Rentals are expected to continue to rise slowly in 2018 as the challenges of home affordability and tighter lending criteria tighten their grip, but it’s a double-edged sword as the local market will come under increasing pressure from declining disposable income levels and people moving to Swazi Nation Land.
It’s essential to market on different platforms and to ensure photographs are professional, like this image of a three bedroom in Ezulwini which is in the market for E15million.
Landlords are not only facing stiffer competition in the marketplace, but also a growing risk of delinquency as consumers are squeezed further and further. It is therefore more important than ever to secure quality tenants and to do thorough credit checks, even for clients with high-income levels and unblemished credit ratings as the increasing debt-to-income ratio is putting pressure on consumers across the board.
Property24.com pinpoints the five key factors that significantly influence the calibre of tenant a property attracts and the time it spends on the market:
- Presentation
This is what first separates a property from the competition, and so it’s important that a home always be professionally photographed by a photographer with architectural or real estate experience. It is more expensive, which is why some agencies may skimp on this cost, so landlords must always be clear about their preference when it come to this.
- Marketing
Times are changing, and it is no longer enough for agencies to simply post your property on the internet and hope for the best. Social media plays an increasing role in exposing your property to its potential audience. Millennials are the emerging buying market, and the best way to reach them is through a medium they follow. However, it is a very competitive space, so your agent must be proficient on these platforms and willing to spend the necessary costs of ‘featuring’ your property. If not, your home will be lost in a vast sea of properties. Feel free to visit Mgilija Properties on Facebook (https://www.facebook.com/MgilijaProperties/) Tweeter – (https://www.tweeter.com/MgilijaProperties/) Instagram – (https://www.intsagram.com/MgilijaProperties/) or www.mgilijaproperties.com
- Professional agency
Select an agent like www.mgilijaproperties.com who is passionate and can take your property to the market with conviction and vigour.
Appoint a reputable agency with a history of successful rentals in your area. It should have a specialised rental division with an international footprint and relationships with top corporates, which is particularly important at the top end of the market.
- Professional agent
Select an agent who is passionate and can take your property to the market with conviction and vigour. Anyone can walk around a house pointing out the various rooms, but that is not someone who has your best interests at heart.
Additionally, property negotiations can be tough, with everyone looking to get a deal, so choose an agent with the courage to say “no”, and remember that the harder they fight to hold their commission is an indication of the level to which they will fight to get your rental each month and achieve a successful outcome should problems arise.
- Compliance
Find an agency that drafts a lease that is compliant with the laws.
While we have all heard the doom-and-gloom stories concerning property rentals, the reality is that the law makes every effort to protect the landlord in the event of a non-performing tenant.
However, one needs to make proper use of a lease agreement that covers all the aspects pertaining to rental properties, and an agency that understands these laws and drafts a lease that is compliant with the law.
It is therefore essential that investment buyers are savvy about where they purchase, and do their homework before choosing an area and a property. Landlords simply cannot afford to cut corners.