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Dream Properties - Items filtered by date: August 2013
Wednesday, 07 August 2013 03:00

Property Management in Kenya

The Real Estate sector in Kenya is attracting some heavy investment opportunities from a vast number of people and for those people investing in Real Estate, one question you are likely to face is whether or not to contract a Property Management Agency.

To be quite frank, you might wonder why you need to hire someone to do this work for you when you can use that money to invest in your next venture. However, looking closer at this issue you realize that a property manager comes with a wealth of advantages, namely:

  • Better screening and quality of tenants
  • Better collections and accounting
  • Better service and responses provided to residents
  • Less turnover (no matter how many people you know, their rolodex is probably just as good if not better)
  • Better repairs and maintenance systems (with all licensed and insured workers! So a lot less liability on your part)
  • Better handling of legal issues

Factors to Consider Before You Hire a Property Manager

  • Comparative proximity to the property, or their willingness to travel to the property
  • Number of units under management
  • Time it’s taking you to turn over the unit (find another tenant when one vacates)
  • Your record keeping abilities
  • Response rates (are you open 24/7/365?)
  • Maintenance and repair systems
  • Handling tenants’ collections, evictions, etc.
  • STRESS! Most people would find the job unnecessarily stressful especially when it’s not your career and you have other interests on the side.
  • Freedom and more time to pursue your other interests

How to Find a Good Property Manager

  • Fees, (most companies offer discounts for multiple units and recommendations),
  • Accounting system and record keeping e.g. will you get monthly statements from them? Are they in charge of paying repairmen/contractors so you never have to stop to write a check?
  • Policies on collecting and setting rents
  • How they handle inspections and repairs, tenant marketing, screening and retention,
  • Examining the company size, staff, systems, experience, reputation, etc.
  • How organized and automated they are.

What You Can Do To Help a Property Manager Do Their Job Well?

  • Listen
  • Follow our advice or at least take it under advisement
  • Be reasonable
  • Take care of your properties, especially when asked to.

So, we’d love to know, do you have a property manager? If you don’t have one yet when do you think your goal is to get one? Remember, this is one of Dream Properties core functions, so contact us and we’ll get you sorted.

 

Published in Real Estate

Tuesday 11, 2013, The establishment of Konza City is one of the key flagships projects of Vision 2030 which will position Kenya as the regions ICT hub and also through the housing of International Investors in setting up of shops and other amenities.

The City has been allocated 1.3 Billion this year is to begin the construction of the 1st phase which will be launched by President Uhuru before later this year.

In a bid to speed up the construction and development of Konza Techno City, the government has formed a Consultative Community Forum to engage area locals and neighboring communities on the benefits of the multi-billion project will have once completed.

Speaking at the Forum recently to Mawasiliano, Information, Communication and Technology (ICT) Cabinet Secretary, Dr. Fred Matiang’i said the meeting with the leadership of Makueni, Machakos and Kajiado Counties was to collaborate and  oversee successful completion of the metropolis.

Matiang’i emphasized the government interest in creating a framework for constant engagement between the County governments and the National government, so that resources are pumped to develop the technology of Konza City.

“County governments are looking after the environs of the city and also looking into ways of taking care of the 10Km buffer zone around Konza City,” said Dr. Matiang’i.

The Cabinet Secretary stated that they will be having quarterly consultative meetings with the County governments so that all aspects of development include the local community.

Speaking during the same event, the Governor of Kajiado County, David Nkedianye promised that they will work with the local people to make sure that they partake of the benefits that grow from the city and he was committed to work closely with his colleagues, to make sure that the great idea of Konza City, comes into reality while it benefits the people of Kenya.

Also present at the forum was the Governor of Machakos County, Dr. Alfred Mutua who said that Konza City was a dream which has been a long time coming and they are going to support the National government.

Mutua said they fully support the consultative agenda which Dr. Matiang’i had brought forth in the community and the leaders of the 3 communities will be involved as the project is being ushered in.

The governor also warned against bad politics that may interfere with the development of the project.

“We don’t want bad politics to slow down this project and we are not going to allow people with vested interests to undermine the construction of Konza. The reason Africa languishes in poverty is due to more time spent politicking and fighting than actually supporting development,” he concluded.

The Governor of Makueni County, Prof. Kivutha Kibwana who was also the host of the event said that despite the fact that Konza City is located in Makueni County, Machakos and Kajiado are neighbours, therefore need to emphasis that it is both a National and International Project.

Kibwana admitted that they are very happy that during Madaraka day President Uhuru mentioned his interest in Konza City and also Dr. Matiang’i had said the ground was ready for construction of the 1st Phase which is to happen before Christmas.

He promised to work together with his colleagues and the Cabinet Secretary for the project to work effectively.

“We shall collaborate with Dr. Matiang’i in the consultations as he has mentioned because it is critical in making such a big project,” said the governor.

Prof. Kibwana further said that they have asked the Cabinet Secretary to give them a capacity building for Civic education to assist local people especially those from Makueni County to understand the big idea.

Present in the event was ICT PS, Dr. Bitange Ndemo, Chairperson Konza Board, John Ngumi, Director General Vision 2030, Mugo Kibati and CEO KOTDA, Catherine Adeya among others.

Article from Konza City

Published in Real Estate

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