How to attract a deal in tough times

DESPITE the economic downturn, investing in rental property in the Western Cape offers excellent returns in the long term, says Lew Geffen, chairman of Lew Geffen Sotheby’s International Reality.

Here are a few tips on how a landlord can use money wisely:

● Invest in safety: Choose a property in a safe neighbourhood with comparatively low crime rates. Equip the property with burglar bars, an alarm, strong locks and secure windows, and motion-sensor lights. Properties in access-controlled security complexes are usually sought-after.

● Consider convenience: Lorraine Dellbridge, rentals manager for Lew Geffen Sotheby’s International Realty in the southern suburbs, Noordhoek and False Bay, says tenants want convenience, low maintenance and lock-upand-go.

“Low upkeep features such as laminated wood or vinyl flooring rather than carpets, granite countertops and compact outdoor areas with indigenous plants are sought-after as they’re attractive and relatively hassle-free.”

● Be more tolerant: Geffen says: “Landlords need to become more tolerant of certain conditions to compete. Allowing pets within reason would be a good example. Investment property owners need to fine-tune the value proposition, and be willing to accommodate tenant needs.”

● Control costs: Ben Shaw, chief executive of HouseMe, says: “Remain informed about rental management alternatives available and consider your yield against the variety of fees paid. In a tough market, fees should be reasonably squeezed.”