Western Cape Business News

Send  Share  RSS  Twitter  08 Sep 2009

HOUSE RENTALS: Making Hay With 2010 World Cup


Recent Western Cape Business News

Pam Golding Properties is preparing to launch a dedicated rental service for the 2010 FIFA World Cup, in anticipation of the demand for short-term accommodation during this period.  The personalised service will be restricted to a selection of luxury homes, targeted at the upper end of the visitor market.  PGP will limit the number of properties in this portfolio, focusing on the Atlantic Seaboard, City Bowl and Southern Suburbs.

Says PGP’s MD for the Western Cape metro region, Laurie Wener:  “We anticipate that well-heeled soccer fans will not just want to visit Cape Town for the few days around which games will be played here.  Rather, we suspect they will want to use this city as their permanent base for the duration of the tournament, and will possibly spend a few days or even weeks on holiday here, either preceding the event or immediately thereafter.  It is therefore a natural progression from our existing business in this end of the market, that we should identify select luxury properties that will be of interest to this market, and help home-owners identify pre-screened and –approved tenants who will treat their homes with care.”

Wener cautions against drastic over-inflation of prices during the World Cup period, saying that expectations of massive daily rentals may well be pipe-dreams.  “Ultimately, the market-related rental income achievable will be determined by the demand, and it remains to be seen whether it will reach the kind of figures being suggested in some quarters,” she says.  “PGP has elected to concentrate on this upper end of the market not out of a desire to capitalise on massively inflated rentals, but rather because we can offer a specialist service in this area by screening potential tenants and thereby minimising the risks to the property which are inherent with any short-term let, but which are of concern to owners of such valuable properties.”

PGP’s Western Cape rental director Dexter Leite agrees that owners should not have unrealistic expectations of the potential income they can achieve from the World Cup.  He also has some words of caution for those considering renting out their homes to soccer fans:  “We would strongly advise any owners to seek references for their tenants wherever possible, and to insist upon substantial deposits to be paid well in advance of the tenants’ arrival.  We would also advise that the full rental sum be made payable upfront, before access is granted to the property.  This will ensure that they don’t get left in the lurch by tenants who disappear overseas, leaving behind unpaid bills or damaged homes.”

Leite also cautions owners concerning the insurance of their properties.  “They should ensure that they carry adequate insurance cover for both the building and its contents, and should definitely take out third party liability insurance if they haven’t already done so.  What’s more, it is advisable for owners to inform their insurers of the possibility of a short-term let, as their existing policies might not cover the premises or household contents if the property is let.”

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