Check with the Office of Fair Trading and Business Affairs for a list of approved financial institutions. The interest received is used to fund the operation of the Residential Tenancies Tribunal and community services to tenants and landlords. You must give the tenant a receipt for the security deposit and rent if they request it. Managing your own investment property sounds easy. It's just a matter of finding a tenant and watching the rent roll in.
Many people prefer to use professionals to manage their property rather than do it themselves.
Your property remains an investment while it is care for and there are tenants paying rent. A real estate agent has the skills to select the best tenants for your property. Many agents also have access to sophisticated tenant reference services to ensure that your property is not rented to tenants who do not pay their rent or take care of your property. An agent has effective rent collection procedures to ensure that outstanding rent is followed up quickly and, if necessary, the tenant evicted as soon as possible to allow for another tenant who is prepared to pay the rent. Having regular financial statements will be invaluable for you at tax time.