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The Lighter Side of Property Management Volume 5

Introduction: Welcome to The Lighter Side of Property Management Volume 5 Inside you’ll discover the Hong Kong parking space that sold for an astonishing US$1.3 million and the worldrecord home built in just three hours, 26 minutes and 34 seconds. You’ll also meet the man who traded a red paperclip for a two-storey house, explore an extraordinary underground home hidden beneath Las Vegas and discover the surprising story behind a common household appliance. Plus we have five entertaining cartoons and three Brain Boost challenges. Our special bonus section takes you around the world to explore three unusual ways rental properties are handled in other countries. We hope this gives you a smile and a few interesting things to talk about. Warm regards Monita Keshwan Head of Property Management

The Lighter Side of Property Management Volume 5

The vacuum cleaner that stayed outside In 1901, British engineer Hubert Cecil Booth watched a machine clean railway carriages by blowing dust away. Booth wondered why it didn’t suck the dust up instead. To test the idea, he placed a handkerchief over a restaurant chair, pressed his mouth against it and inhaled. When dust collected on the cloth, he knew suction could work. His first machine, nicknamed Puffing Billy, was far too large to enter a house. A horse-drawn vehicle carried it to customers, where operators parked outside and fed long hoses through windows. Wealthy Londoners even invited friends to watch their carpets being vacuumed. Housework had briefly become a society attraction although the vacuum cleaner still needed its own parking space.

With the compliments of Barfoot & Thompson Papatoetoe

The Lighter Side of Property Management Volume 5

The house built in 3 hours and 26 minutes On December 17, 2002, hundreds of volunteers gathered in Alabama for a home-building project with an extraordinary deadline. In just 3 hours, 26 minutes and 34 seconds, they completed a three-bedroom, two-bathroom house. The team installed the walls, plumbing, wiring, insulation, appliances and flooring, then lowered a 6,350-kilogram roof into place. Before the clock stopped, volunteers also laid the lawn, planted shrubs and decorated a Christmas tree. The finished home went to Bonnie Lilly, a single mother and nursing technician who had applied to Habitat for Humanity three times. After two disappointments, her third application delivered a home worth waiting for. Built in a morning, with a fresh start intended to last a lifetime.

With the compliments of Barfoot & Thompson Papatoetoe

The Lighter Side of Property Management Volume 5

The house bought with a paperclip People acquire homes in some unusual ways, but Kyle MacDonald’s method may be the strangest. In July 2005, the job-hunting Canadian advertised a single red paperclip online, hoping to barter it for something better. He swapped it for a fish-shaped pen, then continued trading through a doorknob, camping stove, snowmobile and other increasingly valuable items. A KISS snow globe became a speaking role in a Hollywood film. Then the town of Kipling, Saskatchewan, offered Kyle a two-storey house in exchange for that role. Exactly one year after his first trade, Kyle arrived to find 500 people, the mayor and mounted police waiting outside his new home. Not bad for a paperclip!

With the compliments of Barfoot & Thompson Papatoetoe

The Lighter Side of Property Management Volume 5

The million-dollar parking space How much would you pay for somewhere to park your car? A few thousand dollars? Maybe considerably more if parking is particularly scarce? In Hong Kong in 2021, somebody paid an astonishing HK$10.2 million, around US$1.3 million, for just one parking space. It was at Mount Nicholson on The Peak, one of Hong Kong’s most exclusive residential developments. And this wasn’t an enormous garage with room for a Ferrari collection. The space measured just 12.5 square metres. That meant someone paid more for a tiny rectangle of concrete than many people around the world pay for an entire house. Apparently, when your home is worth a fortune, your Bentley needs somewhere equally expensive to sleep.

With the compliments of Barfoot & Thompson Papatoetoe

The Lighter Side of Property Management Volume 5

The hidden home beneath Las Vegas Imagine building an ordinary-looking Las Vegas home and then hiding something extraordinary underneath it. That’s exactly what businessman Girard “Jerry” Henderson did in the late 1970s. Beneath the property sat an astonishing 15,000-square-foot underground residence protected by a huge concrete shell and covered with earth. Built during the Cold War era, it was designed as a secure and self-contained private retreat. But this was no gloomy bunker. Inside were bedrooms, living areas, a full kitchen and even a swimming pool. Artificial trees and painted ceilings helped create the illusion of being outdoors. There was even a putting green, a dance floor and lighting that could simulate different times of day. Henderson didn’t just build a home underneath Las Vegas. He built his own private world and then buried it.

With the compliments of Barfoot & Thompson Papatoetoe

The Lighter Side of Property Management Volume 5

Brain Boost: How sharp is your thinking today? No calculators. No Google. No AI. Just you and your brain! Spend about 60 seconds on each challenge before turning to page 11 for the answers. Challenge 1 – The Striking Clock A clock takes five seconds to strike six o’clock. How long will the same clock take to strike twelve o’clock? Challenge 2 – The Three Switches Outside a closed room are three light switches. Only one switch controls the light bulb inside the room. You may operate the switches however you like, but you may open the door and enter the room only once. How can you work out which switch controls the light? Challenge 3 – The Nine Dots Connect all nine dots using four straight lines, without lifting your pencil from the page or retracing any line.

Answers on page 11. Don't peek until you've had a go!

With the compliments of Barfoot & Thompson Papatoetoe

The Lighter Side of Property Management Volume 5

Around the world in three rental properties Here in New Zealand, renting a property is usually reasonably straightforward. The tenant pays a bond, agrees to pay a weekly rent and moves into a home that normally comes with important features such as flooring, a kitchen and a working bathroom. However, rental property is handled very differently in some other parts of the world. In one country, tenants may hand their landlord more than half the value of the property. In another, they may have to supply their own floor. Here are three fascinating examples. South Korea: Pay a fortune now and live rent-free Imagine renting a home worth $800,000 and handing the landlord a deposit of $500,000 or more before you move in. South Korea has a traditional rental system called Jeonse. Instead of paying monthly rent, a tenant provides the landlord with an enormous lump-sum deposit, commonly worth around 50% to 70% of the property’s value. The tenant then lives in the property without paying conventional monthly rent. At the end of the tenancy, the landlord is expected to return the deposit. So how does the landlord make any money? While the tenant is living in the property, the landlord can use or invest the deposit and keep the income it produces. The tenant’s cost is the interest or investment income that money could otherwise have earned. It is rather like paying several years’ rent in advance. With the remarkable difference that you are supposed to receive the money back when you leave. With the compliments of Barfoot & Thompson Papatoetoe

The Lighter Side of Property Management Volume 5

The Netherlands: Please bring your own floor Most New Zealand tenants expect a rental home to include a floor. In the Netherlands, some unfurnished rental properties are handed over with bare concrete or an unfinished subfloor. The new tenant may need to buy and install their own carpet, laminate or other flooring before the home feels ready to live in. Even more surprisingly, when the tenancy ends, the departing tenant may be required to remove the flooring and take it with them. Sometimes an arrangement is made for the incoming tenant to buy the flooring from the person moving out. If that does not happen, the flooring may have to be lifted and removed. Even though the next tenant will probably want a floor as well. Moving home is already hard work when you have to pack your furniture. Imagine adding the lounge, bedroom and hallway floors to your moving list. Germany: Would you like a kitchen with that home? In New Zealand, even an unfurnished rental property will normally contain a fitted kitchen. That is not always the case in Germany. Many German rental apartments are advertised without a complete kitchen. A tenant may discover an empty kitchen room with plumbing and electrical connections but no cabinets, worktop, sink or appliances. The tenant then buys and installs a kitchen that suits their own taste and budget. When they eventually leave, they may sell the kitchen to the incoming tenant, dismantle it and take it to their next home, or try to negotiate another arrangement with the landlord.

With the compliments of Barfoot & Thompson Papatoetoe

The Lighter Side of Property Management Volume 5

This makes more sense when tenants remain in the same property for many years. However, it can still be a considerable surprise for newcomers. In New Zealand, tenants take their pots, pans and toaster when they move. In Germany, they may take the cupboards, benchtop and kitchen sink as well. Every country has developed its own rental traditions. What seems completely normal in one place can appear extraordinary somewhere else. So the next time moving home feels difficult, spare a thought for the tenants who must organise an enormous deposit, install a new floor or bring their own kitchen. Brain Boost answers Challenge 1 – The Striking Clock The answer is 11 seconds. Six strikes contain five intervals. If those five intervals take five seconds, each interval lasts one second. Twelve strikes contain eleven intervals, so the clock takes eleven seconds to strike twelve o’clock. Challenge 2 – The Three Switches Turn on the first switch and leave it on for several minutes. Turn it off, turn on the second switch and then enter the room. If the bulb is glowing, the second switch controls it. If the bulb is off but warm, the first switch controls it. If the bulb is off and cold, the third switch controls it. Challenge 3 – The Nine Dots The four lines must extend beyond the imaginary square formed by the nine dots. This is a classic example of thinking outside the box.

With the compliments of Barfoot & Thompson Papatoetoe

The Lighter Side of Property Management Volume 5

Barfoot & Thompson Papatoetoe Partnering with Barfoot & Thompson Papatoetoe brings you the strength of Auckland’s most trusted real estate agency alongside dedicated local experts. Instead of handling stressful day-to-day issues, you can sit back and relax, confident that your investment is in safe hands. Backed by a 100-year family legacy and a network managing over 20,000 rental properties, our Papatoetoe team offers unmatched scale and deep local market knowledge. We know the area well and can give you the best advice and service tailored to the local community. We maximise your returns and minimise vacancy through a rigorous tenant selection process and an extensive database of quality applicants. With regular market rent reviews and consistent occupancy, we make managing your rental property completely stress-free.

With the compliments of Barfoot & Thompson Papatoetoe