Rental Property – The Search Begins

thompson properties

Rental Property – The Search Begins

Needing to find a rental property is often one of the first signs of reaching adulthood. Until we are able to put ourselves into a financial situation where we are able to purchase our first home, we will be looking for a property to lease.

What should we be looking for when we are searching for a rental property? The first major consideration that we have to look at is rental property availability in your local area. In Bulawayo, we find that there is quite a shortage of homes to lease. This is true for every type of living space…large properties, small homes, flats, townhouses, cottages, and even staff quarters.

This shortage of supply creates the situation where rents may be on the increase, and suitable residences may be in short supply. You could end up paying more for a home than you were hoping or expecting to. Or you will find yourself settling for a house that does not really suit your needs or preferences. You may want a cheap 4 bedroom home, with a main en-suite, spacious lounge, modern kitchen, good security, and a working borehole. If you are unable to find this then you need to re-think your “non-negotiables”. “Non-negotiables” are the things that you feel you must have in a home, to be satisfied and happy. If there is nothing on the market that meets these requirements, you may need to remain at your current residence or you will need to determine which things you can live without. You find a perfect home, but the required rental figure is more than you were hoping to pay. You may need to choose a property in an area that you didn’t want, or a home that is missing one or two of those “non-negotiables”.

When looking for a new rental property it is very important to give yourself plenty of time to find the right property. Also it would be good to make a quick decision if you find that home which is perfect for you.

How do you find that rental you are looking for? Firstly, I would contact all of my local Registered Real Estate agents. Good Real Estate agencies may not have any available properties, but it is good to start there to see what is happening on the rental market.

Secondly, put the word out with your friends, family, co-workers, and others that you are looking. This is often referred to as “word of mouth”. Word of mouth is a very effective way to find good properties. People who know you can refer home owners to you, giving the Lessor a peace of mind that you could be a good tenant. Word of mouth, these days, includes your social media. Many rental relationships are started on Facebook, Twitter, and WhatsApp. Let your WhatsApp groups, your Facebook friends, and your Twitter followers know what you are looking for.

Unfortunately, if these two suggestions do not work, then many people resort to using “bogus estate agents”. Most bogus estate agents will charge you a fee, upfront, to even view a property. We have just heard a story where a person used a bogus estate agent to find a property. They paid the viewing fees, the agent’s fee, and the rentals. One month later there was a knock on the door. It was the owner of the property demanding to know who they were, and why were they in his house! They quickly discovered that the bogus agent was never given permission to find a tenant or to place someone in the home. The bogus agent, the rental property, and the tenant’s money were all gone in a second! They were devastated!

When it comes time to find that new rental property, be sure to give yourself plenty of time, be sure to use reputable people, get a proper Lease Agreement, and most of all keep an open mind. Time and effort spent to find the right property for you is always worth it. Happy hunting!