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Do the youth make for good landlords?

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Do the youth make for good landlords?

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There is no age limit to home ownership. Even if you are below the age of 18, you can still own a property that you rent out, but that property will be managed by a trust, parents or guardians. But when the property's management transfers to you, how well prepared are you, and what effective strategies can you apply that will help you become a better landlord?

 

Eight types of relatively easy-to-manage properties:

Purchase a property that appeals to your age group (18-35 year old singles):

  • Micro-apartments for short-term rental in touristy area's like the Western Cape.
  • Apartments near universities, for long- and shorter-term rental.
  • Studio apartments in buildings where communal areas are highlighted (such as shared kitchens, laundry, and activity centres).
  • Two-bedroom flats for shared living.
  • Properties near hubs offering walkable access to transport routes, retail and eateries.
  • Units that offer energy efficiencies and environmentally-friendly factors.
  • Downstairs units that offer secure access to gardens.
  • Oversized lofts and penthouses, that present spectacular views of cities, beaches, and green spaces.

Eight fears that under 35's face when renting out a property:

  • Fears of financial loss.
  • Difficulty in managing the property.
  • Maintenance costs.
  • Eviction of tenants.
  • Fly-by-night (when tenants leave quietly without paying rent).
  • Contractual obligations and administration.
  • Managing tenant noise, or complaints from neighbours.
  • Sub-letting without authorisation.

Eight key strategies for landlords under 35

  • Consider employing the services of a professional rental agency.
  • Develop a good relationship with the building's maintenance and management (body corporates in sectional title for example).
  • Develop a digital organisational plan with timelines and reminders (rent increases and contract renewals). Include a financial chart.
  • Have professional photographs taken of the property for marketing purposes.
  • Consult with a legal firm for an effective rental contract.
  • Subscribe to newsletters that offer advice on property rental.
  • Prioritise your tenant's needs and do a property check at least every two months.
  • Never entertain conflict with a tenant. Rather employ legal experts to manage difficult situations.

Eight extra-special care strategies

  • Communicate on social media like WhatsApp and be responsive and accessible.
  • Take your tenant on a neighbourhood walkabout.
  • Discover your tenant's interests and introduce them to like-minded groups in the area.
  • Provide a list of local take-aways, community centres, gyms, specialised shops like cafes, etc.
  • Do a physical move-in day tour, explaining how appliances work, or filters should be changed etc.
  • Offer smart technology (incorporated in rental price), such as wi-fi and tv subscriptions.
  • Leave a small move-in gift, such as chocolates, flowers, incense etc.
  • Always be open to tenant suggestions, but maintain professionalism.
Author Private Property Reporter
Published 19 Aug 2024 / Views -
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