Protecting Property Investments in a Challenging Market
After a tumultuous 2020, the New Year shows no signs of slowing down. Pearl Scheltema, CEO of Fitzanne Estates, emphasises the need for good training and a solid understanding of the property industry throughout 2021.
“We need to be realistic,” Scheltema says. “The real estate landscape has changed dramatically. And now isn’t the time to be reckless with an investment.” Instead, it’s an opportune time to arm yourself with as much knowledge as possible. “Every property role-player – whether involved in a sectional or full title scheme – needs to be informed about the legislation that applies to their property,” Scheltema insists, explaining that having a well-informed view of your investment is key in weathering this economic storm.
This means attending HOA meetings, staying abreast of updates and financial news, and equipping yourself with knowledge of the finer details of any agreements you’ve signed. “It also means keeping your property in good shape, implementing the necessary maintenance, and ensuring the building remains a viable investment. This protects the owner, tenants, and all other role-players.”
Realistic solutions to the current market
With the advent of the initial lockdown, Fitzanne Estates implemented comprehensive action plans to assist landlords in collecting rent and finding ways to assist tenants who couldn’t manage during periods of unemployment. These strategies showed positive results and it’s been a driving force behind current plans to further support landlords in finding new tenants for new rental terms in 2021.
“A key factor for many prospective tenants – and a major hindrance in placing tenants in properties – is the initial lump sum needed to secure a home. This includes a deposit, first months’ rent, and admin fees.” Scheltema explains. As a solution, Fitzanne Estates has been working with landlords to offer good standing prospective tenants with payment plans, reducing that initial financial strain.
“We are working with our clients to find realistic solutions to the current market. While it isn’t an easy time to be a landlord, our team is excited to work with our clients to not only place tenants but equip property owners with the knowledge they need to keep their property in shape and in good investment order,” Scheltema says.
Education is key
While there’s much uncertainty about what 2021 will hold, one thing that remains abundantly clear is that property professionals need to stay informed and at the forefront of the knowledge pool. “Comprehensive Scheme Executive training such as the courses offered by Fitzanne Estates cover all necessary information needed to protect a property’s value and equips property owners to be effective trustees,” Scheltema says. “Bite-sized tips and insights are also at hand in the form of the Fitzanne Estates Property Exchange Podcast, available on iono.fm and Spotify.”
You can’t afford to fall behind on property trends and legislative requirements, least of all if you’re a Trustee or Scheme Executive, so make sure you equip yourself in every possible way.