A Guide to Finding The Perfect Property Partner
As we begin the year, investing in real estate needs to be one of your top New Year Resolutions. Since property investment is a significant move full of risk, you need the right partner to hold your hand through this crucial yet rewarding process.
A 2016 report by the Kenya National Bureau of Statistics found that 6,000 Kenyans fell victim to real estate scams. To ensure that you do not become a target, here are five things that you should look out for in your quest for the ideal property partner.
Research your Property Partner’s Reputation and Track Record.
One of the most important factors to consider when selecting your potential property partner is their reputation and their past achievements. These two can provide great insight into the trajectory your relationship is likely to take. You can start by checking the company’s online reviews and ratings. With the digital age comes numerous resources for you to do this. Websites such as Google, Yelp, and Trustpilot are great tools to use to help you gauge the public’s perception of a real estate company.
Client testimonials are also a great way to judge reputation. Unlike online reviews which may utilize paid bots, having an actual person representing the company’s success gives more credibility. However, you might want to go the extra mile and check in with people you know or trust to get a more accurate idea of the company. This is because some organizations are notorious for inflating their online brand perception.
Once you have an idea of how people feel towards your prospective property partner, it’s now time to check their portfolio. Look at their past projects and most importantly, whether they were a success. This gives you an idea of their ability to handle investments in your area of interest. It’s also a plus if the company has been in the business for several years as they are likely to have a deeper understanding of the real estate market.
What’s your Property Partner’s Specialty?
Different real estate companies offer different services. This is why it’s important to focus on a property partner that specializes in the type of real estate investment you are interested in. Some might specialize in residential real estate while others might focus on commercial properties. It’s also worth considering the type of real estate services that the company offers. To save yourself the headache of moving from one real estate company to another, it’s imperative that you find a property partner that covers all the required services for your investment.
Another crucial factor when it comes to specialization is the areas the company caters to. Some companies cover a wide range of regions while others focus only on specific locations. You should always prioritize the real estate company that has properties in your location of interest.
For example, you might be interested in prime property investments in upmarket areas within Nairobi. The wise decision would be to set your sights on a property partner that focuses on luxury properties in sought-after areas such as Westlands, Kileleshwa, Kilimani, Lavington, and Riverside.
Is your Property Partner Legally Compliant?
Ensure the property partner you choose is properly licensed and complies with all legal requirements and regulations pertaining to the real estate business in Kenya. The company should provide full transparency of their operations and processes, including clear communication about fees charged for services offered, and any potential risks involved. Speaking of risks, make sure your investment is secure in case of any future mishaps. A reputable property partner will provide insurance to protect both its properties and investors.
What’s your Property Partner’s Payment Plan?
When getting started on property investment, it is essential to select a property partner that aligns with your financial capabilities. One of the ways to make sure that your preferred property partner’s services match your budget is to find out whether they provide a flexible payment plan. Find out the required down payment percentage and the duration and frequency of the installments. You can also inquire whether the company is able to customize the payment plan to fit your budget or financial situation.
It is also wise to understand your property partner’s interest rates. Are the interest rates fixed or are they variable? Additionally, you can compare the company’s rates with the real estate market average or alternative lenders to ensure they are reasonable and suitable for your pocket. When it comes to financing your investment, it is worth understanding the penalties your property partner applies for late payment. Some real estate companies may charge very hefty fines or even worse, cancel your contract should you fail to pay within the stipulated time.
To avoid this, check in with your property partner on whether they provide a grace period or the option to renegotiate payment terms, especially in case of unforeseen circumstances. Finally, be sure to take care of any hidden costs. You can achieve this through carefully reviewing your contract for any additional charges such as administrative fees, maintenance costs or service charges. The right property partner will ensure that all the costs incurred are transparent and accounted for in your payment plan.
Customer Service and Support
In every relationship, communication is key. No one wants to deal with poor communication especially where money is involved. That’s why you should engage with the customer service team of your prospective property partner before making any decision. Are they responsive? Do they give clear answers and address all your concerns? A company with good customer service will be responsive and ready to answer all your questions. Good communication helps build trust and ensures all your concerns are addressed promptly.
Finding a trusted property partner can be a very challenging task but once you get it right, it is a sure game-changer in how you navigate the real estate market.
With our extensive knowledge of the Kenyan market and dedication to providing outstanding service, we have established ourselves as the gold standard for quality real estate services. If you’re looking to invest in Kenya’s real estate market, look at our selection of high-end developments and we’ll walk you through your options.
