{"id":238519,"date":"2022-09-29T02:17:56","date_gmt":"2022-09-29T00:17:56","guid":{"rendered":"https:\/\/mypr.co.za\/?p=122138"},"modified":"2022-09-29T02:17:56","modified_gmt":"2022-09-29T00:17:56","slug":"have-you-got-what-it-takes-to-be-a-landlord","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/have-you-got-what-it-takes-to-be-a-landlord\/","title":{"rendered":"Have You Got What It Takes To Be A Landlord?"},"content":{"rendered":"<aside class=\"scaip scaip-1 \">\n<aside id=\"republication_tracker_tool-2\" class=\"republication_tracker_tool clearfix\">\n<h5 class=\"adtitle\">Republish for Free<\/h5>\n<div class=\"license\">\n<p><button name=\"Republish This Story\" id=\"cc-btn\" class=\"republication-tracker-tool-button\">Republish This Story<\/button><\/p>\n<p><a class=\"license\" rel=\"noreferrer license noopener\" target=\"_blank\" href=\"http:\/\/creativecommons.org\/licenses\/by-nd\/4.0\/\"><img decoding=\"async\" alt=\"Creative Commons License\" class=\"lazyload\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/09\/have-you-got-what-it-takes-to-be-a-landlord.png\"><\/a><\/p>\n<p><img decoding=\"async\" alt=\"Creative Commons License\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/09\/have-you-got-what-it-takes-to-be-a-landlord.png\"><\/div>\n<div class=\"message\">\n<p>Republish our articles for free, online or in print, under a Creative Commons license.<\/p>\n<\/div>\n<\/aside>\n<\/aside>\n<p><a href=\"http:\/\/mypr.co.za\/save-with-myprs-monthly-flat-fee\/\"><img loading=\"lazy\" decoding=\"async\" alt width=\"200\" height=\"300\" class=\"size-thumbnail alignleft wp-image-122139 lazyload\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/09\/have-you-got-what-it-takes-to-be-a-landlord.jpg\"><\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-thumbnail alignleft wp-image-122139\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/09\/have-you-got-what-it-takes-to-be-a-landlord.jpg\" alt width=\"200\" height=\"300\">Before you decide to rent out your home or buy to let, there are some key things prospective landlords should consider, says Paul Stevens, CEO of Just Property.<\/p>\n<p>\u201cBeing a landlord does not stop when the lease is signed. It involves effort and commitment. Tenants need to be managed to ensure they abide by the terms of the lease and look after your investment, the property needs to be maintained and bills must be paid,\u201d says Stevens. \u201cThese issues must be actively managed. However, if ignored, it can swiftly get out of control. That said, property has proved to be an excellent investment over time.\u201d<\/p>\n<p>With forethought, planning and careful management systems in place, he says that being a landlord can be a richly rewarding way to build legacy wealth for yourself and your family. \u201cAs a tenant, every cent that you pay in rent goes towards enabling someone else to grow wealth through property. As soon as you can reasonably and responsibly purchase a property, you should do so. Start small or in partnership with somebody you trust and build from there.\u201d<\/p>\n<p>Supporting Stevens\u2019s stance, the latest PayProp Rental Index reports an upward trend in rental growth: \u201cDuring the second quarter of 2022, we tracked rental growth of 2.5%, 2.6% and 2.7% in April, May and June, respectively.\u201d<\/p>\n<p><strong>\u201cThe last time all nine provinces showed positive year-on-year growth was in Q3 2017,\u201d notes Stevens. The latest figures from the PayProp Rental Index 2022 Q2 are:<\/strong><\/p>\n<ul>\n<li>Eastern Cape 4.4%<\/li>\n<li>Free State 1.9%<\/li>\n<li>Gauteng 0.3%<\/li>\n<li>KwaZulu-Natal 3.0%<\/li>\n<li>Limpopo 4.7%<\/li>\n<li>Mpumalanga 5.2%<\/li>\n<li>Northwest 3.9%<\/li>\n<li>Northern Cape 9.0% *by far the highest of the nine provinces<\/li>\n<li>Western Cape 3.0%<\/li>\n<\/ul>\n<p>For those thinking of taking advantage of the recovery in the rental market, Stevens recommends taking some time to consider the following questions:<\/p>\n<p><strong>1. How much is enough?<\/strong><\/p>\n<p>Property can be an excellent investment, but you need to take a long-term view in order to achieve real value. You also need to be realistic about whether you can afford to be a landlord, Stevens warns.<br \/>When doing your sums, ask yourself whether the rent will cover your bond, rates, insurance, and maintenance. You will also need to be able to put extra aside for those times when you might have a vacancy or an expensive repair. \u201cIt is inevitable that unexpected costs will arise,\u201d warns Stevens, \u201cso make sure you have budgeted the money and the time for both routine maintenance and emergency repairs.\u201d<\/p>\n<p><strong>2. Do you have the time?<\/strong><\/p>\n<p>It takes time to market a property and show prospective tenants around. And once your tenants have moved in, you will need to be able to respond rapidly to their requests and complaints. Sometimes maintenance issues cannot wait. If a geyser goes, for example, you need to be there with your plumber as soon as you can to prevent damage to your property and your tenants\u2019 belongings. Good tenants are worth keeping happy, and a quick response is important to them; at the same time, your property is a significant investment, and you want to minimise potential damage. Ongoing property management and maintenance require a significant number of hours and can be difficult if you have a demanding full-time occupation.<\/p>\n<p><strong>3. How will you screen your tenants?<\/strong><\/p>\n<p>Getting stuck with a bad tenant can be mentally, emotionally, and financially disastrous. Therefore, you must not cut corners when vetting your tenants \u2013 thorough credit checks must be done, and all references should be followed up.<br \/>\u201cOnly with strict tenant vetting and monthly management procedures can landlords have peace of mind that their tenants are likely to pay their rent on time, every time,\u201d says Stevens. \u201cBear in mind that Just Property rental portfolio managers, for example, look at more than just a credit score \u2013 factors like account payment patterns, nature and age of judgements are also considered when vetting tenants.\u201d<br \/>Just as essential is a professionally drawn-up lease that is both fair and watertight. A good understanding of South Africa\u2019s landlord-tenant laws is important. These are governed by the Consumer Protection Act, the Rental Housing Act, and the Prevention of Illegal Eviction from and Unlawful Occupation of Property Act, as well as Common Law.<\/p>\n<p><strong>4. Should you hire an outside property manager?<\/strong><\/p>\n<p>You can choose to manage your rental property yourself or hire a managing agent to do it for you. Managing your rental can be quite taxing, and it\u2019s best to have a professional agency with skilled and experienced individuals doing the work for you.<\/p>\n<p><span>Services offered should include:<\/span><\/p>\n<ul>\n<li>Property marketing, viewings and tenant vetting that includes the due diligence of credit and other checks before tenants can move in.<\/li>\n<li>Comprehensive contracts and advice regarding the legal obligations of landlords and tenants.<\/li>\n<li>Proactively managed rental collection and handling of defaults.<\/li>\n<li>Prompt attendance to maintenance &amp; management issues that saves you time and money.<\/li>\n<li>Clear processes, established routines, standardised documentation and regular feedback maintain high service standards.<\/li>\n<li>The option of rental income insurance that covers tenant non-payment, early cancellation, and legal fees in case of eviction proceedings. We have a product called RENTSECURE that is exclusive to all Just Property landlords and ensures that their retinal income is protected.<\/li>\n<\/ul>\n<p>\u201cJust Property offers all this and more to our landlords. We are the biggest rental company in South Africa\u2019s real estate market, with a long history and excellent track record. We\u2019ve built on our experience of what landlords and tenants need, so make sure your managing agent matches up!\u201d he laughs, adding that Just Property\u2019s Ultimate Landlord\u2019s Guide is free to all landlords.<\/p>\n<p>\u201cWe are very positive about the rental market,\u201d Stevens concludes, \u201cand our agents will be very happy to discuss the outlook in their areas and offer advice, whether you\u2019re a client of ours or not. We truly believe that property offers a unique wealth-building opportunity for South Africans, and we want to make that happen.\u201d<\/p>\n<p>For more information on Just Property, please visit www.just.property or call (087) 583 3333.<\/p>\n<p><a href=\"http:\/\/mypr.co.za\/contact\/featured\/\">CLICK HERE to submit your press release to MyPR.co.za<\/a>.<\/p>\n<p> <span class=\"post-views-icon dashicons dashicons-chart-bar\"><\/span> <span class=\"post-views-label\">Press Release Views since 1 July 2022:<\/span> <span class=\"post-views-count\">78<\/span> <\/p>\n<div class=\"entry-pagination pagination\">Pages: <span class=\"post-page-numbers current\"><span class=\"screen-reader-text\">Page <\/span>1<\/span> <a href=\"https:\/\/mypr.co.za\/have-you-got-what-it-takes-to-be-a-landlord\/2\/\" class=\"post-page-numbers\"><span class=\"screen-reader-text\">Page <\/span>2<\/a><\/div>\n<p><a href=\"https:\/\/mypr.co.za\">Source: MyPR.co.za<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Republish for Free Republish This Story Republish our articles for free, online or in print, under a Creative Commons license. Before you decide to rent out your home or buy to let, there are some key things prospective landlords should consider, says Paul Stevens, CEO of Just Property. \u201cBeing a landlord does not stop when [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":238520,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4584,9021],"tags":[3257],"class_list":{"0":"post-238519","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-africa-news-2","8":"category-mypr","9":"tag-mypr","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/09\/have-you-got-what-it-takes-to-be-a-landlord.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/238519","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=238519"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/238519\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media\/238520"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=238519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=238519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=238519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}