NolemoNZ

How to use nolemo.nz RealEstate application.

 

Nolemo.nz RealEstate application was created to help those looking to buy rental properties to find properties that satisfy their search criteria i.e. location, price, No. of bedroom, floor area, land area etc. It also allows you to calculate potential rental return on a given property to help you in making decision on whether to buy the property or not and if buy, how much to offer to make it successful investment. The main difference from Trademe and other property search websites is that once subscribed to nolemo.nz RealEstate, you need to set up your search criteria once and it will do all work for you. You won’t need to go to the website every time you want to check latest listings. It searches all the listings matching your search criteria and saves and stores them under your account. You then can look through the listings, check their details and preform calculation for the ones you liked.

Below are the detailed instructions on how to use the application.

Logging in to your account and changing password.

Once subscribed to nolem.nz RealEstate, you will be given user ID and temporary password to log in. go to www.nolem.nz and click “Log in” in the top right corner. Enter your user ID and temporary password and press “Log in” button. This will get you to a Dashboard of your profile.

Click on Settings in the left-hand side menu. Then go to Change password. Enter the temporary in the “Old password” field and a new password in the “New password” field. Your will also need to confirm your new password in “New Password Confirmation” field. Press “Save” and your password will be updated.

 

Setting up search criteria.

To enable Search you need to set up your search criteria following below steps:

1. Go to Settings menu on your left-hand side
2. Click on Houses Filters. Here you can create as many filters as you like. By default title photos of listings are shown for each selected listing. If you don’t want it to be shown, untick the box “Show title photo”. You will still be able to see all photos of the property under the property details.
3. Click on “Create filter” button. Select preferred area/s (you can select multiple regions for a single filter or create separate filters for each region). Ticking area will automatically include all the suburbs. To remove suburbs you are not interested in, press “+” sign by the name of the area and in the appeared list of suburbs untick boxes against unwanted suburbs.
4. Enter name for the filter in the Filter Name field
5. If you want to search within a certain price range, enter fill in Price from and Price to fields
6. Choose pricing method from the provided list or include all by clicking Select All.
7. You can also filter by Government Value providing “from” and “to” values in the relevant fields
8. Enter “Ratio to government to Price from” and “Ratio to government to Price to” values if you would like to use these criteria for your search
9. Enter number of bedrooms
10. Enter number of bathrooms
11. Specify land area by choosing from the list of values or entering your own value by clicking on Custom value
12. Specify floor area (can also choose from the list of enter custom values)
13. Choose property types. By default all property types are included. To include residential property types only click on Select Residential types. The field will get populated with the residential property types. If you would like to remove some of the types, press “x” sign by the type name. To add other types, click on Select other types. Again, if you don’t want all of them to be included in the search, remove unwanted ones by clicking “x” on the types
14. You have an option to search properties with Open homes only or properties with an address only by ticking relevant boxes
15. Field “Keyword” allows you to enter extra criteria for your search. For example, you want to find properties with a pool only. Enter “pool” here. If listing details contain word “pool” in the property description it will be filtered to your search. You can add as many words as you like separating them by space
16. Specify number of car spaces
17. Tick “Ensuite” box if you want only properties with ensuite to be filtered
18. Specify an age for the listings in the “Listing age (days), not more than” field. For example, if you would like to get listings listed no more than 1 month ago, put 30 in this field
19. Tick box “Disabled” allows you to disable the filter in case you want just create it now but use later. Leaving it unticked, makes the filter an active filter.
20. Press “Save” button to save your filter. Reset button is used to clear all entered data and start all over again. Cancel is to cancel creation of the filter in case you change your mind.

You can edit/delete filters later if needed. To edit click on a blue pencil icon under “Actions” column and make necessary changes. To delete press  a red rubbish bin icon and confirm deletion.

Setting up user’s constants.

Next step is to enter values of the constants that will make your buying rules.

Go to User’s constants under Settings menu. You will see this table:

Enter all necessary values. Some of the values are already set by default like loan deposit is set to 40% and new build loan deposit to 20%. Vacancy rate dafault value is 2 weeks. These all can be changed. Press “Save” button after you’ve entered required values.

These values will be shown on each property performance calculation so that you could compare your calculated values with the ones you are aiming to get from a rental property.

Setting up Region and City constants

This is used to set a capital growth value for the region/city.

Go to “Settings” menu on you left hand side and click on Region and City Constants. You will see a drop down menu with a list of cities in alphabetical order. Choose the city you would like to buy a property in. Capital growth field will get populated with a global value  which is a value taken from QV website. If you have different data from some other source, you can change this value. Press “Save” to save entered value.

Now you’ve entered all data required for the application to search properties that meet your criteria and perform calculations on the properties you’ve liked.

 

Working with your listings.

Once you’ve created a filter with your search criteria, the application starts searching properties that matches the criteria. To see filtered listings click on Listings menu on your left hand side and choose “New” from the list. New page will load with the list of properties as per your criteria. You can see some of the property details from here and can looks through the photos by clicking on photo. To check all details, click on a link with property address.

If you like the property and would like to see what rental return it could provide, click on “Like” button. If you are not interested, click on “Dislike”. If you are not sure whether you like it or not, click on “Still Thinking”. Properties that you “Liked” will get in the list of “Liked” under Listings menu. You will now be able to go to their details and see the result of calculations. Disliked properties goes in to the separate Dislike list. You can still go back to them and change their status to “Liked” or “Still Thinking”. Properties from the Disliked list will be stored for … days and then deleted.

You can also go back to properties in Still thinking list and mark them either Like or Dislike.

 

Working with “Liked” properties

When you click on the address link of the “Liked” property, you’ll get on to the House data page. Under the property’s details and “Dislike” and “Still Thinking” buttons, there are two tabs “My data” and “Calculator”.

Before going to Calculator, you need to enter values for “My Data” that are required for calculation.

Property Data:

1. Rent per week: you can use figure from the listing (if provided) or request a rent appraisal from the listing agent. You can also request an appraisal from a local property manager. Alternatively, if you know the area well and can estimate yourself what rent return can be achieved for similar properties in the area, you can enter your value.
2. Appraisal type: You have three options to choose from:

Current rent is what the property is currently rented for

Agent provided rent appraisal: appraisal from the listing agent

Property Manager appraised: when you get an independent appraisal from a local property manager

3. Tick the box Owner occuiped if applicable
4. Title type: choose a property type from the drop down list
5. Government Value (not required): property value as per local council data
6. Market/Registered Value (required): if you have official report from a valuer, use that value. Otherwise , you can use either your offer price value or Asking price
7. Check New Build box if it is applicable
8. Fenced: choose from a drop down list
9. Reason for selling: if you know a reason enter it here
10. 10 year flooding/100 year flooding: tick either of or both of these boxe if you have checked the flooding map for the city/region
11. Notes: put any additional info you have about the property i.e. your observations from viewing the property

N.B. For some of the areas there are extra information/buttons available in the Property Data section of My Data.

GV check – gets you to a council website where you can search the property and check it’s current value

Order LIM, Order Property Bag – takes you to relevant pages of a council website

Go to council website – takes you to the council website

Council phone number – in case you want to contact local council in regards to the property

Email to Council – creates a new email  to a local council from your mail application

Check flooding plain – takes you to a gis map of the area

Expenses:

1. Council rates: put rates amount for the property
2. Insurance: home insurance for a property. You can request an insurance broker to provide a quote for you. We recommend to include landlord protection insurance as well. As indication only, for 3-bedroom house premium will be around $1300-$1500, for a 2-bedroom house – $1000 – $1200, for a 1-bedroom house – $800 – $1000. But again, we encourage you to do your own research on this as it’s individual for every property.
3. Annual Repairs/Maintenance: how much you think it would cost to repair/maintain the property per year. As indication only, maintaining average 3-bedroom house would cost no less than $1500 – $2000, 2-bedroom house – $1100 – $1500, 1-bedroom house – $800 – $1100. Again, we encourange you to conduct your own research on this.
4. Body Corporate Fees: if a property you are after has a body corporate on it, request a body corporate fees from an agent and ask them to specify what is included in it i.e. insurance, outside maintenance. If insurance is included, put “0” in the “Insurance” field unless you want to include a landlord protection insurance in your calculations.
5. Renovations: if you want to do some renovations on the property whether it’s just a cosmetic improvements or major renovations, estimate the costs and put the figure here. This is one-off expenses so it doesn’t add up to the annual expenses for the property. However, it will reduce your offer price for the amount you need to perform the renovations unless you have extra money and are willing to invest on top of the offer price. Don’t forget to deduct the reno costs from what you are going to offer for the property.
6. Other Annual Expenses: here you can add any other expenses on top of that under annual repairs’maintenance that you think needed to be included in the calculations. Enter key word for the expenses and a value and press “Add”. You can add as many expenses as you like. The system will give you a total of the “Other expenses” that will be added to the calculations.

N.B. For some areas there is also Check council rates button available under this section of My Data. Press it and you’ll be taken to a council website where you can search the property and find out the rates for it.

Offer Data

1. Offer Price: put your offer price here
2. Walk Away Price: Maximum you are ready to pay for the property
3. First Offer Date: date you’ve put your offer in
4. Revisit on: if

5.Date Sold:

6. Sold for:

Now all the fields are completed, press Save and go to the Calculator tab.

 

Working with the Calculator:

1. Check box Managed: ticked by default suggesting that property will be managed by a property manager. Untick it if you are going to manage the property yourself.
2. Property’s Manager Comission: you can use a value that you’ve set for the comission under Settings/User’s Constants by pressing User’s value blue button. You can also use different value if different comission is charged by property managers in the area the roperty is located. Finally you can use global valuie which is a standard rate used in the chosen area.