66 | Phone: 03 983 5500 waterfordpress.co.nz Your Business, Your Industry, Your News. DO OUR READERS KNOW YOU EXIST? PROPERTY MANAGEMENT Cutlers Property Management Advice key component of business Virginia Wright Front of house: Matt Cutler with staff at Cutler’s Property Management reception. Dunedin based Cutler’s Property Management was set up alongside Cutlers Real Estate in 2007 by Matt Cutler and his father John. It was at a time when most real estate businesses were establishing themselves in the property development market due to the obvious synergies which lend themselves to offering a comprehensive service, whether it’s for someone wanting to rent a house out for a year before selling, or simply investors buying with view to renting out from the start. After ten years of hands-on learning the job as a property manager Matt took on the role of running the property management company with its five property managers and three additional staff doing admin and accounts. “It was always the idea from the start,” says Matt, “I just needed to learn a lot first. It’s a big shift from only looking after yourself and managing your own jobs and clients to managing staff. “I’ve made plenty of mistakes along the way and I’m still learning but I’ve found that if you have talented staff then you’re best to focus on maintaining a great culture and retaining them. If you do that then the results will all work out from there.” Given that surprises happen fairly regularly according to Matt, and that part of the job is weathering the demands of tenants and clients alike, and occasionally both at once, it can get stressful. Matt works hard to maintain positivity and resilience in the office and encouraging people to not let the stress get to them. “It quite often comes with experience,” explains Matt, “and retaining staff is massive. It gets a lot easier when they’ve gained the trust of the client but that can take a while” In the 15 or so years that Matt’s been in the business what was a relatively unregulated sector has changed dramatically, and so have client expectations. “Back then it was about looking after a house,” says Matt. “Now it’s as much about advice.” He’s talking about advice around potential purchases and what work they might need in order to up their rental capacity or resale value. “You’re giving real numbers to investors and advising them. That’s what most people expect now. You’re managing an investment for them so it’s just like someone managing your stocks, you want to know that you’re putting your money into the right place and why you’re doing it.” This shift in perspective runs through the whole sector from so-called “mum and dad” investors to larger scale landlords and while Matt says there are still many people out there who want to keep their rents at a level to help out their tenants, it’s still nice for them to know how they could potentially add value to their asset down the track and maximize their return on their investment. On the regulation side, what started with insulation and smoke alarm requirements has over time morphed into a comprehensive set of Healthy Living Standards which, Matt believes, aren’t as bad as people have been making them out to be. “Initially a lot of people thought the sky was falling,” says Matt, “but the reality is that the work required hasn’t been too bad for the majority of people. It’s just another problem you have to deal with like any other business has to deal with problems.” Matt sees an unintended consequence of the new regulations in the gentrifying of the lower-income housing stock. “The landlords decide that if they’re going to have to spend a couple of thousand anyway they may as well do a renovation and increase the value of the property which then pushes the tenant out because it goes out of their price range. It’s happening already and pensioners especially are getting hurt by it.” On the positive front the Healthy Homes work has brought living standards up for tenants in general, especially in older houses, and with the criteria that need to be recognized in rental properties comes a transparency that Matt welcomes. “Especially with students they might tell you that somewhere isn’t liveable but now that we have to have statements proving that we comply with healthy homes standards for heating, insulation, ventilation and so on, it takes away those sorts of subjective arguments.” For a company based in Dunedin that’s no bad thing. • PLUMBING • DRAINAGE • ELECTRICAL • GASFITTING www.adamsnz.com - Book Online Now! Dunedin 03 477 0077 Central Otago 03 445 4916 Proud to support Cutlers Property Management • Pre-purchase electrical inspections / reports • House re-wires and alterations • Switchboard upgrades • New Builds • Lighting, kitchens, bathrooms info@chromeelectrical.co.nz | 027 653 7310 | www.chromeelectrical.co.nz
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