Effective networking tips for property investors

Effective networking tips for property investors
The following article was first published by the Auckland Property Investors’ Association Incorporated on 16 July 2017 and is reproduced with permission below. Most investors understand that to become successful, you must network.  But so often networking gets cast aside as one of those tedious and dreadful tasks that are somehow less important than buying properties, vetting tenants, and adding value.  For the eternally-shy amongst us, networking is daunting, uncomfortable, and inauthentic.  For the ever effervescent energy balls, enthusiasm can quickly fizzle out when acquaintances fail to develop into meaningful relationships.  Nevertheless, we contend that networking is a fundamental pillar of investment success.  In fact, we believe in networking so much so that we have built our entire business model on promoting networking opportunities for private investors. Many of us don’t realise that there is networking and then there is effective networking.  The former gets you out of the house to talk to strangers, the latter builds the foundation for strong business relationships and opportunities.  Investor, property entrepreneur, and author of How to grow your business through networking, Mark Trafford points out that so many of his successes are down to being an active and strategic networker.  “Your network is your investment mastermind that will inspire your growth and help you out in sticky situations.  When you come along to a networking event, you are being invited to tap into this communal vat of knowledge and experience so why would you pass that up by standing on the sideline?”  There is so much more to effective networking than just showing up.  “So often I see investors keeping to themselves...

Are You Ready For The Proposed BWOF For Landlords

Are You Ready For The Proposed BWOF For Landlords
With rental WOF being increasingly likely to become law in New Zealand, how fit is your property? Mark Trafford of Maintain To Profit (http://www.maintaintoprofit.co.nz) will give you a guide on the likely requirements of a rental WOF scheme, compliance costs and share cost-effective tips on how to be prepared Your browser does not support HTML...

Doing it Right with Bathrooms

Doing it Right with Bathrooms
• Research, planning and phoning around is far and away the best investment of your own time. Each trades-person needs to give you a written-down fixed price plus a fixed time-frame. If they won’t, use someone else. Lining up the various tradies to be ready in quick succession (and reminding them several times in the previous weeks of where they fit into your exact time-line) will save both time-lag frustration and wads of rental cash.  If inability to pick up certain materials in time is a hold-up, do that for them. • Measure up your space and your existing sad-looking fittings. Have a good hard think about how the bathroom will function best, ideally without the expense/consent process of moving plumbed features. Document it out by sketching any changes, with measurements. Research about on-special bathroom package deals from major suppliers …PlaceMakers, Bunnings, Mitre 10 Mega. If you need predominantly one item to upgrade….say the  vanity, see if an ex-display vitreous china model or demo-yard one is available cheaply, and plan around it. • Painting the walls, ceiling, windows and skirtings is something you can do yourself at the end. Using correct products will pay dividends down the track. (See Amber’s advice below) • Check the dwelling’s insurance policy.  What cover applies during renovations? If the cover is inadequate, change this! An attractive bathroom is a big draw-card to renters. It creates renter competition, and tenants will want to stay longer. But for a beautiful, functional thing now to still be a beautiful, problem-free thing in 15 years’ time, guidance is good. You can’t just go ahead and use any product or method and achieve lasting...

Building WOF For Aucklands Property Managers Seminar

Building WOF For Aucklands Property Managers Seminar
Over 80 of Aucklands leading property managers attended Maintain To Profits seminar to hear Mark Trafford and Andrew King from NZPIF and APIA speak about the governments proposed Building Warrant Of Fitness Scheme. Here is some of the feedback form the attendees. Very informative great speakers Fantastic job , Andrew was a great speaker Great to network with my industry colleagues – thanks so much! Great food – good speakers who were industry experts – well done to MTP Well done MTP and Andrew – whens the next seminar please...

Opportunity knocks between tenants

Opportunity knocks between tenants
A Spruce-Up between tenants is an opportunity to improve the performance of a rental property.  A nicer place will attract more tenants for you to choose from and achieve a higher rent. You want your property to be in great shape to attract good tenants prepared to pay a premium rent and to look after it.  Aside from obvious maintenance like fixing broken locks, handles and light fittings, there are many simple jobs you can do to rejuvenate your property in a short amount of time. From new carpets, paint, benchtops or curtains to creating a small outdoor area to installing insulation, upgrades will be noticed and welcomed by prospective tenants.  A spruce-up is generally superficial work that is easy and quick to do and doesn’t require any structural or building changes. Mark Trafford, of Maintain To Profit, works with landlords on all manners of renovation, maintenance and decoration.  He says it is about being better than the competition. A well-planned and executed spruce-up that is project managed can be done in a couple of days. “The ultimate goal is for a prospective tenant to really like it from the outside then to walk in and think ‘I really want to live here’ and then when they move in to treat it as their own,” Trafford says. A common mistake with landlords is not being prepared for vacancies and not planning or budgeting for necessary work.  Not only will this unexpectedly sting your wallet but will likely cause a longer period of vacancy while you organise everything. Downtime = lost rent. Ideally you should inspect the property before the tenants...