The Rental Game is changing

Landlords in South Africa are significantly more likely to let out their residential rental property personally, rather than using the services of a qualified and reputable rental agent. 

This is according to Susan Watts, Broker/Owner of RE/MAX Living, who points out that landlords who do so might be putting themselves at risk, especially if they do not have the necessary market knowledge and experience. She notes that with less than sufficient knowledge or know-how, certain landlords could find themselves dealing with disputes that will result in an uncomfortable tenancy experience for both parties, not to mention significant cost.

According to RE/MAX Living’s certified residential rental specialist, Grant Rea, the cost of an agent is often not justified in the mind of a landlord. “More serious, multiple property investors often employ their own staff to manage such portfolios, often without professional training or experience,” he says.  “With changes in legislation related to tenancies and the minefield of the Consumer Protection Act and the part it plays in leases, the playing field has become marred with complications and uncertainties.”

It is for this reason that a group of specialist professionals within the rental field have teamed up to present the Game Changers Rental Seminar for private landlords. The seminar will be held at the Hotel School at Mouille Point on Wednesday 22 October at a cost of R150 per delegate.

“Many landlords are unable to access legal advice and to take action, often too late, against defaulting tenants as their cash flow is already under major pressure,” says Rea, “However, the seminar will provide them with access to solutions and advice at a mere fraction of the cost of approaching a professional to handle a difficult rental matter.”

Why the seminar

According to Rea, the seminar as a concept was born out of the desire to offer solutions to landlords who would not ordinarily have access to resources and systems to seamlessly manage their rental property. “There are several aspects that will be addressed at the seminar such as the legalities surrounding the lease, screening tenants, managing the rental collection and deposit management. We will also deal with inspection reporting required by the Rental Housing Act and the numerous pitfalls of dispute resolution and the worst case scenario of eviction,” says Rea. “The fact remains that the rental game has changed and many landlords don’t know where to turn. The seminar plans to offer significant systems, tools and resources to allow private landlords to adequately manage their tenancy with fewer issues.”

He adds that with the changing market, some savvy professionals and specialists have developed systems and tools to make the management of rental properties not only easy but also effective. During the seminar these professionals will offer their solutions to landlords, together with invaluable legal updates and free documents and resources to use in the management of their own portfolio. “Many landlords are unaware of their obligations and rights and are often bullied by tenants who threaten legal action or hide behind incorrect sentiment and assumptions about evictions.  These landlords can often fall foul of the law by not treating tenants fairly - the seminar aims to equip landlords to unravel this tangled mess,” explains Rea.

Adrian Goslett, CEO of RE/MAX of Southern Africa, says that the recent proposed Rental Housing Amendment Bill could bring about some significant changes in the rental market for both tenants and landlords. “It is very important that landlords are aware of the changes in legislation and how it could impact on their rental portfolios. It is always advisable for landlords to learn and gain as much knowledge as possible to assist them in correctly managing their rental properties,” he says.

The seminar

The seminar will be offered as a concise event with each of the professional panel discussing their unique Game Changing offering with a helpful Q&A session to close. A selection of refreshments will be on offer with the chance to enjoy a boutique wine and/or whiskey as arranged by the organisers. Each delegate will receive a free USB drive offering very limited and exclusive complimentary tools and resources. Open networking and refreshments will begin at 17:30, with the seminar starting promptly at 18:00.

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