Things to know as a Landlord in Kenya
When associating with occupants, it entails one to have tolerance since they come in different behaviours, perceptions and weights. As a beginner, the idea of managing property in Kenya and the different individuals living in the property may tend to terrify you grounded by what you hear from those who are or were landlords/landlady. Nearly all the whys and wherefores that may contribute to a second thought about renting out your house/apartments include: late payments, cause damage to the house, rude tenants and over-dependency of tenants. they could make you go bankrupt and others will just drive you nuts.
The likelihood of the above happenings can’t be fully ignored and one can find himself/herself over-burdened by the quantity of slog that come with the tenants. For a Landlord to have equanimity, a manual guide with landlord instructions will come in hand that will make the tenants act accordingly in ways that agrees with the business model. Auspiciously, BuyRentKenya has exactly what’s needed on ways of becoming a successful landlord in Kenya.
how to become a successful landlord.
- Rent Assemblage
Some landlord/landlady literally run around town to single-handily collect rent manually and this has to come to an end. This becomes a tiring job and not safe to be precise. Record keeping becomes a struggle as some receipts may disappear or blown away by wind. Currently, most landlords prefer one going to deposit the rent to the allocated bank accounts, online payments (MPESA) or through the house agents or caretakers.
- Business information systems
Having the required business information systems for accounting (proper record keeping, updated accounting books) and Customer Relation Management Systems (CRMS) to handle the customer database will help in management of both your finances and customers and to keep up with your personal achievements.
- Be Well-informed
To tackle trials that come along with being a property-owner in the near future, it is advisable to have ample knowledge on the kind of property you are dealing with and the best suggested ways is to do your research on property ownership through reading real estate articles/blogs, networking with other landlords as well as attending property management fairs.
- Creating Rules
You can’t take up a responsibility without setting out clear rules and policies to run an organization if employed or running your own company. The same applies to running a rental property in Kenya, where one has to set out rules that tenants have to follow such as garbage collection should be on Mondays, rent should be paid before 5th of each month. run a rental t
- Quality Product
Building and maintaining the property to high quality standards and running the business more professionally tend to attract the right kind of tenants. Once a tenant vacates, doing repairs as soon as possible guarantees faster occupation even at an extra cost.
- Outsource Repairs
If a tenant does complain of some faultiness, it is advisable to outsource an experienced technician who will confidently do the job well to avoid a repeat of the same and this should be done immediately. The landlord should not wait for the tenant to complain more than 10 times for him to do the repairs or when the tenant threatens to vacate as is a trend in most apartments.
- Tenancy Agreement
A tenancy agreement is signed by the tenant before moving in. The landlord should ensure it contains all the necessary information that pertains the property and the rules set out clear and precise. This will be of importance in case there is a disagreement or miscommunication between the tenant and the property owner especially when the tenant wants to vacate.
- Rent Deposits
The landlord should never let the tenant use his deposit to offset the rent arrears unless the tenant is vacating the property. In addition to which the landlords should ensure a refund of deposits to the tenants in time with their vacating period to avoid misunderstandings.
- Late Fee
Tenant is late on rent payment for various reasons. It may seem like a cruel thing to do, however, charging a late fee will help you to collect your rent on time. If you charge a late fee, they will always make a point of paying early and will know that rent is a priority when they are aware of the extra late fee.
- Family and Friends
It may seem to be the most honourable thing to do by renting out to your friends and families but they tend to be the most stubborn and carefree individuals to rent out to. They tend to delay rent payments, expect favours in case of additional expenses and this may pull your business down the drain.
These 10 tips will assist you to become a successful landlord and avoid heartaches.