Cash-strapped landlords thrown a lifeline

Cash-strapped landlords thrown a lifeline

Landlords struggling to retain their properties are being offered the opportunity to learn how to squeeze every last dollar out of their investment from two of the industry's best.

Today's tough environment means many investors are being forced to sell investment properties in a depressed market, often taking a significant financial hit in the process. Unfortunately, many of them don't know that there are plenty of steps that can be taken to prevent that For Sale sign going up.

Husband and wife team Duncan and Sally Drummond have designed Property 101 - The Alligator Wrestlers Workshop - a comprehensive, enlightening and affordable programme for landlords going it alone without a property manager.

Together the pair have more than 70 years experience in investing in the residential property sector and managing those investments. In addition, the couple founded Rental Property Managers (R.P.M. & Co Ltd) in Christchurch in 1996 and went on to build from the ground up to having a rent roll of more than 300 when they sold it in 2006.

After watching friends and business contacts make costly mistakes in managing investment properties they have established a new company - Property Management Consulting Ltd - and tailored a workshop to specifically help educate mum and dad investors about the industry, both its pitfalls and potential.

"We know people who we thought were quite business savvy who have gone out and done things with their investment properties which may have suited the tenant but didn't make good financial sense,'' Sally says. "They haven't realised that they need to treat their investment properties as they would any other business venture.''

The global financial market meltdown means making an investment property pay for itself is even more critical than ever for all owners.

"In today's environment it doesn't pay to make mistakes,'' Duncan says. "The days of properties easily paying for themselves are gone - now it takes work and requires time and knowledge. Many investors are Baby Boomers who may also have taken a big hit as financial markets headed south. As they near retirement,

it is crucial that they make the best of their investments. We can show them how to maximise their bottom line and reduce the stress of management."

The Drummonds' workshop addresses issues including buying wisely, tenant selection and a full set of procedures, processes and forms for ongoing management. It offers advice on how to select good tenants, the importance of credit and reference checks, fixed versus periodic tenancies, recording conversations, record keeping, mediation, inspections, bond taking, trips to the Tenancy Tribunal, and how to effectively deal with these issues should you have them.

Duncan and Sally split their time between Christchurch and Wanaka but have plans to run workshops across the country.

P O Box 689 Wanaka 9343
T. 0800 023530 M.027 244 8243. F. 03 443 1964
E-mail pmc@pmcconsulting.co.nz
www.propertymanagementconsulting.co.n

ENDS

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