Tenant retention is key to commercial building profitability
As the main source of income for commercial buildings, tenants are key, highlighting tenant retention as a primary focus for building owners and managers according to Gregg Huntingford, CEO of Spire Property Management, who says that it is more cost-effective to keep your current tenants happy than to find new ones.
Tenant churn can significantly impact profits
Huntingford refers to “tenant churn”, and the related cost of moving and installing tenants. “Turnover of tenants is costly and recruiting new occupants involves significant costs."
Seven questions home buyers should ask their conveyancing attorney
Ownership of a property takes more than a signature on an Offer to Purchase, or for that matter the payment of the purchase price according to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who says the property needs to go through the process of transfer and needs to be registered in the new buyer’s name at the Deeds Registry Office, which is where the services of a conveyancing attorney are required.
According to Goslett, the process of purchasing a home can be complicated, and there are several aspects that buyers may be unsure of during the various stages of the transaction. He says there are a few questions that buyers can ask the conveyancing attorney that will provide them with more clarity and give them a better understanding of what is required.
Women in Property Conference coming to Durban on 11 Mar
A Women in Property Conference will be held in Durban on 11 March 2017, hosted by Ft_G Consulting Services in partnership with a KwaZulu-Natal property developer, Tongaat Hulett Developments and Durban contractor RGZ Propects.
“It will be a day of engaging in conversation around property entrepreneurship and information on entering into this exciting space. We bring you speakers from within the property investment industry, such award-winning entrepreneur Lynette Ntuli, industry leader Tshepiso Kobile and Regional Manager of NEF Phakamile Madonsela, just to name a few,” says Nozi Sikhonde, CEO of Ft_G Consulting Services.
“The Women in Property Conference is back for its first leg in 2017, and our first conference for the year will be hosted in Durban due to popular demand from the KwaZulu-Natal community.”
What are the obstacles facing new estate agents?
The real estate sector in our country is valued at approximately R7 trillion, with the subsidised sector being valued at R1.5 trillion according President Jacob Zuma, who says that less than 5% of the sector is managed by people of colour, and Africans in particular.
Jan le Roux, Chief Executive of the Real Estate Business Owners of South Africa (REBOSA) representing the vast majority of residential estate agencies in South Africa, concedes and says that according to available statistics, around “5% of estate agents registered with the Estate Agency Affair Board (EAAB) are black - the residential sales market is undoubtedly dominated by white agents”.
EAAB costs and compliance requirements are prohibitive, he says.
How to keep tenants on your side when it's time to sell
With the economy still in slow mode, some property investors are having to sell their rental properties to reduce their debts or raise cash, but are finding that this can be very tricky if they still have tenants in place.
“In fact, tenants can make or break your sale if they decide to be difficult, which is why most estate agents would recommend that you should wait for the current lease agreement to expire before you list the property for sale,” says Greg Harris, CEO of Chas Everitt Property Rentals.
“This may be especially important if you have disgruntled tenants, or they are really unhappy at the thought of having to hunt for a new home and move to somewhere less familiar and possibly more expensive.”