1 March 2018 Newsletter - 1st Mar 2018

1 March 2018 Newsletter Occupancy rate 99.75%   Arrears – 1.53% for February 2018
Are we seeing the effects of global warming effecting weather events making them more pronounced when they occur? Is this the new norm? Nelson Tasman has been hit relatively hard in the past month with gale force winds, heavy rainfall and extensive flooding. Fortunately, our maintained properties were not affected to any major extent however it is a timely reminder as we head into winter that precautions need to be taken. Our staff is great at identifying any issues with gutters, drains and run off so it will be more of the same with your property being cared for.
On the plus side, many lawns suffered throughout the summer and these are now bouncing back with the wetter conditions. Every cloud has its silver lining.
Following on from the appointment of Kendall last month we are pleased to introduce Michelle Ouellette to the team, recently appointed to the role of Property Manager. Michelle has a background in administration, customer relations and has managed short-term rentals. A formal introduction will be made to her portfolio clients.
Rental Market
Demand from all enquirers has slowed down over February, however, we are still seeing asking price on most properties being achieved.
The median rent for Nelson/Tasman across all rental dwellings in January 2018 was $385.00 (NZ Property Investor February 2018), a slight decrease for the 12 months ended December 2017.
We believe that the reduction is a result of more properties being used as short-term rentals over the summer and now private landlords are seeking to let properties long term again, placing more properties on the market during this time.
Enquiry has been strong from Owners wishing us to manage short-term fully furnished properties as a stop gap between summer lets. There are many downfalls to this approach. The consistency of annual returns, constant cash flow and susceptibility to misuse of properties with regard to Methamphetamine. This is not a market where we can comprehensively limit liability for our clients and costs are a lot higher, so we are hesitant to enter.
Rental Disbursement
The next rental disbursement will be on Thursday 15th of March for mid-month and Tuesday  3rd April 2018 for the end of the month.
Hot Property
3/87 Cambria Street, The Wood, Nelson
Deadline sale closing 08/03/18 at 4pm
6 Birchwood Grove, Richmond

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