Private landlords in Kenya face two challenges: determining the fair market price for their property and looking for a reliable tenant. Comprehensive know-how is required to make the right decisions. We give tips!
Determine potential target group
Real estate is a good investment – as long as it is successfully rented out. If possible, landlords choose the property with the desired target group in mind. Before looking for a tenant, you can then optimize the apartment for future residents. This is an accepted notion among real estate experts. Commuters, for example, are often looking for furnished apartments. Families who want to settle down like to furnish themselves. They are not put off by the lack of a fitted kitchen, for instance.
Determine the right amount of rent
How high the rent can be depends on the size, location, year of construction, condition and equipment. The easiest way to find out the local comparative rent is to check online in various platforms and see what other landlords are charging for the same property.
Usually, a place like Seasons in Kasarani will charge about Ksh18,000 for a one-bedroom apartment. All other houses in the area will fluctuate between this average, with a difference of plus or minus 2,000 in most cases. However, it all depends with the specific building and what other additional amenities are offered.
Be prepared to start looking for tenants
Before the search begins, landlords collect all relevant data and documents. This includes the energy certificate. The rental contract should also be prepared before the advertisement goes online, appears in the newspaper or is posted on bulletin boards. If you rely on word of mouth, you can reduce the effort. Have you ever had a tenant you were happy with? Ask him about a possible successor. Viewings should also be specifically arranged. Appointments during the week are usually for serious people, while more jokers can be found over the weekend.
Ask tenants politely
When inviting interested tenants, send them everything important in advance. In such a way, when you meet them, you do not have to tell them a lot on the spot. You can use the time to try and get to know the people. Of course, their financial situation is also a deciding factor. Landlords can fill out a tenant self-disclosure, check salary statements. There is additional security if the previous landlord confirms in writing that there are no rent arrears. This protects against rental nomads. Anyone looking for a tenant should have the time, know-how and knowledge of human nature.