Property Management Agreement
 


This form must be completed and a copy given to the client before Residential Rentals Limited (the Property Manager/Agent) performs any service for the client.

This form enables the owner to appoint Residential Rentals Limited ("the agent") to manage the owners property on the terms and conditions as detailed below:

PART 1 - CLIENT DETALS

SURNAME:

FIRST NAME:

ADDRESS:

SUBURB:

CITY:

POSTCODE:

POSTAL ADDRESS

If different from above.

SUBURB:

CITY:

POSTCODE:

HOME NO:

MOBILE:

WORK NO:

FAX NO:

EMAIL:

CONTACT: NEXT OF KIN

NAME:

PHONE:

SOLICITOR

NAME:

PHONE:

PART 2- AGENT DETAILS

RESIDENTIAL RENTALS LIMITED

PO Box 51 910, Pakuranga, Auckland 2140, New Zealand.

Phone +64 9 271 5200 Option 2,  Mobile +64 9 21 742730, Fax +64 9 271 5201.

Email: rentals@residentialrentals.co.nz

www.residentialrentals.co.nz

PART 3 - PROPERTY DETAILS SUBJECT TO THIS AUTHORITY

ADDRESS:

SUBURB:

CITY:

POSTCODE:

PART 4 - BODY CORPORATE DETAILS (If applicable)

NAME:

ADDRESS:

SECRETARY NAME:

PHONE:

FAX:

EMAIL:

MANAGER NAME:

PHONE:

FAX:

EMAIL:

PART 5- RENTS TO BE COLLECTED TO BE PAID AS FOLLOWS:

BANK:

ACCOUNT NAME:

BANK ACCOUNT NUMBER

BANK AND BRANCH (6 DIGITS):

ACCOUNT NUMBER (7 DIGITS):

 

SUFFIX (2 DIGITS):

PART 6 - INSURANCE

1. LANDLORD PROTECTION INSURANCE:

I understand that as a property investor there are risks involved in having tenants rent my property, and that Residential Rentals Limited through good property mangement will help manage this risk, but ultimately are not responsible for the actions of tenants. I understand to completely manage this risk I should have landlord protection insurance. PLEASE NOTE this insurance is seperate from your House/Building Insurance.  Please refer to Landlord Insurance on this website for more information.

Please tick the appropriate box.

Please organise Landlord Insurance for my property. I am aware that I am required to have House/Building Insurance seperate to this.
I have chosen not to take out landlord insurance against Residential Rentals Advice. I understand that while all the necessary checks are done, if I don't take landlord insurance I will not be covered for the lost rent or damage to my property caused by any tenant that can not be recovered through bond.

I already have a landlord insurance policy for this property. Please forward a copy to Residential Rentals. Please complete the details below.

I would like to find out more information on  Residential Rentals Landlord Insurance before making a decision.

2.  HOUSE/BUILDING INSURANCE

DO YOU HAVE HOUSE/BUILDING INSURANCE:

INSURANCE COMPANY:

PHONE:

POLICY NUMBER:

EXCESS:

Part 7 - REGULAR OUTGOINGS TO BE PAID ON YOUR BEHALF FROM RENTAL INCOME

Please tick the boxes for outgoings you would like Residential Rentals Limited to pay on your behalf from rental income.
WATER RATES LAND & ARC RATES
INSURANCE PREMIUMS BODY COPORATE FEES
OTHER. Please provide information.

PART 8 - PROPERTY FEATURES

Please highlight the appropriate option.

TYPE OF PROPERTY:

SINGLE OR DOUBLE LEVEL:

 BEDROOMS:

 BATHROOMS:

 LOUNGES:

GARAGING:

OFF STREET PARKING

FURNISHED OR UNFURNISHED

CHATTELS

 Hold the control key to select multiple items.

OTHER:

Please specify.

SMOKNG:

PETS

Highlight the type of pets you will allow:

Hold the control button to click multiple items:

SMOKE ALARMS

NUMBER INSTALLED UPSTAIRS:

NUMBER INSTALLED DOWNSTAIRS:

DATE INSTALLED:

DATE LAST INSPECTED:

PART 9 - TENANCY

MAXIMUM NUMBER OF TENANTS:

KEYS

Owner is to provide Residential Rentals Limited with one (1) set of keys, plus access keys for each approved tenant named on the Tenancy Agreement. To be issued to tenant with master set held by Residential Rentals Limited. ACCEPT:

NUMBER OF GARAGE REMOTES TO BE ISSUED TO TENANT

LENGTH OF TENANCY

All Residential Rentals Limited tenancies are a standard term of 12 months. Would you consider a term of six (6) months if requested by the tenant.

AVAILABILITY DATE:

LAWNMOWING:

FURNISHINGS & FITTINGS INVENTORY:

INCLUSIONS: EXCLUSIONS:

SPECIAL INSTRUCTIONS:

PART 10 -TERMS AND CONDITIONS

 

 1. TENANCY

To let the property and re-evaluate rent levels at the end of each tenancy or renewal of tenancy, so that the property remains tenanted at a rate that reasonably reflects the current market rents for similar properties: 

       1.   Advertise the property in the event of it being vacant.

2.   Sign tenancy agreement as Agent for the Owner.

3.  Carry out regular property inspections and report to the Owner on the condition of the property

 2. BONDS

1.  Collect a bond from each tenancy to be not lest than three weeks rent and no more than four weeks rent, as per the Tenancy Act 1986. Once received, deposit bond monies with the  Tenancy Bond Division (Bond Processing) of the Ministry of Housing.

2.  Sign bond lodgement documentation and/ or refund as Agent for the Owner.

3.   Any repairs required caused by a tenant after they vacate a property will be charged to the owner and reimbursed to the owner once the bond refund has been received.    

3. RENT COLLECTION AND DISBURSEMENT

1.  Collect all rentals as and when they fall due.

2.  Account calendar monthly to the Owner for all rentals collected and monies paid out of such rentals.

3.  Residential Rentals Limited shall make payments to the Owner, by direct credit to the owners bank account on or before the 7th working day of the following month.

4.  Where the Agent is unable to collect rental arrears by its own endeavours the Agent is instructed to take matters to the Tenancy Tribunal (with the Owner to pay for any application fees) and to employ a debt collector on the Owners behalf and at the Owners expense. An hourly rate of $100.00 plus GST for is chargeable to the owner for staff to attend tribunal hearings. The tribunal fee is $22.44 incl. GST is chargeable to the owner.

4. REPAIRS AND MAINTENANCE
Carry out and pay for, on behalf of the Owner, any necessary repairs to the property. The Agent is to consult the Owner prior to commencing or authorising work which is likely to cost more than  THREE HUNDRED DOLLARS $300.00 except in the case of repairs urgently required to preserve the property from further damage or deterioration or to safeguard the health or safety of the occupants, or as required by a local authority.
5. OUTGOING PAYMENTS
Pay all regular outgoings (as specified in Part 7 Regular Outgoings to be paid from your Rental Income) on behalf of the Owner as and when they fall due for payment, taking advantage of any discounts available, to the extent only that monies are held on behalf of the Owner to enable such payments to be made.  Water meter reading will also be arranged at the expiration of tenancy, and if special reading cost is not recoverable by the tenant then it is at the Owners expense
6. RESIDENTIAL TENANCY ACT
The owner acknowledges that any tenancy arranged in respect of the property is subject to the Residential Tenancies Act 1986, Residential Tenancies Act 2010 and any amendments thereto.
7. TERMINATION
The agency may be terminated by either party by giving not less than 30 days notice in writing, and no earlier than 180 days from commencement of this agreement. Should the termination of this agreement result due to the property listed for sale, while Residential Rentals Limited are in the process of securing tenants, the Owner agrees to pay compensation to Residential Rentals Limited to cover time and advertising at $250.00 + GST
8. AGENT LIABLILITY
Residential Rentals Limited shall use its best endeavours to ensure continuity of occupation at market rentals and maintenance of the property, but shall not be liable to the Owner for any default in payment of rent or any damage caused by any tenant or other payment due by the tenant or otherwise, whether or not the tenancy was arranged by Residential Rentals Limited.  Residential Rentals Limited or any other person employed by them or acting on their behalf shall not be liable for any injury or accident suffered by any person in or about the property managed by it in the terms of the authority.
9. EXPENSES

Residential Rentals Limited shall be entitled to deduct from the rent (or other monies collected) monies expended on behalf of the Owner as follows:

(a) A commission of 8.5% plus GST on all rents and outgoing payments (refer clause 5) in respect to the tenancy covered by this Property Management Agreement.

(b) Fees for Property Inspections are $100.00 plus GST per visit, per property. This applies to the regular 3 to 6monthly inspections (depending on your insurance policy). Inspections carried out at the end of a tenancy when the property is vacated are not chargeable as included in the letting process. 

(c)  Upon the completion of the Property Management Agreement Residential Rentals (if required) may withhold any funds necessary for outstanding expenses until finalised.

(d)The Owner will be liable for costs to the tenant for a one off, initial first time phone connection charged by Telecom to all new properties built. Residential Rentals Ltd will reimburse the tenant from the owners account upon proof of Telecom invoice. This applies to all new properties built...

Water rates shall be paid direct to the Council either by you, the owner or forwarded on to Residential Rentals Limited to make payment on your behalf. A full copy of the account must be supplied to Residential Rentals Limited (both front & back pages of the invoice). If payment of the account has already been paid by yourself (the owner) or you have set up an automatic payment with the council please clearly mark the account as PAID before supplying us with a copy to avoid double payment. Residential Rentals Limited shall then on charge your tenant for the usage. Wastewater charges fall under the landlords responsibilities. Once we have collected the amount owing from the tenant, this shall then be credited to your account. Please note tenants have 21 days to reimburse for water used from date of charged by Residential Rentals Limited.          
10. PROPERTY INSPECTION
Residential Rentals Limited shall inspect the property three to six-monthly (depending on your insurance policy) and report to the Owner in writing. (Refer to clause 9 (b) for Fees).
11. AUTHORITY

Anything done by Residential Rentals Limited in terms of this authority:

1.  Shall be binding upon the Owner as if done by the Owner  personally, and

2.   If there shall be any writing requiring a signature by or on behalf of the Owner in the exercise of the authority hereby granted shall be good and effectual if executed by an authorised representative of the Agent on behalf of the Owner. 

12. EMPTY PROPERTY

As well as covering rental payments during the property being un-tenanted, the owner will also be responsible for the following costs whilst the property is empty:

1.  Power(More cost effective to connect the power in Residential Rentals Limited name in the interim of a property being vacant than to have the power company disconnect until a new tenant is secured).

2.  Cost to have the lawns mowed and gardens weeded.

13. WEBSITE
Residential Rentals Limited are authorised to display photographs of the property under this agreement on the website www.residentialrentals.co.nz
14.  APPOINTMENT OF SPECIAL CONDITIONS
Special conditions were inserted under instruction by a party to this appointment.

SPECIAL CONDITIONS:

I agree to the Terms and Conditions clause 1 to 14 this document:

PART 11 - DATE OF COMMENCEMENT OF APPOINTMENT

DATE:

PART 12 - SUBMITTING APPOINTMENT OF MANAGEMENT

BY SUBMITTING THIS FORM YOU ARE AGREEING TO THE APPOINTMENT OF RESIDENTIAL RENTALS LIMITED TO MANAGE THE PROPERTY AS STATED IN PART 3 OF THIS CONTRACT AND AGREE TO THE TERMS AND CONDITIONS STATED IN PART 10 OF THIS CONTRACT. THE PARTIES CONFIRM THAT NO LEGAL ADVICE AS TO THE CONDITIONS CONTAINED HEREIN WAS PROVIDED BY RESIDENTIAL RENTALS LIMITED ("THE AGENT").

DATE:

APPLICATION COMPLETED BY:

PLEASE PROVIDE FULL NAME.

NAME OF SECOND APPLICANT:

IF APPLICABLE.