PROPERTY: Rental Agencies Abound
Recent Western Cape Business News
With the recent downturn in the property sales market, many estate agents have turned to rentals as a source of additional income, or to bridge a drop in income. The result is that there are now literally hundreds of rental agencies from large, well-established property groups to brand new entrants into the market with little to no experience. Only some of these are able to provide a reputable, reliable service that benefits both tenant and landlord alike.
Pam Golding Properties’ rentals director for the Western Cape, Dexter Leite, says his division has recently come across several instances where landlords and tenants have had negative experiences with agencies, often with dire financial consequences for which there is seemingly little recourse. Major problems include agencies not refunding deposits to the tenant without reason, or in worst cases, not handing over rentals that have been collected from the tenant.
Says Leite: “Residential letting, like any other business, carries risk. Sometimes even the most reliable tenant can find themselves retrenched or experience a sudden change in their personal circumstances– and likewise the landlord’s circumstances can suddenly change. Because of this risk, we would urge both landlords and tenants to be extremely cautious in their approach to choosing a rental agency – and agent – with the necessary credentials, skills and experience to help you navigate this environment.”
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