Let’s do up your commercial property
Let’s Do Up Your Commercial Property Upkeep of your commercial property goes beyond strategic management, enhancing profitability and visibility. Property owners and managers must adopt innovative approaches prioritizing efficiency, sustainability, and aesthetic appeal in a constantly evolving market. How Can You Go About This? Maintenance Matters Regular inspections and proactive maintenance are the backbone of effective property management. Ensure your property managers address minor issues before they escalate into costly repairs while securing tenant satisfaction. Curb Appeal Counts Because first impressions matter — common areas such as lobbies and hallways should be immaculate and inviting. You can invest in attractive landscaping, clear signage, and bright lighting to elevate your property’s visual appeal and attract more people. Go Green Energy efficiency is another transformative factor that can greatly impact profitability while promoting sustainability. With New Zealand’s focus on environmentally responsible practices, properties with energy-efficient systems — like LED lighting and smart HVAC — can significantly lower operational costs. Moreover, properties with green certifications attract eco-conscious tenants, offering a competitive edge. So, conduct energy audits and upgrade outdated systems to showcase a commitment to sustainability and enhance property appeal. Stay Online Along with physical maintenance, a robust online presence is imperative. An updated website featuring high-quality images, engaging descriptions, and virtual tours can significantly attract interest. An effective search engine optimization strategy can also help you achieve higher rankings in online searches, thus reaching a broader pool of potential tenants. Social media platforms, such as Instagram and LinkedIn, provide excellent avenues for showcasing property features and engaging with prospective clients. Engage Communally Community engagement is another effective strategy for boosting visibility. You can organise events such as workshops and exhibitions to allow properties to connect with the locals and create lasting impressions. Collaborations with local businesses can amplify these efforts, creating opportunities for word-of-mouth referrals that boost community interest. Additionally, building relationships with local influencers can enhance exposure and credibility. An Extra Mile Health and safety considerations are essential, and ensuring compliance with health guidelines and providing sanitation stations fosters trust among potential tenants. You must ensure regular evaluations and transparent communication regarding health protocols to signal a commitment to tenant welfare, further enhancing property appeal. Flexibility Wins Offering flexible leasing options can attract a wider variety of businesses. As hybrid working models become more prevalent, if you provide adaptable workspaces for short-term rentals, it can appeal to startups and freelancers seeking dynamic environments. This flexibility can boost occupancy rates significantly, maximizing revenue potential in today’s market. Meet the Demands Lastly, being attuned to market demands is essential for maintaining profitability. You can conduct thorough market research to understand tenant needs and inform strategic property adjustments. Regular feedback from tenants helps property managers enhance satisfaction and retention, ensuring the property remains attractive in a changing landscape. A comprehensive approach mentioned here helps property owners gain greater profitability and respect. In a competitive environment, prioritizing visibility and tenant satisfaction will be key to achieving long-term success and growth. Professional Property Management Solutions Navigating the complexities of commercial property investment and management has become increasingly challenging, especially in the dynamic post-COVID landscape. Without the right expertise, managing these complexities can be overwhelming. At Oaks Property Management, we specialize in both residential and commercial property management, ensuring your investment is in experienced hands. Choosing Oaks means benefiting from meticulous property care, optimized rental income, and maintained asset value. With our ISO9001-certified standards, we provide comprehensive management solutions tailored to enhance your investment focus and maximize long-term returns. News Latest News Feeds All Posts Let’s do up your commercial property April 18, 2025Read More Live and Thrive in Resident’s Societies April 18, 2025Read More Making body corporates function better April 18, 2025Read More
Live and Thrive in Resident’s Societies
Live and Thrive in Resident’s Societies Resident’s societies in New Zealand are all the buzz now. They have emerged as vibrant communities full of life and connections. As urban areas expand and evolve, Resident’s societies come with their set advantages and challenges. The Benefits of Resident’s Societies Strong Community Bonds One of the standout benefits of Resident’s societies is the sense of community they foster. In these neighbourhoods, you gain friendly faces and supportive neighbours, while in other urban spaces, anonymity permeates. Regular community events — festive barbecues, lively markets, or seasonal celebrations — draw residents together, forging bonds that enhance the overall living experience. Enhanced Safety Safety is another compelling reason many choose Resident’s societies. With features like gated entrances, surveillance systems, and carefully monitored access, these communities provide an added layer of security that can be reassuring for families with young children or older residents. You experience lower crime rates and peace of mind in your daily life. In a chaotic world, the reassuring environment of a well-organized Resident’s society can be invaluable. Sustainable Living Meanwhile, many of these communities strongly emphasize sustainability and eco-friendly living. Thoughtfully designed homes often showcase energy-efficient technologies, communal gardens, and shared green spaces. For environmentally conscious individuals and families, this focus on sustainable practices reduces their ecological footprint and offers potential savings on utility bills. Considerations Before Joining Higher Initial Investment Nevertheless, Resident’s societies come with certain drawbacks that deserve careful consideration. One prominent concern is the initial investment required to purchase a property within such communities. Typically, prices in Resident’s societies can be higher than comparable homes in more traditional neighbourhoods. Community Regulations Additionally, the regulations and bylaws that govern Resident’s societies could be confining. Each community has rules regarding home modifications, landscaping choices, and even pet ownership. While these regulations are for the greater good, they can frustrate you when you wish to personalize your space. Disputes may arise between residents and the governing bodies over what is permitted, sometimes leading to tension within the community. Ongoing Maintenance Fees Another drawback lies in the ongoing maintenance fees for living in these communities. To maintain shared spaces and community services, you must pay monthly or annual fees, which can add financial strain if they climb unexpectedly. Making the Right Choice In conclusion, Resident’s societies in New Zealand present a beautiful mix of community spirit, safety, and sustainability, making them an appealing choice for many seeking a fulfilling living experience. As the property landscape evolves, prospective residents must weigh these factors carefully, ensuring their choice aligns with their lifestyle, values, and aspirations. Who better than OAKS property managers to guide you through your decision-making about whether a Resident’s society is the right choice for you? Contact OAKS today! How OAKS Assists Developers in Incorporating a Resident’s Society (RSI) Property developers often need expert assistance in establishing and transitioning a Resident’s Society Incorporated (RSI) to ensure smooth governance, financial planning, and long-term property value protection. A professional property management company plays a crucial role in this process by providing strategic guidance, legal compliance, and operational management. Establishing the Resident’s Society (RSI) Structure Legal Registration & Documentation: Assisting in incorporating the RSI, drafting the constitution, and ensuring compliance with regulatory requirements (e.g., Incorporated Societies Act 2022 in NZ). Defining Governance Rules: Establishing operational rules, bylaws, and guidelines for property owners, tenants, and common area usage. Financial Planning & Budgeting Initial Budget & Levy Structure: Developing a financial model for the RSI, including forecasted maintenance costs, insurance, and contingency funds. Setting Up Bank Accounts & Financial Controls: Managing financial transactions, collecting levies, and ensuring proper financial reporting. Transitioning from Developer to Owner Control Phased Handover Management: Supporting the transition process as ownership shifts from the developer to the property owners. Owner Committee Formation: Facilitating elections for the residents’ committee and providing governance training. Ongoing Management & Compliance Common Area & Facility Maintenance: Ensuring proper upkeep of shared spaces, lifts, landscaping, and other amenities. Legal & Compliance Support: Managing compliance with local regulations, insurance requirements, and health & safety standards. Resident & Stakeholder Communication Establishing Effective Communication Channels: Setting up newsletters, portals, or meetings to keep residents informed about management decisions. Conflict Resolution & Mediation: Handling disputes among residents or between the RSI and property owners. Long-Term Asset Protection & Value Growth Capital Works Planning: Implementing long-term maintenance plans to protect the development’s infrastructure. Enhancing Market Appeal: Ensuring the property remains well-maintained, attractive, and valuable for future buyers and investors. How Oaks Property Management Can Assist At Oaks Property Management, we specialize in guiding developers through the entire RSI incorporation and management process. Our expertise ensures a seamless transition, effective governance, and long-term sustainability of the development. Would you like a customized strategy for a specific project? Contact us at enquiries@oaksproperty.co.nz News Latest News Feeds All Posts Let’s do up your commercial property April 18, 2025Read More Live and Thrive in Resident’s Societies April 18, 2025Read More Making body corporates function better April 18, 2025Read More
Making body corporates function better
Making body corporates function better Body corporates manage shared property in New Zealand, especially for apartments, townhouses, and other multi-unit developments. They promote cooperation and upkeep of common areas. Yet several issues affect their effectiveness and frustrate homeowners and tenants. Understanding these issues can improve the living experience Communication woes Body corporates struggle with transparency and communication. Sometimes, body corporate management may exclude owners from decision-making processes, leading to trust issues. For example, meetings may not be publicized, reports may not be readily shared and a small group may make essential decisions that feel arbitrary to the rest of the community. A clear communication route, such as regular newsletters, open meetings and minutes of decision-making, can make an owner feel informed and valued. Transparency fosters a sense of community, and when homeowners feel included in the management process, it can lead to better support. Money matters Financial management is another significant concern. Body corporates collect levies from members to fund maintenance, repairs and improvements to shared facilities. However, disputes over levy increases or financial mismanagement can lead to animosity within the community. Ensure your body corporate’s financial health while maintaining transparent budgeting processes. Regular financial reports should be provided in clear, uncomplicated terms so that all members understand how funds are utilised. Involving all owners in financial discussions and decisions makes them feel more invested in the community’s wellbeing and reduces grievances over rising costs. Usage disputes Disagreements over common property usage and maintenance responsibilities are common in body corporates. Owners may have differing opinions on necessary repairs or improvements and how these should be prioritised. Establish a committee of volunteer owners who represent diverse interests and concerns related to the shared property. This committee would facilitate discussions on maintenance concerns and work towards finding a consensus before escalating issues to the larger body corporate. This approach helps in conflict resolution and fosters harmonious relationships within the community. Moreover, differing attitudes towards community living can create tension within a body corporate. Some residents prefer a more active involvement in communal events and decisions. In contrast, others may choose to maintain a distance and enjoy the privacy of their unit. Appointing a range of engagement opportunities can be beneficial in creating an inclusive environment that respects these varying preferences. Body corporates also face conflicts over property modifications that often leave owners discontented. For instance, one owner may want to make significant changes or renovations, which could affect shared spaces’ overall aesthetics or functionality. The best way forward is to have clear guidelines about alterations to common areas or how individual units may be modified. These policies should be developed with input from all owners, focusing on maintaining the overall integrity of the community while allowing some level of personalised expression within individual units. Safety and security concerns also frequently arise in body corporates. Whether dealing with vandalism, petty theft, or more significant safety concerns, these situations can substantially impact the community’s quality of life. Establishing a collaborative approach to safety — such as forming neighborhood watch programmes or organising community patrols — can deter crime while fostering a sense of unity among residents. Making it work Ultimately, the effectiveness of body corporates in New Zealand hinges on successful collaboration, effective communication, and a commitment to inclusivity. By acknowledgingand addressing the many issues that arise while striving for compromise, communities can foster a respectful, peaceful, and enjoyable environment for all residents. To find out more about body corporates in Auckland and Hamilton, contact OAKS Property Management today. News Latest News Feeds All Posts Making body corporates function better April 18, 2025Read More How is the rental market faring? October 23, 2024Read More How to ensure your property investment is a success October 23, 2024Read More
How is the rental market faring?
How is the rental market faring? Unabated inflation Skyrocketing expenses Pricey cost of living High interest rates These are some of the issues New Zealanders have been increasingly facing in the last few years. In addition, rents have consistently increased, and tenants are grasping at straws. While rents around New Zealand have increased, maybe at a different rate, one must understand that being a tenant comes with uncertainties. You may be asked to leave anytime and may never feel fully settled. Amidst this unpredictability, a constant increase in rent surely pinches, often causing financial strain and emotional stress for tenants. Kelvin Davidson, chief economist at property research firm Corelogic, says average rent has reached a record high. Yet, it doesn’t show the full extent of its impact on a tenant. He adds that you may pay an average rent, but you may not have an average income, so it takes up a much higher share of your budget. Meanwhile, a recent OECD report has pegged New Zealand among the world’s most expensive places to rent. The report says more than 25 percent of a family’s disposable income is spent on rent, placing New Zealand ninth among other countries. There are more concerning stats in the offing — we are one of only eight in which median housing costs used up more than 40 percent of disposable income for the lowest-income tenants. And here’s more data sourced from Tenancy Services showing that the median rent has risen from $200 a week to $550 a week between April 2002 and April 2022, an average increase of 5.19% per year. Despite such a spike and volatility in the rental market, a recent report by Deloitte shows that home ownership in New Zealand has significantly dropped to almost below 60 percent. The report adds that it is now at its lowest rate in nearly 80 years. What does all this mean? Should the government seriously consider implementing rental control? Or will the high rents slowly taper down, like all market trends? Experts think so. BNZ chief economist Mike Jones believes a slowdown in rental rates is approaching. He says rents are likely to flatten and fall a bit. More homes will become available as more first-time owners move into their new homes and many New Zealanders leave the country for greener pastures. New and more listings are likely as new builds become ready for occupancy. Such factors and the oversupply of homes in some areas could bring down demand and rents. This will not happen overnight, and tenants may have to play the waiting game. News Latest News Feeds All Posts How is the rental market faring? October 23, 2024Read More How to ensure your property investment is a success October 23, 2024Read More Does your rental property meet the Healthy Homes standards? October 23, 2024Read More
How to ensure your property investment is a success
How to ensure your property investment is a success Investing in properties is one way to maximize your wealth. When done right, it can yield a massive profit. Before you dive into the vast world of real estate investment, make sure you familiarize yourself with the market. Let’s deep dive into what actions you must take: Knowledge is power: Gain a comprehensive understanding of the market you’re eyeing for investment. Identifying and predicting potential growth areas becomes easier when you’re familiar with the trends. It’s not just about the current market situation, but also about the macroeconomic factors that influence it. Always have a plan: Your investment plan or strategy is your roadmap. It provides a holistic view and helps you prioritize your actions. Defining your plan allows you to manage your budget, explore mortgage options, plan property upgrades, or decide on the right time to sell. A well-thought-out plan is half the battle won. Location is key: Where you buy your property is one of the most crucial factors in successful investing. You should choose an area where housing is in demand, and has potential for growth. Excellent amenities, good transport connectivity and proximity to good schools and shopping centers are some of the factors you could consider. Network and network more: True for all professions and especially pertinent in property investment is to have a wide and reliable network. Engage with other investors, realtors, contractors, and other professionals to make your journey smoother and more profitable. Attending meet-ups and seminars is a perfect way to build and maintain your network. Stay informed: It is important to stay on top of legal, fiscal and regulatory changes that may impact your investments. Know your local zoning laws, rental regulations, and tax implications. Play the waiting game: Think long-term and have patience with property investments, as they are not get-rich-quick schemes. Data shows that property values appreciate over time and are dependable investments. Meanwhile, you can earn a steady income renting out your property and even increase its value in the rental market when you use the services of a property management. The tips discussed here are not conclusive. More factors play a critical role in boosting your property investment. Who better than OAKS Property Management Limited to be your partner as you embark on the property investment journey? Work with us for valuable insights and support as you navigate the real estate landscape. News Latest News Feeds All Posts Uncategorized How is the rental market faring? October 23, 2024Read More How to ensure your property investment is a success October 23, 2024Read More Does your rental property meet the Healthy Homes standards? October 23, 2024Read More
Does your rental property meet the Healthy Homes standards?
Does your rental property meet the Healthy Homes standards? Calling all landlords, as you have less than a year to meet the Healthy Homes standards, which became law on July 1, 2019. All rental properties must comply with these standards by July 1, 2025, and maintained over time. The Healthy Home standards aim to improve tenants’ living conditions by making their homes warm, dry and safe. Five basic requirements must be met: Heating, Insulation, Ventilation, Moisture ingress and drainage, and draught stoppage. The law came into action as rental homes were perceived as having more quality issues than owner-occupied homes. The new standards will help improve the living and health conditions of the tenants while protecting your investment, as you are less likely to face mold issues or mildew damage Let’s deep dive into what actions you must take: Heating: You must provide at least one fixed heater, especially for the main living room. Heat pumps may be the most common choice, but other types are also allowed. You must make sure the heating capacity meets or exceeds the calculated capacity. It’s imperative that you carry out regular checks and maintenance of all systems. Insulation: Ceiling and underfloor insulation are now mandatory and must follow the local rental area standards. For example, thicker insulation will be required in colder regions, and warmer areas may have different requirements. Proper insulation helps with temperature maintenance and reducing energy costs while caring for the tenant’s comfort and health. Ventilation: Your living space must have a window or door that opens outdoors. The idea is to ensure air circulation and minimize moisture buildup. Kitchens and bathrooms must have an extractor fan to manage moisture and humidity while preventing mold growth. After these changes, the air quality improves significantly inside homes and reduces health risks related to poor air circulation and dampness. Moisture ingress and drainage: Your rental property must have an efficient drainage system. The gutters and downpipes must be well-maintained to prevent water stagnation or flooding. Your pipes should be connected to a stormwater drain, and there must not be any standing water on your property. Avoid an unhappy tenant, as poor drainage can have a structural impact and increase your maintenance costs. Draught stoppage: You must block any unreasonable gaps or holes in walls, ceilings, windows, floors and doors that cause noticeable draughts. It ensures energy efficiency, as you can reduce costs due to heat loss. Your tenants will thank you for the comfort a warm home can bring. If your rental homes do not comply with the obligations under the Healthy Homes standards, you are liable to be held in breach of the Residential Tenancies Act 1986, and may face financial penalties or other enforcement action. So, do not delay. Take action now to ensure your rental properties comply with the Healthy Homes standards. This proactive approach will not only protect your investment but also enhance your standing in the rental market. News Latest News Feeds All Posts How is the rental market faring? October 23, 2024Read More How to ensure your property investment is a success October 23, 2024Read More Does your rental property meet the Healthy Homes standards? October 23, 2024Read More
Be smoke-alarm ready
Be smoke-alarm ready You could be a tenant or an owner. It’s now time to comply with the New Zealand Building Code update, which states that starting November 1, 2024, all new homes must have a smoke alarm system. As an owner, you must ensure that smoke alarms work in your rental property. The building code mandates installing a Type 1 smoke alarm or multiple interconnected smoke alarm devices Each device must include a smoke detector and an alarm. Interconnected smoke alarms send signals to other smoke alarms in a house, and when one alarm detects a fire and goes off, all the other smoke alarms in the house are activated. This interconnected system provides an additional layer of safety, especially when the occupants are not in the same room or are sleeping, making you feel more secure and protected. You must install smoke alarms within three metres of each bedroom door, in every room where a person sleeps, and in living spaces. A building owner or developer must ensure they’re available in the hallways, landings, and at each level or storey of a multi-unit home.Smoke alarms are also mandatory in boarding houses, rental caravans and self-con tained sleep-outs. The new smoke alarms must be photoelectric with a battery life of at least eight years or hard-wired. They must be installed according to the manufacturer’s instructions and meet international standards. The smoke alarms should also come with a hush-and-test button. Place your new smoke alarms on or near the ceiling. Installing them in the centre of a room may be a good bet, considering how other electrical appliances could delay or cause nuisance alarms. The manufacturer’s user guide and the Building Code document can be of more help. As an owner, you will ensure that smoke alarms function properly at the start of each new tenancy and remain in working condition. Meanwhile, if you are a tenant, it’s your responsibility not to remove, disconnect or damage the smoke alarm. You must also replace dead batteries and inform your landlord immediately if there are any problems with the smoke alarms. Both owners/landlords and tenants are liable to pay penalties if they do not fulfill the requirements and obligations, and more importantly, they put lives at risk if the smoke alarms do not function properly. oaksproperty.co.nz This new Building Code update will make your homes safer and more secure News Latest News Feeds All Posts Uncategorized How is the rental market faring? October 23, 2024Read More How to ensure your property investment is a success October 23, 2024Read More Does your rental property meet the Healthy Homes standards? October 23, 2024Read More