112 | Cutlers Property Management T T Karen Phelps Perfect storm for Dunedin rentals Dunedin based Cutlers Property Management was set up alongside Cutlers Real Estate in 2007. PROPERTY Rents are skyrocketing in Dunedin due to the perfect storm: high inflation, high interest rates, housing shortage and increasing landlord costs. “If we put a rental property up at the low end of the market we have a huge line of people. Rents at the high end have gone up significantly to near unsustainable levels,” says Matt Cutler, director of Cutlers Property Management. He says that in Dunedin from around 20052012 there were not a lot of rent increases outside of the student area due to a good amount of stock. “If landlords had good long-term tenants they kept rents the same. But in past five to six years they’ve had to put them up to keep up with the rising costs, in particular the interest limitation rules,” he says. He predicts further pressure to come on supply due to the expected influx of workers come for the new Dunedin Hospital build and the University of Otago projection of an increase in student numbers. “Dunedin City Council seems to think that housing supply is balanced so there is a disconnect as they are not looking to add the housing needed,” says Matt who is in favour of zoning for 30 years of growth in district plans. Cutlers Property Management has grown quite significantly in the last 12 months as more landlords look for professional management due to the complexity of the requirements. He also says that lack of sales has meant that they have seen fewer properties than usual move off their portfolio. Dunedin based Cutlers Property Management was set up alongside Cutlers Real Estate in 2007 by Matt and his father John. After ten years of hands-on learning the job as a property manager Matt took on the role of running the property management company. John officially retired in November last year but is still available to offer advice when needed and maintains a directorship in the company. “He’s one of my best mates and my mentor and is great to bounce ideas off,” says Matt. Matt has been involved in the real estate industry for nearly 20 years now. He says he’s lucky to have the team that he has and honestly believes that he has the best property managers in the city. “I wouldn’t trade any of them for anyone, I can’t fault their work ethic and I can trust that they will always offer a high level of service which makes my life a lot easier. It’s important for property managers to develop relationships with clients to build trust. If you have property managers constantly coming in and out then you can’t develop those relationships. We focus on maintaining a great culture and retaining our people. If we do that then the results will follow from there. This includes giving our property managers the support and help they need, especially at busy times of the year. We work hard to maintain positivity and resilience in our team, which has a flow on effect to a better customer experience for landlords.” Having the real estate arm to the Cutlers business means it can offer its landlords – both small and large - a complete service including the sale of a property, managing a rental investment, the sale and lease of commercial property and the management and body corporate of a property. The Cutler team’s knowledgeable advice also extends to assisting clients with questions about potential purchases and what work they might need in order to increase their rental capacity or resale value. “You’re managing an investment so it’s about maximizing return. That means minimizing wear and tear by finding the right tenants while offering advice regarding improvements that will increase value. It’s just another part of the Cutlers comprehensive service.” “If we put a rental property up at the low end of the market we have a huge line of people. Rents at the high end have gone up significantly to near unsustainable levels.” SUSTAINABLE CLEANING SOLUTIONS Outsource your cleaning to an experienced commercial cleaning company who values the same things you do. Proudly Toitu Enviromark diamond and ISO 45001 certified. 0800 526 454 reception@janiking.co.nz www.janiking.co.nz • Commercial • Domestic • Industrial • Data & Communications • PV Solar • Thermography Southern Electrical Ltd Ph: (03) 476-3171 | www.southernelectrical.co.nz E-mail: admin@southernelectrical.co.nz
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