I know landlords and developers in Nairobi and all over the country can second me when I state that as soon as a development starts, they are flocked with proposals from property managers. A new developer would most often question why they would need a property manager and would prefer to dive in solo. A developer who has been in the business for a while would shrug his or her shoulder thinking “I have secure tenants who pay on time every week, always leave the property in perfect condition, and nothing breaks how hard could it be?”
However things rarely go as expected and the fact that you are dealing with different people (tenants), you should expect the unexpected. Property managers in Nairobi offer a middle ground between you and the tenants, allowing you to focus on other things and worry less about the tinny tiny things going on at your property while you enjoy your returns.
Now, let’s dig right into why you need a property manager.
Discernment of the Laws and legislations
There are laws that govern renting a property in Nairobi. These laws are meant to protect the interest of both the tenant and the landlord. The tenant has a right to a quiet and peaceful environment while the developer is offered protection from bad tenants.
Understanding and navigating these laws and legislation can be difficult for the landlord to deal with on his own. This is where the property manager comes in. The property manager is up to date and has all these laws at his fingertips.
He should be in a position to advise landlords and tenants on the best way to avoid breaching these laws. This will provide peace of mind for the investor, helping them avoid lawsuits or fines.
Advice on the market
The market is rapidly changing with economic growth. New apartment blocks are being erected day in day out the change in the demand and supply curve.
You might find that you could be charging less than what the market requires or maybe you are overcharging and this might cause a glitch when trying to get tenants.
A property manager is supposed to conduct a rental survey in the area and come up with a reasonable figure for your property depending on the type of accommodation.
Lesama Limited a property management company in Nairobi, we carry out a rental survey collecting data on the neighboring rental properties and come up with an average amount to charge. This helps our clients maximize profit and makes it easier to get tenants into the property.
Marketing is part of the job description of a property manager. With the right kind of marketing, your property is likely to get high-value tenants as quickly as possible. The property manager has excellent knowledge on how to effectively market your property to the right target audience and secure a good number of tenants.
Lesama Limited has ventured into digital marketing where we tackle our potential tenants online using social media platforms, a well-designed website (www.lesama.co.ke), a few e-commerce sites and paid advertising. With these forms of advertising, you are less likely to have vacant houses in your property.
Tenant selection process
Getting tenants is not a hard nut to crack, but getting good tenants is the challenge. Often it can be a cumbersome process if you decide to do it on our own. You can relax and let the property manager work on that.
After the property has been well advertised, tenants will start showing interest of renting the house. Here the property manager is entitled to taking the prospective tenants for a site visit showing them around which is a time-consuming practice. Also, the property manager is able to tell if this is a potential tenant, whether they are able to pay the rent comfortably and keep peace in the property.
Lesama Limited has a workable way of selecting tenants where every potential tenant is supposed to fill in a “Tenancy Application form” that gives details of the prospect to determine the type of person he/she is.
Maintenance and inspections
Maintenance and inspections will all be organized by your property manager. If the tenant has any complaints, the property manager is required to inspect and organize repairs. The property managers have a good rapport with people who offer maintenance services and supply companies thus often get discounts.
A property manager will also arrange and conduct regular inspections, providing you with a detailed report after they have been completed.
This is the most difficult task of all. Sometimes tenants can prove difficult when it comes to paying their dues at the end of the month. The property manager ensures the rent is paid when it is supposed to, keeps records of who has paid and deals with the defaulters using legislated methods. This eases your work as a landlord, you just sit and wait for the returns.
I bet you do not have time for all the paperwork. A single property has a lot of paperwork to be done and bills to be paid in due time. The property manager ensures that all paperwork is completed correctly and is correct to legislation and laws. Water bills, electricity bills, garbage bills and employees’ wages are paid in time to avoid inconveniences to the tenants.
A property manager is an essential piece of any investment property. They allow you to get the most out of your investment while advising you on the best practice to follow. To get the most out of your property have a chat with Lesama Limited.