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CategoriesNews and Opinions

How Property management Maintains the value of the property.

Property management is the overseeing of residential, commercial and/or industrial real estate, including apartments, detached houses, condominium units, and shopping centers. It typically involves the managing of property that is owned by another party or entity. The property manager acts on behalf of the owner to preserve the value of the property while generating income.

That said, here are the ways a good property management firm may help a landlord maintain the value of the property.
1. Proactive With Rental Maintenance And Repairs:

A good property manager proactively keeps in touch with your tenants to identify any current and potential future issues. Through open communication and a good understanding of the property, tenants know that the property manager is there to help, making them happier and more likely to stay in the property.

 Here are some common repairs we look out for: 

  • Broken or blown light bulbs that tenants can’t reach or change themselves
  • Issues with kitchen appliances
  • Faulty air-conditioning or heating units
  • Overgrown plants, including trees close to power lines
  • Broken windows

2. Maintain the Out door space

It’s not just the inside of your property that counts. Consider the condition of any outdoor spaces or the building exterior and how they might be perceived by your current tenants, or those looking at open for inspections when the property is up for rent. 

Proactive property managers will advise on areas for improvement, including: 

  • Fixing any broken windows or railings
  • Re-painting any chipped surfaces
  • Ensuring lawns and gardens are well-maintained
  • Adding plants to liven up outdoor spaces and make the property feel more welcoming

3. Identify Areas To Increase Value

We often suggest changes that add value to the property and benefit both landlord and tenant. These changes often include: 

  • Adding heating or air-conditioning
  • Re-painting walls
  • Installing a dishwasher
  • Adding storage space, like built-in wardrobes or a shed

4.  Tenant quality and screening

Most landlords have not personally reviewed a thousand credit reports and heard ten thousand sob stories about why the rent can’t be paid on time. Most property managers who’ve been around the block a few times have. This is a skill – and a good property manager will frequently have a nose for potential problems that a landlord trying to go it alone would miss.

5. Helping price rentals efficiently

Price them too high, and the vacancy rate will be unacceptable. Price them too low, and the landlord leaves money on the table. Either way you mis-price, expected revenues will drop off on either side of an optimal point on a bell curve distribution of possible rent levels.

A good property manager really can help add value to your investment property. To find out more about how our specialist team of experienced property managers can help maintain the value of your investment property, contact us today. 

CategoriesNews and Opinions

4 Reasons why it is important to hire a real estate agent

Over the weekend I happened to meet one property owner along Kiambu road, he does not allow agents or taking of pictures he prefers his own signage on the gate to do the work for him. Little did he know the need to hire me (smiles) to help him list the home and conduct an Online Marketing campaign for him.

This is the mistake done by almost 50 percent of property owners in Kenya who think they are saving money or its not different if they do it alone without hiring an agent.

Agents do more than just bring in potential buyers and show up to have documents signed. They know all the ins and outs of both buying and selling a house.

Here are four things you should take into consideration when deciding to get a real estate agent to sell your home:

  • Agents can help you with pricing: It takes time for you to learn the ins and outs of Real Estate, Market trends, the neighborhoods etc. Its only fair if an expert helps you in this so that you won’t overprice your home with emotions attached or under-price it below the market prices.
  • Agents are good negotiators: Having an outsider help on the negotiation table can be a win for you because for them they are not attached to the home emotionally and their main aim is just to sell the home with the best offer possible. Real Estate Agents can give you proper advice and guidance.
  • Experience sums it up: Remember you are not an expert but a home owner unless you have been doing it for years. When considering selling your home or letting it consider how their experience can help you.
  • You are already busy with life, job, family etc – A real estate agent is available full time to attend to phone calls, house tours and even an open day for your property. You can only relax and get informed of the deal while heading to final negotiations.

That’s it folks, More reasons you should talk to Myspace Properties.

Having any suggestions or questions? Get in touch with me linus@myspace.co.ke

CategoriesNews and Opinions

Reasons why off-plan homeownership is becoming popular in Kenya

Off-plan homeownership is no longer a new phrase in Kenya with many people already living in their dream homes and others still waiting for the construction of their units.

Off-plan housing according to Wikipedia is a property before a structure has been constructed upon it. Pre-constructions are usually marketed to real estate developers and to early adopters as developments so that the purchaser can secure much better finance terms from their lenders.

Some of the reasons this trend is on the rise include:

  • It offers flexible payment terms even if the construction is ongoing. The buyer can make a deposit of 10 to 20 percent then agree with the developer on how he/she is going to service the rest.
  • By buying off-plan you get a chance to choose your design and how you want your exterior or interior part to look like as long as it is within the budget.
  • Value for money, buying when construction has not started gives you a good chance to buy it at a lower price and as construction heads to completion, the value of the property appreciates radically hence if you will want to sell it later you will reap big.
  • It gives you ample time to organize yourself before you move in, usually, construction takes 12 months or longer, this gives you a good time to prepare with no rush or stress.

However buying off-plan is not for the faint-hearted, it’s an investment that needs a thorough background check, patience and a good understanding of the property market.

That’s it for today. What would you like us to talk about next? Leave a comment below.

CategoriesNews and Opinions

Did you know? 5 Ways a landlord has to pay a tenant

Landlords are known to get rich in their sleep while we pay them rent on 30th or 5th of every month (Actually I pay on 5th) or else you meet his sad fence and a padlock in his hand the next day especially our Nairobi landlords.

Anyway, we pay them each month but what about us? We got them, here are 5 ways a landlord has to pay a tenant some money. 

  • Pay the tenant to move out – This is normally known as “Cash for Keys” The landlord pays the tenant to move out of the house e.g when the tenant is not paying rent, tenant actions are causing the landlord money or when the landlord purchases a new property. The tenant should not be harassed or be forced for the Cash to Keys agreement. 
  • Pay for Tenant’s Lawyer – If a landlord loses in landlord-tenant court, he or she may be responsible for paying for the tenant’s attorney’s fees 
  • Pay for Tenants court fees – In addition to losing in court, the landlord will also pay the Tenant’s court fees including filing, postage, Court Transcripts, etc. 
  • Pay the tenant for repairs – The landlord may pay the tenant for repair works when he/she is not in town or available to do it. In addition, the landlord can also refund the tenant if he/she paid for repairs directly.
  • Security deposit – When a tenant is leaving he/she has to be refunded their deposit as long as the contract has not been breached. Majority of Kenyan landlord cause problems when it comes to this matter but you can always report to The Urban Landlords & Tenants Association of Kenya (ULTAK).
CategoriesNews and Opinions

7 hot properties on offer this week in Nairobi

Have you been cherishing to own a posh yet affordable home away from the noisy and messy city lifestyles? Here some of the best property offers we got this week. Check them out:

  • ROSSLYN
5 Bedroom on sale/let in Rosslyn. Ksh 385,000 / Ksh 100M
  • RONGAI, KAJIADO
4 Bedroom ensuite Mansion for sale Ksh 17M
  • KIAMBU ROAD VILLA
Exclusive 4 bedroom villa all ensuite. Ksh 37M
  • SPRING VALLEY
5 Bedroom Mansion master ensuite Ksh 95M
  • ATHI RIVER
4 bedroom super bungalow. Ksh 21M
  • KAREN
8 bedroom seated on a 3-acre land Ksh 200M
  • REDHILL
4 bedroom mansion on 1/4 acre in a gated community in Redhill. Ksh 30M

All the nitty-gritty details of the properties can be found on this website. You can schedule a viewing day with one of our agents any day of the week or weekends.

For more information call us: 0777 444 777 / 0734 555 556

CategoriesNews and Opinions

What Do I Need When Applying For A Mortgage?

Applying for a mortgage can be a stressful journey, but through the following steps, the process can be smooth. 

  • Before applying for a mortgage, improve your savings and raise funds for a deposit. 
  • Get help from family or from Government-backed schemes that help first-time buyers
  • Collect valid documents, the following documents will help you go through the process quicker; have a copy of your 3 months payslips, recent copies of utility bills with your name on it, bank statements, Kenyan Id or passport, tax report and if you are self-employed you should provide at least 3 years proof of your worth. 
  • Be prepared to provide more information when needed, Bear in mind that some mortgage providers may request further information from you, but if you use this guide as your starting point, you should have most of what you need to complete your application.

Lastly make sure you double check all the information for errors and don’t be tempted to fish your own figures in order to get the mortgage because this will haunt you later on. In addition kindly be sure to provide original materials or copies which have been certified by a solicitor.

We understand that this process can sometimes be stressful, feel free to talk to us we have helped many buyers step on the property ladder.

CategoriesNews and Opinions

What is a down payment and how much do you need?

You’ve heard about down payments outside there but have you ever wondered what works and what doesn’t?

Buying a home is a huge lifetime decision that can affect you for the rest of your life, therefore it’s always good not to take chances for granted during this process.

Saving for a down payment (DP) is a major headache with Kenyans considering that mortgage intake is still very low in the country with more than 50 percent of buyers offering less than 20 percent of the down payment.

So What is a Down Payment?

A down payment is the amount of money you spend upfront to purchase a home and is typically combined with a home loan to fulfill the total purchase price of a home. Together with other factors like your debt, credit scores, lending history and annual income, your DP will determine the amount of loan you will be given by financial institutions.

Why 20% Down Payment?

20% is actually recommended because it gives you a number of benefits like flexible monthly repayment options with lower interest, you’ll avoid paying mortgage insurance and it will also give you more equity.

Additionally having a large down payment gives you a competitive edge over the rest of the interested buyers.

Save Save Save

The biggest hurdle to buying a home is saving for a down payment especially for first time buyers, we’ve seen families taking loans, having chama’s etc here in Nairobi and other towns across Kenya to purchase a home.

Therefore to reduce the hustle, start early, do it slow and you will save more than you can imagine for that dream home because it will be challenging for you to get a loan with a zero-down payment.

That’s it for today folks, still have more questions? Call us today.

CategoriesNews and Opinions

‘Iyo ni Kutupa Pesa’ 3 Myths about Renting

“Iyo ni kutupa Pesa” This a common phrase used by many Kenyans who feel like renting is not their thing. When you normally go upcountry where majority of the residents own property, this perception is usually huge.

But you cannot ignore the fact that the number of renters is on the rise, and the traditional mindset about renting is now changing.

Lets debunk some of the myths you’ve heard out there

  • You are throwing money: Many people will tell you that you are throwing money away because you are only paying the landlord and not getting any equity of the home. But that is not actually true because you are paying to live in that house and not throwing your money in a thrash. In addition renting does not come with household maintenance costs because most of the time your landlord takes care of them. Moreover buying a home may not be a wise financial decision for you right now if you are starting out and living in an expensive housing market like Nairobi. Renting maybe your best fit right now.
  • It will be difficult to get a lease: Many people think that when you sign an agreement of lease, you will have tied yourself to difficult deal in case you were intending to buy a home later on. But that is not the case, of-course you will talk to your landlord and read the lease carefully and If you’re relocating, another option is to work with your property management company to find available units at a sister property or even in another state.
  • You have no negotiating power: Many people assume that the landlord has all the power but just in case you don’t know, renters have a lot of negotiating power when they are signing leases. You can ask about job relocation clauses etc.

That’s it. Just incase you need more information about Renting, talk to us.

CategoriesNews and Opinions

Landlord not cooperating? Try this 5 tips to get your repair issues handled quickly

Who repairs your sink? Bathrooms, Ceilings and leakages?

I know the answer would be simple, Landlord. But what if they aren’t cooperating? Well we all know how Kenyan landlords act this is not new to you is it?

In a perfect suburb like Karen, Kileleshwa or Kilimani most of the time your landlord will fix everything without any issue and on time but what if that doesn’t happen?

Here are some of the tips to get your landlord handle repair issues quickly and on time

  • Read your lease: Many Kenyans take leases for granted, in fact I have seen many of them who do not even know what is written in there, if you are doubting what your landlord should or should not do then revisit your lease (I hope you never threw it to the dustbin)
  • Report even the smallest issues: Do not assume the small leaks with temporary solutions, it could be a serious problem later on. Always let your landlord know about any issue as soon as you notice them.
  • Do it in writing: Sometimes landlords need courtesy and respect, you cannot ambush them when they are with their families or friends. Send them via email with a date and stamp then wait for a reply, keep a copy of the same on hard copy.
  • Get Insurance: Incase of fire, house accidents or anything going south what will you do? Most of the time landlords do not take responsibility and therefore do not let their negligence dictate what you should do to protect your property. Insurance packages in Kenya are so many and can be purchased online.
  • Get help from The Urban Landlords & Tenants Association of Kenya (ULTAK): Get help from ULTRAK, they can be able to provide you with the next cause of action if your landlord is not responding to your issues.

That’s it folks. Do not hesitate to get in touch with us through comments, mails and messages.

CategoriesNews and Opinions

Why Nairobi city should be affordable for the middle class

Africa’s 5th largest city and Kenya’s capital city Nairobi houses over 3.5 million people with 60 percent of them living in slums while the rest in middle class and just a few fitting upper class.

Nairobi needs the middle class, it needs Doctors, Engineers, Accountants etc, yet still if people have the well paying jobs like those ones they find it difficult to pay the rising costs of housing near the places they work. Housing costs in Nairobi have grown more than any town in Kenya.

The real cause for the rising costs of housing in Nairobi is simply demand and supply rates. There are a few units in the city against a huge demand lined up.

However even though the city is becoming unaffordable there’s still an intense desire for people to move in here due to available opportunities.

In addition a lot of people working in Nairobi desire to work near their homes, a walking distance preferably.

If you’re in an average, middle class-paying job, buying a home in Nairobi with your current employment isn’t realistic at all unless it is under 500 square feet.

The high cost of living can make it hard for middle-class residents to make ends meet.

So, why shouldn’t we have a city just for wealthy people, and suburbs and rural areas for people who are not?

Conclusion

The middle class should be able to afford housing units in Nairobi without incurring burdens and stress on commuting. With Kenya’s demand and supply problem not getting any better soon, there are steps real estate players and the government should take to salvage the situation.


Nairobi needs to add more units and stop pushing people out and having only a city for the rich, this will probably ruin the city.

Myspace Properties is working round the clock to fill this gap and provide Nairobi with affordable housing units where you can work, play and sleep with no worries.

Get in touch

phone

+254 734 555 556

Mombasa and Nairobi, Kenya

email

info@myspace.co.ke

about us

My Space Properties is a real Estate and Property firm that offers a unique and unprecedented value proposition covering all the core skills and requirements fundamental to the success of a real estate venture.

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