Whatshot

The rental market within the greater Ballito area can be described as buoyant. The migration of families into the area, notably from Pretoria and Johannesburg regionally and from the suburbs to the south of Ballito locally, are driving the demand for rental accommodation as people seek out better lifestyle opportunities and better value for money options. Having direct interaction with hundreds of tenant and landlords annually our Seeff Dolphin Coast office is well positioned to advise Landlords on how best to participate in the rental market. There are five key aspects that should be considered by every Landlord:

(1) Have a realistic overview and insight into the rental market. Understand what your expected gross rental yield should be and what your net yield after costs should be. Budget for repairs and maintenance items. Accept and understand that a tenant is unlikely to look after a property in the same way that an owner does. Knowing this, use specific strategies to ensure certain key areas of maintenance are kept in place by approved and trusted service providers such as a gardening and pool service. The rental income an owner receives on a property compensates that owner fully for all the inherit risks involved in accepting a rental. If your property is too precious to you, simply make the decision not to rent it. Damage deposits are used to provide a level of protection to an owner against careless behavior by a tenant. So how big are these damage deposits typically

(2) The second key recommendation is for a Landlord to spend money on improvements and upgrading aspects of the property at every opportunity. If you as an owner cannot afford to maintain the property or spend money on basic upgrades then you should sell the property at market value and invest the proceeds elsewhere as property ownership can be demanding on cash flow.

(3) Price the property correctly in terms of asking rental rate. The rental market is incredibly sensitive to small changes on asking rentals and a property that is only marginally over-priced could experience longer vacant time. Electricity and Water bills can be higher than expected at certain times of the year and can place additional strain on a tenant.

(4) Work only with professionals. Your property is too valuable to accept anything less than exceptional service and the best possible advise. The agent and agency you choose to work with is your partner in this endeavor and will require your support and willingness to attend to the responsibilities that come with property ownership.

(5) Demand detailed credit reports on each applicant prior to signing a contractual agreement. Tenant Profile Network and Payprop have outstanding credit profile reports that can be provided to their subscribers and leave no stone unturned in vetting and profiling each prospective tenant.

The lesson we have learnt is that a tenant with a history of poor payment performance will in all likelihood continue with that payment pattern. If a tenant cannot be transparent and forthcoming with information there is usually a reason for this.

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