Excellent outcome! Good on you for taking action.  It sounds like you're going to have a more positive experience with the new manager.

Let there be abundance for all.
Vicky

When you're doing your research for the new property management company, ask them what their vacancy rate is too.  And, find out if some times of year are generally easier to tenant than others.  As you've already experienced, Dec/Jan is a hard time to find a tenant!!

Here in NZ, I put all my tenants on a fixed term tenancy, so that I HAVE CONTROL of when they leave; if necessary give them a fixed term of an odd number of months, and be up front with them, tell them why you're doing it.

Generally speaking, you don't want a tenant vacating your property in Dec or Jan, or in the winter as it will probably be harder to tenant.  So design their fixed term tenancy around periods when there will be more renters looking for accommodation, and you'll have less vacancy.  What I do is visit the tenant about 6-weeks before the fixed term tenancy is about to expire, and ask them if they're planning on staying.  If so, they enter into another fixed term to my liking, if not, at least I have lots of lead-time to find a new tenant, and know exactly when they'll be leaving/paid up to.

And lastly, be firm with the property management company. It's your property, you tell them how you want it run.

Cheers,
Vicky

Sounds to me like you need to kick your agent for touch!  Two months is a long time to be vacant and it sounds like they are not focussing on filling your property.  Find somebody else who knows what they're doing!!!!

Good luck, I'm sure it'll get sorted.
Vicky

V8GHIA – Sapphire's post regarding lending in NZ is correct.  Most banks are requiring 30% deposit from Aussies.  Us Kiwis can get away with 20% if we can show good serviceability.  You will need bank accounts set up in NZ for ease of transacting rental income and mortgage payments.  Roost mortgage brokers, who facilitate Kiwibank loans, are required to meet you in person before a mortgage will be given.  

SAPPHIRE – email me (go to my website for details) about your $800/week income 7% deal, with more info, i.e. what suburb, so I can give you informed feedback.  Personally, in the Hawke's Bay, a multi-income 7% yield would need to be in a super good area and in mint condition.

I prefer to be hitting the 8.5% + for multi properties in either Napier or Hastings.  As an example, I have a 9.57% 2-income property, recently refurbished (3-bed house and separate 2- bed house on one title) returning $530 week coming available late next week.  With a 30% deposit and 7% interest rate mortgage, it is $5000 positive a year on a principal & interest loan and $8000 positive on interest only. 

I look forward to meeting you when you're over this way.

Cheers,
Vicky

Ian, if you get over to NZ and come to the Hawke's Bay, contact me via my website and I'll give you the "grand tour". 

Cheers,
Vicky

Maybe the people running this forum could create a "BS" section specifically for spruikers to post in.  Our NZ site, Property Talk, has a special section called "caveat emptor" where the spruikers can post deals to their hearts content!!!

Just a thought …..
Vicky

Ah yes, Tokoroa!!   Tok was good to Steve in the early 2000s, he had so many houses there at one stage — all painted the same colour — that you could drive around Tok and know exactly which ones he owned!! 

Personally I would not be buying in Tok these days due to the GFC, and especially if you're a remote landlord, you'll be wanting a more stable location with better upside growth. 

There is talk of interest rates rising after the budget in May, so if you're planning on buying here in NZ and want to lock in a good long term low rate, do it before the middle of the year.  I can also recommend getting yourself pre-financed as that will help with negotiations if you know what you can fund and are able to make good solid cash offers.

Vicky

BLOGS – you're right, achieving massive growth over the coming few years is going to be virtually impossible compared to the last 10 years, however what we are in NOW is CASHFLOW SEASON!!!!  It's currently not about growth, we are in the "winter" season of property, it is now all about CASHFLOW, CASHFLOW, CASHFLOW.  And, there is TONS of it out there.

So, really, it's just a different strategy that needs to be applied to meet the requirements of the situation.

My 2 cents worth!
Vicky

SCOTT NO MATES – I always contract with lots of due diligence that I can back out on.  Have never been caught with a property I don't want. 

LINAR – Amen. Thank you!!!!

SHALES – Yes, bird dogging will definitely give you the confidence and you'll get really good at writing contracts!!   It also depends who you want to work with,  i.e.  the main audience you sell to.  My understanding of "buyers agent" in Oz is that you could be selling to mum-and-pop wanting a home to live in, i.e. a "purchase of the heart".  That is VERY different to what I do.  I only sell to investors, and the purchase is purely a bottom-line, do-the-numbers-work purchase.  Much more black-and white than selling family homes!!  Personally, I don't like the "advisor" role as I feel I could tell someone the wrong information that really doesn't work for them investment wise.  I find it much safer to just deliver what the buyer wants.  That said, I do work with advisors, but only on the finding end.

Vicky