admineconomic factor pushing for another mode of income and on the other is the fear of the blatant disregard of value displayed by a few uncaring tenants on other related properties. One is juxtaposed on the decision of whether to engage a tenant with the uncertainty of on time rental income with proper property maintenance or whether to leave property without tenants and maintain value.
The prospective property owner is faced with the predicament of whether to engage an estate agent for a professional service or to self-manage the property and retain all rental income.
Both directions have their pros and cons and one has to weigh them before establishing the best route to take.
This is on a case-by-case basis and it will be reckless for the author to put a blanket conclusion on what the best method to choose will be.
If one decides to engage an estate agent, the process of selection is not to be undertaken nonchalantly. A stringent vetting system is to be adopted. Where possible asking around about the history of the agency with regards to property management will be a good start. The general misconception is that because an estate agent is big on sales will equate to exceptional management or vice versa.
While vetting the agency itself one should also ask about the agency’s own vetting process with their selected tenants. How they vet their prospective clients, what they consider their success rate in picking tenants, the problems they have had and how far they are willing to assist you given the tenant becomes cantankerous. After being fully satisfied that your property is in safe hands, allow the estate agent to do his job.
If one chooses to manage their property, it is necessary to investigate from other people who have successfully managed their own tenants and properties without engaging an estate agent. Although this process at first glance might seem like an unnecessary burden, it in most cases will prove invaluable after getting the right tenant.
The demand for rental properties to the unseasoned property owner is in most cases misleading. One is inundated by requests and concessions even exorbitant offers by prospective tenants to occupy property. It is like having a “‘must have” limited product at a ‘packed’ marketplace.
Non-existent relationships are sought and in some instances established in the hope of being chosen to occupy property. In some extreme cases, the prospective tenants propose monetary inducements.
To the weak that succumb, the norm is once the tenant secures the property, he reneges on the lease agreement, cannot afford to pay the rentals and some go to extremes of vandalising property. The cliché of the unvetted tenants is the ease with which they renege on the basic obligations of the lease conditions.
It is imperative to understand that the tenant will in most cases treat one’s property more or less the same way the property owner treated it. In this regard, it is invaluable that the prospective tenant understands the value of the property to the property owner. The property owner must also portray a real desire to improve the property and where possible actually execute improvements on the property.
- Vengai Madzima is a property consultant and analyst with Wisdom Properties and he can be contacted on email:[email protected]
Unactioned promises are a sign of indifference, which eventually will be understood by the tenant as the standard approach to affairs relating to property.
A well-painted house (interior and exterior) is a beauty and gives an impression that the property owner cares for his property, conversely making the tenant also care for property. Where finances are limiting actions then cleaning the walls will have the same effect. It is high ambition to expect a tenant to do to one’s property what one could not do.
Good security can never be understated especially in areas where security matters are of high concern, every tenant wants to feel secure both in family and property. These are just the primary requirements that go across the board regardless of where the property is situated.
When one finally engages a tenant especially on an investment property, suggestions by estate agent and tenant on improvements required on the property must be taken seriously as both are well versed with particular property. And such improvements will only enhance the standard of living for the tenant while total value of property for the landlord.
Online Reporter