We undertake management of both commercial and residential prooperties with a personalized approach to each of its landlord. We have a team of highly skilled and experienced property managers, caretakers and accountants using the latest property management technology to keep track of your property. Our services include collection of rent, negotiation and lease administration, maintenance of buildings, preparation of leases.
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In Kenya there is an increasing number of people who are investing in real estate because of various incentives. Real estate subsector is very lucrative and has high Returns on Investment (ROI). Furthermore, the Kenyan Government has given it the priority in its development agenda otherwise known as Big Four Agenda. This means that developers in this subsector are likely to be accorded incentives like tax relieves and highly subsidized loans from relevant government entities. For the landlords with properties generating income, you realize that to be able to manage your property effectively and efficiently is challenging. It is also possible that you are engaged in some other business and to be able to juggle your craft and property management is hectic. In order for you to save yourself from the challenges and stress associated with real estate management, it is advisable to hire a property management company or real estate agent. This article will explain various reasons why landlords should consider using property management companies in Kenya to manage their properties.
The property agents are good at marketing and can promote your property through a variety of channels. Professional property agents have done thorough research and are likely to know where clients are found. To reach the prospective clients, they impressively package their information and target their right audiences using channels like social networking sites, mass media and billboards. Through marketing, property is occupied fast and the landlord is assured regular income.
Professional real estate agents in Kenya are able to handle the property application process thoroughly. This ensures that only serious applicants are accepted to occupy the units. Most landlords may not handle this screening process well and may let in tenants who are problematic. Property agents have undergone thorough training to be able to isolate serious customers from jokers. Furthermore, the agents help customers fill in the forms to ensure that important information is captured.
Professional real estate managers do a thorough inspection of the property and write a comprehensive report for the landlord. This report helps the landlord to understand what needs to be done to further improve their property status. The report also assists the landlord understand what has worn out within the property and needs replacement. Through such reports, landlords are able to know what needs to be done and are able to set appropriate budget for it in the future. It would be very difficult for the landlord to do a thorough audit of their property and indicate what needs to be done. This is because landlords are not trained on property inspection and lack the skills to perform this exercise.
Repair work will be carried out on the property from time to time. Property agents in Kenya ensure that sections of the property that needs repair are mended accordingly and timely to lessen complaints from tenants. Property management firms have a list of contacts for people or contractors who can do the repairs quickly and efficiently at friendly prices. Real estate companies know the professionals who are needed from time to time like plumbers and electricians and call them when they are needed arises. The property management companies may also have their own departments dedicated to repair work. Most landlords might not know who to contact when repair needs to be carried out. Furthermore, they do not understand the prices of each repair and may be exploited by unscrupulous individuals. The landlords might delay to attend the repairs in good time and make the tenants vacate the property thus losing income.
Financial reports are important when filing tax returns. Real estate agents in Kenya have professionals who prepare comprehensive financial reports on properties on behalf of the landlords. These reports may be used for various purposes for example when filing tax returns or may be required by banks and other financial institutions when the landlord wants to process a loan facility. It is not possible for most of the landlords to prepare these financial reports since they are not trained to do so. If the landlord manages their property alone, it would be very difficult to file tax returns and hire accountants who might exploit them. In order for the landlord to get accurate financial reports about their property, it is advisable to let real estate companies manage their property on their behalf. Furthermore, when real estate agents manage properties on behalf of landlords, the latter is highly regarded by institutions like banks and may shorten the process of accessing a loan facility.
Timely rent collection is an important activity that ensures that the landlord receives income from their properties without delay. However, some tenants are slippery and may not adhere to the set schedule. It is hectic and frustrating for the landlord to manage such tenants. To ensure that they receive their rent on time without any excuse, it is advisable for the landlords to use the real estate agents. The agents have strategies and tactics of handling difficult tenants and may not condone any excuses. Furthermore, these agents are well conversant with the relevant tenancy laws and may initiate moves to evict a difficult client in accordance with the relevant statutes. The real estate agents have had many scenarios where they have handled difficult tenants and have enough experience on the best approach to apply when handling such tenants. If the landlord were to handle such a difficult tenant, it would be a very frustrating experience because the tenant may start citing some laws that protect them and may say that they have a valid reason not to pay rent on time. To protect themselves from such tenants, let the landlord hire the services of professional real estate companies.
The property management companies may offer important suggestions on some minor changes that may be performed on the property to be more attractive and fetch good income.