After purchasing property for sale in Capricorn, you may have decided to list your property in the rental market, and if you are finding it hard to secure tenants right now, then it would be advisable for you to learn from the recent developments in the Western Cape.
Securing property as an investment is a smart decision, but ensuring that you have regular occupants to cut your monthly spend can be tough. Right now, South Africa is in a tough place financially, with the technical recession and rising costs putting average consumers under immense pressure.
This trickles into the property market, and with the uncertainty earlier this year regarding the land reform issue, there has been caution from buyers, sellers and tenants as to how they approach things. However, taking a look at the Atlantic Seaboard in the Western Cape could yield a valuable lesson.
Providing more information on the matter, Lisa Hendricks, rental specialist at Lew Geffen Sotheby’s International Realty, explained how to combat the situation. Discussing a change of mindset amongst property owners and the impact of pricing yourself out of the market, she said, “Owners are understandably frustrated that they cannot achieve the same rental prices they did last year, but they are starting to realise that the market isn’t bouncing back overnight and that it’s far more costly to have an empty property than a good tenant at a slightly lower rental.”
Pricing is essential when dealing in the property market during tough periods. Whether you are selling or renting, you need to ensure that you consider a realistic price, and that you are remaining competitive within the area that your property resides in.
Taking this approach can certainly increase your chances of securing tenants, even though it may be at a lower price than you were expecting.
