieve a big increase in new building activity will come down to factors beyond the control of the government or the council.

“I find it hard to believe it can be realistic. Where on earth is this going to come from?

“The lack of supply is so entrenched with so many reasons, that to say all those will go away and they’ll build 39,000 houses in the next three years is hard to figure out.

Mr Manning says a new build rate of about 6000 houses a year in Auckland is more likely.

One of the major roadblocks is the ability to source finance for big residential property developments.

“The banks have got money and they’re happy to lend but the ratio they’re willing to lend to is not where it was so you still need a big chunk after the bank. The number of places you can get it from has declined,” he says.

“With most of the finance companies gone there aren’t many options for getting $10 million to 20 million. You can try private individuals but they are buying land to land bank and doing their own thing. This is one of the key handbrakes to new supply.”

Limited capacity

Another issue is whether the construction industry has enough capacity to lift the building rate in such a short time, Mr Manning says.

“I don’t think so. All the labourers are heading to Christchurch. You’ve got Mainzeal missing and two or three more you hear are a bit wobbly. The sector needs to build up its resources again.

“A lot of those big contractors are just buying low-margin work to keep their staff going. They only have to have a couple of jobs go pear-shaped and they have no slack in their balance sheets. It’s precarious.”

Although the market is difficult, Mr Manning has high praise for Auckland mayor Len Brown, who negotiated the accord with Housing Minister Nick Smith.

“The Auckland Council has been most proactive and helpful, more than I’ve seen in 25 years. There’s absolutely been a change in attitude, it’s really positive.”

“When you ring them and say you’ve got this idea they’re responsive to that. It’s obviously come from Len Brown, who’s told them ‘you have to work with developers rather than against them’.”

 

 
Source: http://www.nbr.co.nz/article/aucklands-39000-homes-target-hard-believe-developer-nk-p-140059

May 19 2013 | Property Development | No Comments »

Tim Manning Recognizes Property Values Still Climbing – Especially in Auckland

New Zealand property values continued to rise in April to be 4 percent above their peak of late 2007 as Auckland again recorded strong gains, according to state valuer Quotable Value.

National property values increased 1.3 percent in the three months ended April 30 to $431,967, the same pace as in the three months through March. Values have gained 7.1 percent over the past year.

Property values in greater Auckland climbed 12 percent to $628,205 in the latest 12 months and in Christchurch they rose 9.4 percent to $418,829, though growth across all main urban areas was relatively strong, rising 8.8 percent to $495,488.

“The increase in nationwide values is now being driven by all the main centres, not just Auckland and Canterbury,” Kerry Stewart, QV operations manager, says.

“Buyers are showing more optimism and confidence, although are still being careful in their decision making. The exception to this is in parts of Auckland, where demand is so high that there is little opportunity to delay making offers.”

The figures come a day after the Reserve Bank said in its financial stability report that it is preparing to impose limits on high loan-to-value home mortgages, which could pose a significant risk to country’s financial stability.

“Further price escalation will worsen the potential damage that could result from a housing downturn following an economic or financial shock,” governor Graeme Wheeler said yesterday.

The QV figures show Wellington house values were 2 percent higher than a year earlier, and Dunedin property values rose an annual 4.8 percent.

Source: http://www.nbr.co.nz/article/property-values-still-climbing-%E2%80%93-especially-auckland-wb-139889#.UYs1OweCpD8.email

May 13 2013 | Tim Manning | No Comments »

Auckland Council “Loot Sharing” Plan Slammed

A property developer has spoken out against Auckland Council’s plan to tax increases in the value of land from rezoning or redevelopment. The council’s proposal for “shared land value uplift,” buried in an addendum to the mammoth Auckland unitary plan, is a tool the council is considering for “enabling affordable neighbourhoods,” the document says.

“A number of countries provide scope for local councils to obtain part of the land value uplift from landowners when land is rezoned for more intensive use for example, rezoning from rural to urban land use or rezoning from a low to a higher density).” The revenue generated could be used to develop affordable housing or to fund infrastructure and amenities, the document says.

But Auckland-based property developer “Tim Manning says taxing land value increases would make development more expensive and drive it out of the city to other regions. The proposal ignores that getting land rezoned can be an expensive process, including holding costs such as interest payments if there is debt, he says. “You have really got to work at this; you need to hire planners and planning barristers, do traffic reports and impact assessment reports to show this land is better off residential than commercial or rural.”

The real problems are the small number of large developers, the lack of land available for residential subdivision and the tight supply of funding, Mr Tim Manning says.

Councillor Cameron Brewer says there would be “enormous contestability and difficulty” in accurately calculating a property’s new value after rezoning has taken place.

Source: http://www.nbr.co.nz/article/auckland-council-%E2%80%98loot-sharing-plan-slammed-nk-p-138395

May 06 2013 | Tim Manning | No Comments »

Tim Manning Views on Council Accused of Capital Gains Bid by Stealth

Auckland Council is eyeing taking another slice out of rising property values and may seek a change in the law to do so.

The council is calling the proposal “shared land value uplift” but its critics are blasting it as a thinly disguised capital gains tax.

And if Auckland proceeds with the plan, it could open the door for other councils to follow and broaden their revenue bases.

The proposal is contained within an addendum to the council’s draft Auckland Unitary Plan, which is likely to result in zoning changes that would allow higher-density housing in many parts of the city and possibly also extend the city’s urban limits.

Properties that have their zoning changed from low density to high density housing, or rural properties on the city’s fringes that are rezoned as urban, allowing housing or commercial development, would almost certainly benefit from a significant increase in value.

“At the moment in New Zealand, any increase in land value resulting from the rezoning decision remains with the landowner,” the council’s draft plan states.

But under its “shared land value uplift” proposal, the council would be able to take a slice of those capital gains. It outlines several possible ways the council could obtain money from owners or developers whose properties were rezoned.

These could involve the council negotiating with developers on a case-by-case base over the size of a fee they would pay, or introducing a uniform across-the- board levy.

Alternatively the council could estimate the likely profit a development would produce and how much of that was due to zoning changes, and then negotiate with the developer to retain a portion of the profit.

The council could also directly acquire land that was to be rezoned, and on-sell it to developers at a profit once rezoning had taken place.

Possible uses of the money raised could include spending on infrastructure projects or providing affordable housing.

However, Property Council NZ chief executive Connal Townsend sees it as a tax grab.

“This is a capital gains tax,” he said. “One needs to be very cautious about arguments that this would have benefits for housing affordability. I don’t buy that for a minute.

“I think this has been dressed up in housing affordability arguments without any real analysis. I think really what it is, is an attempt by the council to tap into another revenue stream. It’s a capital gains tax and I expect it would be very inefficient.”

Townsend believes that instead of making housing more affordable, it will ultimately make it more expensive, because it would add an extra cost to each development.

Property developer Tim Manning also said the proposal would push up housing costs.

Manning’s company, Norwich Property, has built around 2000 homes throughout the country, many of them the types of higher- density developments such as terraced housing and apartment blocks which the Auckland Council is trying to encourage.

“It’s another layer of costs and those costs have to be worn by someone and eventually it’s the end purchaser,” he said.

“They [the council] think turning a bit of farmland into a residential development is easy. But you’ve got to get umpteen dozen reports, you’ve got to consult neighbours and often pay them money.”

Often developers had to hold land for five or six years and pay interest costs and other expenses, sometimes millions of dollars, with no certainty, he said.

“You could get to the end and the Environment Court says no, and then it’s goodbye. You are left with a bit of land that’s worth half as much as you’ve already spent.

“So if you can get it over the line you’ve got to be rewarded for that because it’s so bloody hard to do. For such a high risk there has to be an upside for the developer. Otherwise why would they do it?”

Auckland Council’s manager of financial policy, Andrew Duncan, said the council was still preparing a financial assessment of the proposal, to help decide whether to proceed.

“I think the council would want to think about how such a mechanism would affect the housing market and land market and developers and what sort of revenue might be involved. And then, if it wanted to think about it further, it would want to think about how it [the money raised] could be used,” he said.

However, before the policy could be put into in to effect the Local Government Act would need to be changed and if that happens, it would allow other councils to adopt similar policies, potentially opening the door to a capital gains cash grab throughout the country.

Townsend believes the current Government is unlikely to support the necessary law change. “We know this Government has no appetite for a capital gains tax.”

Source: http://www.stuff.co.nz/business/industries/8580431/Council-accused-of-capital-gains-bid-by-stealth

May 01 2013 | Tim Manning | No Comments »

Power Price Data Shows Hypocrisy of Labours Claims

Labour and the Greens launch their electricity policy later today, and if the drought had not already broken the deluge of crocodile tears from opposition MPs would have done the job.

Expect to hear much about high power prices and their impact on the less well off when Labour leader David Shearer and Green co-leader Russel Norman announce their power prices policies.

The difficulty they face is the largest sustained household price increases for a generation or more happened between the end of 2001 and the end of 2008.

To get some comparison, look at the graph, compiled from Statistics New Zealand data.

In the 11 years to the final quarter of 2001, household electricity prices rose 47%. That was still above the compound rate of inflation over that time (21.2%) — but nothing like what was to follow.

In the seven years between the final quarter of 2001 and the final quarter of 2008, household power prices rose 63.5%. Over the same period, the compound rate of inflation rose 21.0%.

The reason for picking the final quarter of 2001 is because this marked a turning point in electricity prices — for households, as well as for businesses.

High in Labour and Green party demonology on electricity is the reforms of National’s late 1990s Energy Minister Max Bradford.

These chopped the old Electricity Corporation into four companies, split the industry between lines companies, generators, and retailers, and sold off Contact Energy.

Bitterly attacked

The changes were bitterly attacked, and when the government changed in 1999 Labour Energy Minister Pete Hodgson promised a more “active management” of the portfolio, with lower power prices.

There was an inquiry into the sector in 2000, with much consultation and much talk about “long-term thinking”.

As can be seen from the graph, this is not quite what happened. After a period of quiescence, households started to be hit with much higher power prices. Commercial electricity rates turned upwards as Well.

Taking place as they did three years after the Max Bradford reforms took effect, and two years after a change of government, it is a little difficult to see how these were much to do with decisions made in 1998.

To be fair, there were demand factors pushing up prices -the biggest being the high rate of conversions of former sheep and beef farms to dairying. Milking sheds, operating six or more hours a day, use quite a bit of electricity.

But the biggest factor was an aggressive dividends policy from 2002-07 dividends from the main electricity Companies averaged, in total, slightly less than $500 million a year.

So todays talkfest from the opposition parties is going to be so much hypocritical handwringing about the effect of higher power prices on the poor.

Lt would not be so nauseating if Labour had not been prepared to gouge those same poor with historically high power prices so as to fund the large, Statist empires in Wellington.

That though does not let the current government off the hook. Household power prices are still rising above the rate of inflation. Yesterday’s Consumer price index showed benign inflation of 0.9% but power prices up 5.2%.

It is not a one-off: household power prices are still rising above the rate of inflation. Since the end of 2008 they are up 15.6% when compound inflation is up 9.2%.

But it is still nothing like the power price gouge which took place between 2002-08.

Source: The National Business Review

April 19 2013 | Tim Manning | No Comments »

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