Residential Industry First Quarter Update

The Residential team end their first quarter of 2023 in good spirits. General Manager Celia Burbery outlines how the Privacy Act comes into play when qualifying tenants, and how things are looking positive for our storm damaged properties, central rental market, and the legislation for the regulation of property management.

We end our first quarter of 2023 in good spirits having weathered our first natural disaster, Miss Gabrielle, which brought with it a lot of stress and discomfort for everyone involved. We had 13 uninhabitable properties due to flood/storm damage that are now thankfully being remedied.

We are pleased to see a positive change in the Auckland CBD rental market, and, as there is an election later this year, it will be interesting to see what the outcome means for property investors.

The residential team has adjusted well to the restrictions of the Privacy Act introduced last year which allows us to only request personal information relevant for the specific purpose it is collected for. Our tenant qualifying process now works across three different stages where information is collected relevant to that stage, and only for those who qualify for the next stage. This may seem unnecessarily complicated at first however the aim of the legislation is to reduce identity theft which so many living in New Zealand have been victims of. Birth dates, and driver licence information are key personal information items used by law breakers to facilitate their webs of deceit.

As COVID-19 waves continue, the ripples are felt throughout our industry and are affecting Property Managers’ day-to-day roles in many ways. Firstly, they must take care of their own health and wellbeing, and secondly, scheduled inspections must be postponed if tenants are sick. Prospective tenants often cancel viewings due to sickness, and our ever-important tradespeople have to reschedule repairs and maintenance. Patience for any delays is key and our supportive team help each other where possible.

On the horizon, we welcome the registration of Property Managers which is now in the government’s pipeline with the first Bill reading proposed this month. This will ensure all property management companies meet set standards, and property managers also meet criteria similar to that of a real estate salesperson (annual training and an official complaints and discipline process.) I am happy to say that apm already meets many of the proposed requirements and will welcome others upholding the same standards.

Kind regards

Celia Burbery

General Manager – Property Management

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