by Georole Ltd | May 16, 2023 | Valuation
In Kenya, there are currently about 6 major niches of real estate within which one can invest. These include:
Niche #1: land/property brokerage
A fee is charged by the mediator who facilitates a real estate transaction between the two parties.
Niche #2: land development
This is a business where one buy land and improve it by adding services and utilities such like roads, electricity, and water. He/she then divides the land into smaller planned plots and sell them out for a profit.
Niche #3: condominium development
This entails constructing a Building , dividing it into different units, and selling out the units.
Niche #4: commercial development
This is a kind of business where one construct a building and Let out each of the units at a monthly fee.
Niche #5: estate management
It is a business where one manages a property owned by someone else.
Niche #6: real estate appraisal
This requires one to be an expert specilised in land economics or real estate as well as registered and licensed by the the valuers registration board (VRB) to offer valuation services.
Recommendations
You can set up business within the 6 niches or specialize in a specific Niche
How to start a small real estates business Kenya.
- If you have very little spending money to capitalize in real estate business, begin by helping your neighbor or friends sell thier properties for a commission. As you grow, you will be able to register a formal agency and handle bigger business.
- One can as well buy land from an individual slice it into smaller plots and sell the small plots to your clients at a profit.
- Purchase many plots, say five, from a Land Real Estate Developer and when their value increases, within 6 months to 2 years, you then re-sell these same plots at a profit.
- Buy the plots, construct your own small residential units and rent them out.
- Buy several units within a condominium and then rent them out for a monthly income.
- Get a lease for a huge chunk of land, sub-lease the biggest portion of it for some monthly income while you develop a small manageable potion of this land.
- Buy a piece of land in a prime area, construct a nice home, and rent out this home for a monthly income.
- If you have a little more money, you can buy an old house, within a prime area, give it a face lift, and sell your new house for a profit.
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Presented by:
Georole Ltd,
Land surveying | Valuation & Advisory | Property & Estate Agency | Physical & Land Use Planning | Environmental Management | Architecture & Landscaping
Contact: 0113209028
Email: georole20@gmail.com | info@georole.co.ke
by Georole Ltd | May 16, 2023 | Valuation
why is land valuation important?
Property Valuation is important when buying a land and its transfer. An application for valuation is always made to the government valuer, or to a registered Valuation firm which makes a site visit to enable them to prepare the requisite valuation report all for purposes of Stamp Duty. This duty is vital since it acts as a registration fee for the property. The duty is determined by a professional government valuer and the valuation is to determine the true open market value of the property as at the date of transfer.
The buyer has the responsibility of applying for property valuation of the land using the valuation form properly completed by the seller. The lands office uses such papers to fix the stamp duty payable.
Final payment and transfer of ownership
On receiving the completion documents from the seller, the buyer is obliged to pay to the seller the total balance on the purchase price to complete the registration of the documents following payment of the obligatory stamp duty. Documents from the lawyers of the seller encompass the land’s original title deed, the signed and witnessed transfer documents into the buyer’s names, receipts indication paid-up land rents plus clearance certificate, and the consent to transfer.
Presented by:
Georole Ltd,
Land surveying | Valuation & Advisory | Property & Estate Agency | Physical & Land Use Planning | Environmental Management | Architecture & Landscaping
Contact: 0113209028
Email: georole20@gmail.com | info@georole.co.ke
by Georole Ltd | May 16, 2023 | land survey, Valuation
Property boundary is an imaginary line at the ground surface, and its vertical extension that separates the real property owned by one person from that property owned by another person.
How to determine the actual location of your property boundary?
Land titles give an indication of boundary dimensions by making reference to a diagram i.e. map. However, only a licensed surveyor can determine the actual location of your property boundaries. If you are buying property, you need to know and be sure of what you are getting. This is possible through engaging a licensed surveyor to rightly define the property boundary of what you are about to purchase, otherwise brokers and the land owner can trick you into paying more for less.
The surveyor gives you a form of protection in addition to clarifying what you have bought, since it will reveal any encroachments or other irregularities. The surveyor will mark the exact corners of your site with survey monuments.
Fencing your property by erecting fences around your property gives you many benefits. You can decide how your area will look, once you have the boundary. Some of the benefits include:
Increase the degree of protection.
It acts as a deterrent to outside people who may wish to intrude on your home. You can also keep away thieves and burglars with the use of these fences..
Insuring your property
Due to added protection, there is increased chances of one to get lower premium quotes for his/her homeowner’s insurance. This lower financial risk just in case anything negative occur. With discounts from your premiums, you are able to gain more savings and spend it on other needs.
Value addition
When it comes to financial gain, adding up fences around your property increases the latter’s value. If you intend to sell your property, you will get it appraised by authorities. Authorities give more weight to properties that are well protected. This is why you can enjoy a higher price for your property.
Delineate property lines
In legal sense, a fence can delineate your property boundary properly. This will somehow reduce the possibilities of fights and quarrels with neighbours since you and they know where your area of responsibility stops thus, fences can actually contribute to the peace and order that each community is experiencing.
Promotion of psychological safety and security.
If the latter two are your primary reasons for building a fence, then it is only reasonable to deduce that the fence is going to be of considerable height. It can block the vision of people from the outside towards the inside of your home. Thus, better privacy can be enjoyed too.
conclution and recommendations
Many people face challenges to identify property boundary (ies) when buying land. This has become very critical in these times where land grabbing and trespass are common. People are conscious of boundaries in the fear of encroachers on their land. This is a natural instinct people are born with. If animals can mark their territories in various ways, why not humans?
The physical property boundary may be a fence, wall or a hedge, mark stones among others. It follows the line of the legal boundary.an architect is usually the best person to consult on the kind of boundary you would like to put up. “The options and configurations are unlimited. The decision to have live fence or wall, hedge or chain link can be well articulated by an architect
Every piece of land, whether registered or not, has legal boundaries. The legal boundary is an imaginary or invisible
line that divides one person’s property from another. In the urban setting, boundary walls are very popular and are in various designs. They give a sense of security. They can be built from burnt bricks, cement blocks, stone or concrete. The finishes also range from plasters, claddings and stone pitching. Some developers grow creepers on the walls to tone down its boring appearance.
Georole Ltd,
Land surveying | Valuation & Advisory | Property & Estate Agency | Physical & Land Use Planning | Environmental Management | Architecture & Landscaping
Contact: 0113209028
Email: georole20@gmail.com | info@georole.co.ke
by samson | Apr 24, 2023 | Valuation
We undertake property valuation and advisory assignments ranging from; Mortgage, Insurance, Rental Valuation Assessments, Compulsory Land Acquisition, Rating, Bond Valuations, Plant & Machinery Valuations and Loose Assets valuations. We also offer Property Management and Estate Agency services which include but not limited to Purchase, Sale, Letting, Rent collection and Quotation for Repair & Maintenance.
We provide real estate valuation, appraisal and consultancy on a wide range of situations including the following property types:
- Commercial – offices, shops and showrooms.
- Industrial – factory warehouses and go down.
- Development Sites.
- Petrol Service Stations.
- Hotels and Resorts.
- Stock and Shares.
- Going Concern – Business.
- Equipment, plant and machinery.
- Loose Assets- furniture &fittings.
- Special properties (Education, Medical and Sport Facilities, and Worship Centers)
The need for property valuation and consultancy can be diversified and our licensed valuers have expertise in preparing valuation reports for the following purposes:
- Pre-Purchase and Pre-Sale.
- Mortgage Purpose – residential, commercial and industrial.
- Rental Assessment Valuations.
- Balance Sheet Asset Valuation.
- Insurance Valuations.
- Compensation for compulsory acquisition by the National Land Commission
- Rating for Counties
- Portfolio valuations.
- Way leaves and easements.
- Litigation and Court Expert Witness.
Valuation and advisory work plan
At Georole Ltd, our professionals will keep you updated through the entire valuation process.
- Client meeting: Initial consultation and discussions ensure we have a detailed understanding of client valuation objectives.
- Due diligence: An evaluation is conducted and an efficient valuation rational is established.
- Property inspection and data collection: This entails conducting site visit, Property Inspection & the Data Collection Process. The finalized report is printed, bound, signed and sealed by a director. This is then submitted to the client
- Data analysis and valuation: At this stage, the collected data is analyzed, value computation is carried out and draft valuation report prepared. The draft report is shared with the client for review Defined by Expertise in Real Estate.
- Submission of report and valuation: The finalized report is printed, bound, signed and sealed by a director. This is then submitted to the client.
by samson | Apr 24, 2023 | Valuation
We have vast experience in property and estate agency which entails selling and leasing all kinds of property i.e. commercial, industrial, residential and agricultural property. The Directors are registered and licensed by the Estate Agents Registration Board to practice professional estate agency. Our staffs also have extensive experience in securing statutory approvals from the local authorities and other government bodies such as National Environment Management Authority (NEMA). In consultation with other lead experts we have developed capacity to offer Environmental Impact Assessment (EIA) and Environmental Audit (EA) services. This experience has made us resourceful for clients who require necessary statutory approvals to develop leased or purchased property. Our highly trained and experienced staffs also provide facilities management services to ensure proper maintenance and functionality building systems, equipment and fittings.
As Managing and Estate Agents we offer the following services: –
A. Property Letting
Marketing
We execute a marketing campaign and identify potential tenants to premises under our instructions through a vetting process that will guarantee only reliable persons are offered a lease.
Lease Negotiations
We negotiate, on behalf of property owners, with potential tenants and achieve rental terms that are suitable and beneficial to our clients’ requirements. Thereafter we shall execute Letters of Offer on their behalf.
Upon signing of Letters of Offer we ensure that the tenants execute formal Leases. This is done in consultation with the clients’ Advocates. In so doing we peruse the Leases to further ensure that the documents place our clients in the best contractual position.
Handover/ Takeover of Premises
We prepare accurate Inventory Schedules for purposes of handing/ taking over of premises upon execution or determination of tenancy with the tenants. In so doing we ensure that the conditions of the premises remain tenantable prior to occupation. Should there be need for any fit – outs we also liaise with the Landlord together with the appointed Architects or Engineers to approve the same.
Rent Reviews, Lease Renewals and Re-Lettings
We will effect rent reviews, lease renewals and re-lettings as they fall due by maintaining renewal diaries and appropriate tenancy schedules. We will also, prior to carrying out the reviews or re -lettings, advise you on the obtaining letting terms and conditions during the review by way of valuation or rental assessments or in simple market reports that will enable you be updated on the performance of your property.
B. Property Management
As your property managers we provide the following services: –
Rent Collection
We effectively collect rent through direct deposits to our client’s collection account in the bank. With the M-pesa pay bill number, our clients have another flexible option to pay rent from any location using their phone. From our experience, we are able to remit the current month’s rent on or before the 10th day of the month.
Repairs and Maintenance
We inspect properties and source for quotations from artisans. The same are forwarded to landlords for approval and thereafter procure materials and supervise repairs on their behalf. Receipts and repairs records/documents are kept in the landlord’s file to be used in preparation of annual accounts and tax returns by the clients.
Utility bills (Water and Electricity).
We monitor payment of utility bills by tenants through online checks of electricity accounts and bi-monthly check of accounts status with the water utility company.
Ground Rent and Rates
This is done on behalf of the clients, from their rent account as directed.
Insurance
We carry out insurance assessment and organize for the property to be adequately insured in consultations with the Landlord. We also advise on the covers that we deem necessary such as Fire and Peril, Earthquake, Loss of Rent, and Public Liability.
Landlord and Tenant Relations
We adequately attend to issues raised by the tenants and keep the Landlord updated on the same. We act as a bridge between the Landlord and the tenant. Any loss or damage suffered by the property as a result of the tenant’s negligence is be captured and the tenant is compelled to have the same replaced at his/her cost.
Rental Assessment
We undertake rental assessment to establish rents that are feasible and cannot be a subject of contention in rent tribunals due to well researched and documented rent valuation Reports. It also helps a client charge optimum rents and safeguard good returns.
Quarterly & Annual Reports:
These are prepared by the heads of the property Management departments, summarizing the rent collection performance, Market performance and prospects for rent review, report on periodic and routine maintenance, among other relevant information.
C. Sale of Property
Should you wish to dispose of or acquire property, we will provide you with the following, subject to agreement: –
- Advise on the market value for sale purposes;
- Propose a suitable marketing strategy;
- Execute the marketing by way of advertising, showing of property to potential buyers, receiving offers and communicating these to the seller;
- Once an acceptable offer has been agreed upon, we prepare the letter of offer and collect the initial deposit;
- On the basis of deposit received and the signed letter of offer, we communicate with your Advocates for the preparation of the sale agreement to be executed by the vendor and purchaser.
by samson | Oct 24, 2022 | Valuation
what is property valuation?
A property valuation is a detailed report of a property’s market value. This is defined by the International Valuation Standards Council as the estimated sale price “between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion” Read this.
Property valuation is the process of ascribing a particular economic value to a piece of real estate. Learn to dentify the pillars of property evaluation, including demand, utility, scarcity, transferability, or DUST, as well as the two key principles of property and the lifecycle of real estate
The need for property valuation and consultancy can be diversified and our licensed valuers have expertise in preparing valuation reports for the following purposes:
- Pre-Purchase and Pre-Sale.
pricing
- Mortgage Purpose – residential, commercial and industrial.
- Rental Assessment Valuations.
- Balance Sheet Asset Valuation.
- Insurance Valuations.
- Compensation for compulsory acquisition by the National Land Commission
- Rating for Counties
- Portfolio valuations.
- Way leaves and easements.
- Litigation and Court Expert Witness.
Property and Estate Agency
We have vast experience in selling and leasing all kinds of property i.e., commercial, industrial, residential and agricultural property. The Directors are registered and licensed by the Estate Agents Registration Board to practice professional estate agency. This experience has made us resourceful for clients who require necessary statutory approvals to develop leased or purchased property. Our highly trained and experienced staffs also provide facilities management services to ensure proper maintenance and functionality building systems, equipment and fittings.
As Managing and Estate Agents we offer the following services: –
Property Letting
Marketing
We execute a marketing campaign and identify potential tenants to premises under our instructions through a vetting process that will guarantee only reliable persons are offered a lease.
Lease Negotiations
Negotiation on behalf of property owners, with potential tenants and achieve rental terms that are suitable and beneficial to our clients’ requirements. Thereafter we shall execute Letters of Offer on their behalf. Upon signing of Letters of Offer we ensure that the tenants execute formal Leases. This is done in consultation with the clients’ Advocates. In so doing we peruse the Leases to further ensure that the documents place our clients in the best contractual position.
Handover/ Takeover of Premises
We prepare accurate Inventory Schedules for purposes of handing/ taking over of premises upon execution or determination of tenancy with the tenants. In so doing we ensure that the conditions of the premises remain tenantable prior to occupation. Should there be need for any fit – outs we also liaise with the Landlord together with the appointed Architects or Engineers to approve the same.
Rent Reviews, Lease Renewals and Re-Lettings
Rent reviews, lease renewals and re-lettings as they fall due by maintaining renewal diaries and appropriate tenancy schedules. Prior to carrying out the reviews or re -lettings, advise you on the obtaining letting terms and conditions during the review by way of valuation or rental assessments or in simple market reports that will enable you to be updated on the performance of your property.
Property Management
As property managers can provide the following services: –
Rent Collection
Effectively collection of rent through direct deposits to client’s collection account in the bank. With the M-pesa pay bill number, our clients have another flexible option to pay rent from any location using their phone. From experience, it is able to remit the current month’s rent on or before the 10th day of the month.
Repairs and Maintenance
Inspection of properties and source for quotations from artisans. The same are forwarded to landlords for approval and thereafter procure materials and supervise repairs on their behalf. Receipts and repairs records/documents are kept in the landlord’s file to be used in preparation of annual accounts and tax returns by the clients. contact
Utility bills (Water and Electricity).
Monitoring payment of utility bills by tenants through online checks of electricity accounts and bi-monthly check of accounts status with the water utility company.
Ground Rent and Rates
This is done on behalf of the clients, from their rent account as directed.
Insurance
Property Valuation enables carrying out insurance assessment and organize for the property to be adequately insured in consultations with the Landlord as well as advise on the covers that deem necessary such as Fire and Peril, Earthquake, Loss of Rent, and Public Liability.
Landlord and Tenant Relations
Professional valuer can adequately attend to issues raised by the tenants and keep the Landlord updated on the same. We act as a bridge between the Landlord and the tenant. Any loss or damage suffered by the property as a result of the tenant’s negligence is be captured and the tenant is compelled to have the same replaced at his/her cost.
Rental Assessment
A valuer undertakes rental assessment to establish rents that are feasible and cannot be a subject of contention in rent tribunals due to well researched and documented rent valuation Reports. It also helps a client charge optimum rents and safeguard good returns.
Quarterly & Annual Reports
These are prepared summarizing the rent collection performance, Market performance and prospects for rent review, report on periodic and routine maintenance, among other relevant information.
Sale of Property
Should you wish to dispose of or acquire property, look for property valuer to provide you with the following, subject to agreement: –
- Advise on the market value for sale purposes.
- Propose a suitable marketing strategy.
- Execute the marketing by way of advertising, showing of property to potential buyers, receiving offers and communicating these to the seller.
- Once an acceptable offer has been agreed upon, we prepare the letter of offer and collect the initial deposit.
- On the basis of deposit received and the signed letter of offer, we communicate with your Advocates for the preparation of the sale agreement to be executed by the vendor and purchaser.
