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Making the letting process easier

A new online letting service for landlords who choose to self-manage their properties has been launched today.

Friday, May 20th 2016, 10:00AM

by Miriam Bell

TenantSource.co.nz is intended to make tenanting a property easier and cheaper for the large group of property investors who take a DIY approach to their assets.

TenantSource director Scott Dunn said consumer.org.nz information indicated that up to 60% of Kiwi investors manage their own properties.

“Our own research has identified that 20-25% of rental properties advertised each month are done so by self-managing property investors.”

It is this group of landlords that the company hopes to work with.

Dunn said the service will take care of the whole letting process – including advertising, viewings, the application process and the tenancy agreement – for landlords.

“We don’t make recommendations on the tenants to choose. That’s the choice and responsibility of the landlord. But we can provide them with the information they need to choose.”

Not only should the service take the hassle out of the letting process, but it is likely to be more cost and time effective for those who use it.

Landlords who use the service, which is available through the “super simple” website, will only pay for the online advertising of their property, Dunn said.

“They will get this for less than half the standard price of advertising thanks to the agency’s industry discounted rates.”

But if an investor does it all themselves they’re likely to pay almost $100 for advertising, Dunn said.

“Then they’ll have to spend several weeks arranging viewing times with current tenants, conducting viewings, collecting applications and then writing a tenancy agreement which adheres to the Residential Tenancies Act.

“We think that this service will be very useful, and provide good return on investment, to time-poor landlords.”

While the TenantSource service is currently only available to investors with properties in Auckland, Dunn said they also plan to launch it in, first, Hamilton and then Tauranga and Wellington over the next few months.

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 ▼2.69 ▼2.75 ▼2.99
The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼3.49
TSB Bank 5.34 ▼3.35 3.49 3.79
TSB Special 4.54 ▼2.55 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.65 2.69 2.79
Median 4.55 3.19 3.22 3.39

Last updated: 9 July 2020 5:00am

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