RENTING PRIVATELY OR USING AN AGENT
The business of rentals is a complicated one with many potential pitfalls and legal problems. Here we list just a few considerations you should look at if considering the private rental route.
- MARKETING - It might seem easy enough putting your property onto Gumtree or similar, getting a response and slotting in a tenant. It is a know fact however that the better class of tenant uses agency websites and other portals such a Private Property. You also need to consider that you want as broad a selection of potential tenant as possible so you can pick the best not just the first. Finally, are you prepared to spend what could be a large amount of money on print advertising?
- SCREENING - Do you have access to TPN which provides full tenant checks on their rental history. Do you know how to read Experian and other credit bureau reports properly. Do you have access to additional full credit reports for proper profiling? Statistics show that con-artists target private rentals specifically - are you fully prepared?
- BEING OBJECTIVE - Can you remove yourself emotionally from the process or will you allow yourself to be talked into something you will later regret. Will you be able to handle the bad blood later if a repair is not done quick enough or when tensions arise.
- SECURITY - Are you going to have the time to pre-screen each person prior to viewing or will you just allow a lot of strangers to come into your home? Criminals use simple questions like "Can I not view tomorrow morning at 10am?" Your answer that no one will be at home, tells them when to come and get some free goods.
- DEPOSITS - Remember that deposts MAY NOT be used by the landlord, These must be held in a seperate account as surety only. You will have to liase with your attorney probably to hold this for you
- ARREARS AND EVICTION - Do you know exactly what steps to take in the event of arrears. Delays in responding or incorrect documentation could result in you sitting with a squatter on your hands. Legal fees for eviction will typically end up being between R15000 and R20000
- LEGAL FRAMEWORK - Are you familiar with the Rental Housing Act, the new Rental Housing Bill that will come into law, the Prevention of Illegal Eviction Act and all the other laws that govern rentals?
- PREPARE YOURSELF - Why not have a look through our detailed services and fees schedule to get a broad idea of what we do as letting agents and ask yourself honestly if you have the time and capacity to handle each step.
Back to Landlord Advice Centre Here
To list your rental property with us go Here
Back to Main Advice Centre
BE A REAL FRIEND
SHARE THIS WITH SOMEONE
