42 | REGIONAL DEVELOPMENT T & T Property Management T T Russell Fredric Ticking all the boxes T & T works with a variety of investors, and can tailor a property or portfolio of properties to suit individual goals. T & T Property Management is marking its tenth anniversary with the same passion for property and people that was the driver behind establishing the business in July 2015. Tony Mennell founded the Invercargill-based company when he saw a shortage of property managers that were independent of a real estate company. “I saw that as an opportunity to step into the market and provide a really high level of service; our clients really appreciated that. Back then we were one of the first independent ones to open.” Although buying and renting a property is strongly driven by financial considerations, the relationship aspects of property management are pivotal to the ongoing success of a portfolio, Tony says. “A good tenant-landlord relationship is based on mutual respect, trust, and clear communication. “Building and maintaining this relationship can lead to a positive and stress-free rental experience for both parties.” Investors reap multiple long-term benefits through the astute management of their portfolio, while tenants benefit by the property meeting set standards under tenancy law. As regulations have increased, compliance has become a considerable challenge for landlords to manage in addition to other responsibilities such as maintenance, further reinforcing the need for professional management, which is also a huge time saver, Tony says. Once T & T is engaged, staff will take care of everything from advertising a property, vetting tenants, making sure it is compliant with regulations and its ongoing management which includes facilitating annual rent increases which is important to ensure a property does not lose investment value over time due to inflation creep. “Tony started the business as its sole operator and now employs a team of five, with their natural people skills being a key part of its growth and success.” “We talk about that a lot in our meetings. You’ve got to really have empathy with people and work in with them and figure out their needs. It’s really good to nurture good people and try and find them a property that matches their needs.” Likewise, T & T works with a variety of investors, and can tailor a property or portfolio of properties to suit individual goals. “I’ve worked with people who are [aged]19/20, looking at buying their first property right through to people of 50 who are buying something for their retirement [plan] as well. Both have got different needs.” During the past 12 months Tony has seen a noticeable swing towards the market favouring tenants, with the number of Invercargill rental properties on Trade Me having increased from 60 to 80 to around 100 to 130. Despite interest rates reducing, investors’ confidence has been slow to return, however each interest rate reduction has prompted increased enquiry from investors. “We have a lot of people that want multi-unit complexes. They yield a bit higher, and that’s what a lot of people are looking for in them; you can get that 9-10% yield out of them.” Outside of this, investor expectation for return depending on the quality of the property and the location, is typically around 7% to 8%, but the criteria differs from one investor to another and some prioritise the rental return over capital gain or vice versa. Reflecting on the past 10 years, Tony continues to thrive on what he does, while positive Google reviews endorse T& T is “ticking all the boxes”, Tony says. “It’s about providing that same quality of service that we started with from day one. Probably the biggest thing has been having the company structure right.” Maintenance • Fences • Decks • Concrete • Renovations & New Builds Mark 027 2488 232 MRHBuildingltd@outlook.com SERVICES INCLUDING: Anything from picture hanging to fixing a door, waterblasting to laying concrete slabs, we deliver reliable, quality service to Southland. 021 519 019 www.procutsouth.co.nz admin@procutsouth.co.nz PROUDLY SUPPORTING T & T PROPERTY MANAGEMENT Fence Repairs Ph: 03 218 8919 • Email: admin@insidesystems.co.nz • 121 Eye Street • PO Box 1133, Invercargill • Plumbing • Drainage • Air Conditioning • Heating • Ventilation For all your roofing requirements, contact Coats Roofing today! 027 282 6546 coats.roofing.nz@gmail.com
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