This Is Not The Time To Panic?

MEDIA RELEASE

15 February 2008

This Is Not The Time To Panic?

Kiwi property investors burnt by the recent liquidations of some 20 Companies associated with Blue Chip should be cautious of their next move.

Director, Rob Macdonald of Crockers Property Group recommends investors don’t panic. “Now is the time to take stock of your situation and do your due diligence”. The Auckland market is full of Property Management companies – an estimated 150, including Crockers Property Management.

Rob Macdonald suggests the time has come to take a deep breath, and start shopping around to see which company provides the best service, not necessarily the cheapest. “Go online and see who is out there. Review the websites and ask for information packs to be sent to you”.

What are the questions you should be asking a property management company?

1. What are your payment terms? How frequently will I receive my money?

2. Does your company operate a Rental Trust account?

3. Is your company a member of the Real Estate Institute of New Zealand?

4. How will you tenant my property, when and if it becomes vacant?

5. What is the process for informing my tenant of any change in management?

6. What are your management fees and associated incidental costs?

7. Can I have some references? “Investors understandably are going to feel jittery. If you are still uncertain of your next move, talk to someone whose advice you can trust – family member, solicitor, and accountant” says the Director of Crockers Property Group.

ENDS

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