Nadia Marais, Owner Namar Properties

Our property experts give 5 essential insights on how to get the best estimated market value of your property

If you are a homeowner that has had your property for some time you may be wondering “how much is my property worth?” Getting an up to date property appraisal is always a good idea as different factors change the value of property over time. Also, there may be factors that you haven’t taken into account that can affect property prices in your area.

Our Namar Properties experts are experienced in all factors in property valuation and offer their 5 essential recommendations. 

#1: Get A Property Appraisal to Help Decide if Renovating Before Selling is a Good Investment

Having your property appraised by and getting advice from an experienced real estate agent will help you make the decision as to any renovations that can be done on your property that will help you get a better price and be a good return on investment. As important is to ensure you don’t overspend on any remodeling or extensions that may not be needed.

#2: Understand That Property Values Differ in the Same Location

Researching the value of properties in your suburb by scanning the weekend newspapers or online is a good way to get a price estimate but it will not give you an accurate evaluation of your property’s value. Here you need the help of a professional with knowledge and insights of the various factors beyond your homes location to give a more accurate market value.

“If you are a homeowner that has had your property for some time you may be wondering “how much is my property worth?”…”

#3: Use a Local Agent 

Our real estate experts will be familiar with your local area and have up to date sales data on recent transactions in your local area plus surrounding suburbs. Being able to draw on local experience and the latest sales data enables our team to give a more accurate estimated market value of your property. Our agents will be able to compare your property’s condition and what improvements you have made with other properties in your area. They will also be able to identify points of difference or features that are in demand and factor in these unique selling points to your property’s estimated market value.

#4: Ensure Your Property Appraisal is Obligation Free

A Namar Properties agent will be happy to arrange a meeting at your property to provide an obligation free estimated market value for your home. We adhere to industry guidelines and provide thorough and honest inspections. As a property owner you may meet with several real estate agents and if you have doubts or feel unhappy with your chosen agent you should always consider a second opinion to be absolutely sure. 

If you are unhappy with your current agent contact us for a second opinion 

#5:  Know the Difference Between a Property Valuations Vs Appraisal

It is important to understand the difference between property valuation and appraisal. Valuations are a formal assessment whereas an appraisal is best used as a guide to help you make the right decisions for your investment.

Conclusion

There are many reasons why you might want a property appraisal, you feel the time is right to move, you want to better understand what improvements may be needed to get a better price before you sell or other local property owners you know have sold at a good price and you want to capitalize while the going is good. 

Your expert local Namar Properties real estate agent is ready to begin your selling journey with you. Using the latest in sales data and expert market knowledge we are ready to give an obligation free appraisal at no cost, like we have been doing for other Port Elizabeth property owners for over ten years. Request one right now by contacting us…

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Nadia Marais, Owner Namar Properties

4 Essential Tips For Rental Property Owners 

Buying an investment property can help increase your wealth and secure your financial future, just as long as you maximise your rental income. 

Vacant properties should have a rental property appraisal from a local property expert, this person can also ensure that a suitable tenant is found with ontime rental payments to help cover the costs of your investment

Namar Properties real estate property managers are not only well trained but are themselves rental property owners so can really help you with getting an accurate valuation of your rental house, flat, student accommodation or commercial property.

For properties that already have occupying tenants it is essential to ensure that your current rent is in line with market rates and if you are using a property management company that can offer you a level of service that meets your requirements.

Here are 4 essential recommendations on how to get the right value for your rental property from our property management experts here at Namar.

#1 Rental Property Value Myth Busting

You may have heard from some property investors or from friends or family that you should be able to achieve R100 returned per week for every R100,000 invested in buying a property. This may work in some places for some properties but on the whole you should treat it as a myth

The property rental market in your area will have many different factors to determine a reasonable rental value and these may not always be the same as an investors’ expectations. This means it’s vital to do your own research into rental property returns and seriously consider a professional opinion.

“For properties that already have occupying tenants it is essential to ensure that your current rent is in line with market rates and if you are using a property management company that can offer you a level of service that meets your requirements.…”

#2 Comparing Similar Rental Properties

An online search is always a good place to start looking for similar properties as yours that are available to rent in the same area. 

Once you have found some that will make a good comparison attend open viewings of these properties. This is a great way to see the real value of a property and to ask questions from the property manager or landlord to get a better insight into other competing properties. If you are looking for a property manager you can evaluate them at the viewing and get a good idea if they are right for you and can meet your needs as a landlord.

# 3 Get Your Rental Property Appraised By A Professional

Once you have a good understanding of the realistic rental price you can ask for your property you should start getting rental property appraisals. You may have met potential agents at a viewing that impressed you with how they managed the property you saw, this is a good place to start.

A good tip is to make first contact through the property management company’s website or by email. Doing this will show you how quickly they will respond and their level of service to landlord and tenant enquiries which will matter if you sign a property management agreement with them.

#4  Ask Lots Of Questions

You may decide to get more than one appraisal of your rental property and they may all differ in their appraisal methods and outcomes. Therefore it is unsurprising that it is sometimes confusing to choose the right partner to work with. This is when you should go back and ask questions on what it is that isn’t clear to you, an expert company should be completely transparent and provide easy to understand answers.

 Three questions you should ask if they were not covered in the appraisal are:

• Which methods were used to make the appraisal?
• Do they have evidence of the number of potential tenants that are on their database interested in properties like yours?
• How will they take your property to market and what is their strategy to ensure that you get the right rental price for your property?

 After using these recommendations you will be in a good position to decide on what to charge for your rental property and which partner you feel confident that can manage your property for you. 

Namar Properties have been helping Port Elizabeth rental property owners maximise their return on their investment for over 10 years. All of our rental property experts are themselves rental property owners and are in a great position to help you.

 List your property for an appraisal here or speak to one of our rental property experts here

Nadia Marais, Owner Namar Properties

Fortune favours the brave. Investments are always accompanied by a sidekick called RISK. Although the word does not necessarily have a positive connotation, it can have a positive impact as risk becomes the driver and motivator to conquer! 

We have identified two of the biggest risk factors in the current South African market, namely: 

1) Vacancy = No rental income

2) Defaulting tenants = Non-payment of rent. 

Odds are you can’t directly control our economy, the financial well-being of your tenant or the supply of new property into the rental market. However, you can control the competitiveness of your rental in terms of the amount you charge, how appealing your property is to tenants in your market and how you treat your tenants. 

Preventing your rental from standing vacant is quite achievable. Gain a firm grip on knowing the ins and outs of your market, suburb and complex in relation to what competitive current rentals charge as well as the rental increases and demand. It’s important to set realistic goals for your rental. 

Make your rental a desirable one, specifically more desirable than the neighbour! Run through every square meter and honestly evaluate if you would live there, cook there, host small get-togethers, and more.

“Odds are you can’t directly control our economy, the financial well-being of your tenant or the supply of new property into the rental market. However, you can control the competitiveness of your rental in terms…”

A proactive approach and a bit of initiative go a long way. We often come across houses in Port Elizabeth that feature the most stunning hard wood flooring, yet it’s covered by a few decades old, shabby, dusty carpet. Please, lift that carpet! 

There are a few basics you can do to increase both the value and yield of your investment, for example; replace the outdated light fittings; place a couple of mirrors, add some storage – this can all up the value of your rental. Even a simple interior and exterior paint job has immense power to uplift a rental. Keep in mind, owning a rental and time to time upgrades are intrinsic to one another – especially when the market is tough! 

If you’ve hooked a good tenant look after them with everything. If they pay their rent on- time and look after your property return the favour, with interest! Be extremely responsive to all forms of communication, be considerate to requests and reasonable with renewals and rental increases. Know your responsibility with maintenance and ensure it’s up to date. 

There are a few ways to safeguard against non-payment of rent. Before allowing tenants to take occupation or to sign the lease agreement, screen them properly. Verify their employment and income to ensure they can afford the rent. If possible, contact their previous landlord. While being fair and reasonable when dealing with requests, be vigilant for scam artists. 

Monitor your tenants paying behaviour and be quick to respond and rectify if need be. If your tenant stops paying, be quick in seeking proper legal advice. 

We at Namar Properties are experts in placing tenants and specialize in managing rental properties. If you’re seeking help or assistance with your property, contact us today by filling in your details here

Nadia Marais, Owner Namar Properties

Misbeliefs and bad information make for a dangerous combination. If you have ever been involved in a sale or purchase of a property, friends and family have almost certainly felt the need to share their knowledge on the topic, however not everything we see or hear is true.

MYTH: LEAVE ROOM FOR NEGOTIATIONS WHEN SELLING YOUR PROPERTY.

Correctly pricing a property is one of the most important tasks throughout the sale. Well priced properties generate a ton of interest which results in multiple offers over a short timeframe, while an overpriced property risks losing potential buyers. With information readily available on the internet, savvy buyers won’t waste their time on an overpriced property.

MYTH: THE AGENT KEEPS ALL THE COMMISSION.

Commission is legally paid to the agent’s employing brokerage company, which in turn pays the agent. No matter the situation, the amount paid to the agent is not the entire commission. Shocker! Right? A portion will go to the brokerage (in order to keep the place running), another portion is spent on advertising, and so on, only then will the agent receive their split – which is also taxable!

MYTH: RENOVATIONS WILL INCREASE YOUR PROPERTIES VALUE.

Many homeowners planning to sell their property invest in expensive renovations with the aim of increasing their home sale value. However, some improvements can have the opposite effect and hurt a property’s market value if not properly researched or executed. History has depicted that no positive return on investment will be achieved if one over capitalises. Especially in South Africa, it’s all about location.

“Correctly pricing a property is one of the most important tasks throughout the sale. Well priced properties generate a ton of interest which results in multiple offers over a short timeframe…”

MYTH: SCHOOLS DON’T MATTER IF YOUR DON’T HAVE CHILDREN.

UNTRUE! Homes in more desirable school districts cost more. You’ve got to think about what will yield the best return on investment during resell. The better the school district the more likely a fast close at the price you’re wanting. Namar Properties core passion is investment property, in partnering with us one will gain valuable knowledge on investment tips and tricks.

MYTH: OWNING A HOLIDAY HOME IS A WASTE OF MONEY.

Even seasoned homeowners are unaware that this point is a myth. If managed like a business, a holiday home can be a great investment. Since these homes are mostly located in high-demand areas, they are often rented out at tourist rates – meaning that even moderate occupancy can allow one to break even on the loan payments. Carefully factor in all expenses and some family time to enjoy this home in a dream location and this will be a huge success!

MYTH: WEEKENDS BRING OUT THE MOST SERIOUS BUYERS.

Contrary to popular belief, the most serious showings tend to happen during the week. Open houses or community events tend to mostly bring out nosy neighbours and voyeurs curiously seeking out new home décor ideas or to see how other people live.

MYTH: ALL AGENTS ARE THE SAME.

If you believed that myth you wouldn’t be reading our article! This myth is BUSTED after dealing with any agent from Namar Properties and discovering our agents’ unique approaches to the real estate game!