Category: Individual

The Elements of Good Property Management – Northwood Chats to Ken Bluff

Ken Bluff is an estate agent, property manager and Remax Top Associate, based in Cape Town.  With decades of experience in the real estate and property rental industry, he is passionate about delivering exceptional service to property owners and tenants alike.

In our previous blog post we outlined the benefits of using a property management company to source tenants, collect rent, and deal with maintenance on second homes – but what services should you expect as a property owner?

Northwood chatted to Ken Bluff about his approach to property management to find out what services second home owners should expect from a reputable letting company.

Selecting the right tenant

The quality of tenant you select to occupy your property can make the difference between a pleasant and profitable experience and endless headaches – Ken pays careful attention to the calibre of tenants he selects for his clients’ properties and requires each prospective tenant to fill in an application form before they are considered.

  • All prospective tenants need to provide proof of identity and employment, which are verified.
  • At the same time, a credit check is performed and the tenant’s current or previous landlords and letting agents are contacted for references.

The aim of this process is to select a tenant who pays on time, looks after the property, and is a stable, responsible person. This lays the foundation for a good tenant-owner relationship during the period of the lease.

Dealing with problem tenants

Nightmare stories about tenants who destroy rental properties, leave suddenly without paying rent, and cause problems with neighbors are all too common in the property rental industry. Ken believes that problem tenants should be dealt with in a fair but decisive way:

  • A deposit equal to two months’ rent is required from all tenants. This covers owners against the cost of doing repairs, and is an insurance against tenants who disappear without paying rent.
  • Tenants who pay late or try to “squat” in a rental property are handed over to attorneys who specialise in evictions.
  • Tenants are encouraged to report any maintenance issues as they arise – if they fail to do so, the cost of repairs is deducted from the deposit.

Most importantly, Ken believes in finding the right tenant for the property. A tenant with a clean background and a record of responsible dealings with agents and owners is not likely to behave in a way that would jeopardise the value of a rental property.

Should You Let your second Home Yourself or use a Property Management Company?

Should You Let your second Home Yourself or use a Property Management Company?

Property managementIf you own a second home as a property investment, or if you’re thinking of buying one, you may be wondering how to manage tenants, leases, and maintenance issues. There are two options available to owners of second properties – manage it yourself, or hand the job over to a property management specialist. To find out which option is easier, Northwood spoke to a property management specialist and learned more about the benefits and costs involved. Continue reading “Should You Let your second Home Yourself or use a Property Management Company?”

Standard Bank’s New Credit Card Rewards Programme

Standard Bank’s New Credit Card Rewards Programme

Standard Bank UCountStandard Bank recently launched its new UCount Rewards programme, offering up to 10% cash back on grocery purchases and 1.5% cash back on other transactions. The numbers sound very appealing compared to rewards programmes offered by other banks, but is this new programme really beneficial to credit card holders?

What makes the UCount programme unique?

Most banks have programmes that “reward” their customers for making purchases on their credit cards, either in the form of discounts at certain retailers, special offers and packages, or by giving the customer back a certain percentage of their monthly spend. Unfortunately, the amount that most credit card users get back each month is usually a tiny percentage of what they spend – that may be about to change with the UCount programme.

UCount offers customers cash back when they use their Standard Bank credit cards at retailers in South Africa. The programme offers up to 10% cash back on grocery purchases and with the current cost of food, that offer alone may be enough to attract customers from other banks. The 1.5% cash back offered on other purchases is also a good incentive, and will certainly sweeten the deal.

What other features does the programme offer?

The generous cash-back offer on groceries may be UCount’s main selling point, but the programme also offers discounts and benefits on non-grocery purchases. Here are some of the programme’s best features:

  • The 10% cash-back reward can be accumulated at most major retailers, including PicknPay, Woolworths, Checkers, Spar, and Makro.
  • UCount customers can collect up to R1 per litre of petrol they purchase at Caltex garages.
  • Up to 5% cash-back rewards are offered when shopping at Clicks, Incredible Connection, or Tiger Wheel & Tyre.
  • Rewards can be spent at the Ucount online mall or travel mall, which offer specials on goods, services, and holiday packages.

What’s the catch?

Every product comes with certain terms and conditions, and UCount is no exception. The programme calculates the actual percentage the customer receives based on a tier system, and the 10% cash back on groceries only applies to purchases which make up less than 20% of the customer’s monthly spend. Once this quota has been exceeded, any other grocery purchases will be rewarded with 1.5% cash back.

If you’re thinking of switching to UCount, take some time to visit the programme’s website and learn more about the rewards and limitations of this innovative new product.

Spreading Risk in Retirement Investments

retirementToday, people of working age face a bigger challenge in planning their retirement than at any time in the past. If you’re anywhere between 25 and 55, the way you invest your retirement savings could make the difference between financial security and money problems in old age – here are some ways you can spread your investment risk and come out on top. Continue reading “Spreading Risk in Retirement Investments”

2014 Elections – How to Stay Calm When Politicians Get Excited

south-african-voting-2014In April, South Africans will go the polls in our country’s fifth democratic election since the end of Apartheid – and the election campaigns are already in full swing.

With a slowing economy, well-publicised incidents of government corruption, and the recent passing of former President Nelson Mandela, South Africa’s politics are highly charged this year – but how do you make sense of the political noise and keep a cool head while the politicians seem to be going crazy?

Here are some ideas to calm your mind and keep your focus in the coming months.

SA politics – is it worth following the news stories?

People are all different, and although some of us may not even be interested in politics the fact remains that decisions taken by politicians affect our lives every day. For this reason, it’s important to separate propaganda and campaign promises from reality – here are some points to keep in mind:

  • Politicians make a lot of promises. No matter who you vote for, you’re likely to hear a lot of grand-sounding promises and plans from your candidate – take them with a pinch of salt and you won’t end up disappointed.
  • Focus on legislation, not propaganda. No matter what a politician says during campaign time, the biggest impact on your life and business comes from new laws that are planned – keep track of new legislation that might affect your business. For more information on this, watch the business press or contact your chamber of commerce for a detailed update.
  • Voting is never a waste of time. Take the time to go out and vote, no matter which party you support. Beside the fact that voting day is a public holiday, you’ll be doing your duty as a citizen and helping to make South Africa a better place – as a young democracy, our country needs citizens who are motivated and involved in public life.

Are the national elections the most important event of the year?

As a businessperson, you may think the elections will drastically change things – but is this really the case? Unless there is a huge change of government, things are likely to carry on more or less the same as they were for the time being. Sometimes what happens at local level – such as your city or municipal government – has a bigger impact on your business, and local government elections only take place in 2016.

New Year’s Resolutions – How to Make Sure They Don’t Fail

financial goals resolutions stepsIn our previous blog post we looked at the main reasons why New Year’s resolutions tend to fail so often.  One of the main problems with many resolutions is that they are unrealistic, based more on dreams and long-term goals than on reality and what can be achieved here and now – or in the coming year.

If you’ve made New Year’s resolutions that seem a little too ambitious, you can always revise them and come up with a list of goals that you feel are achievable by the end of 2014. Continue reading “New Year’s Resolutions – How to Make Sure They Don’t Fail”

Why New Year’s Resolutions Fail

Why New Year’s Resolutions Fail

New year's resolutionsEvery year, millions (if not billions) of people around the world make exciting, life-changing new year’s resolutions – but as the months wear on, these resolutions are often forgotten or just don’t work out.

What is it about New Year’s resolutions that make them fail so often, and what can we do to avoid the same thing happening in 2014? Continue reading “Why New Year’s Resolutions Fail”

Running a Tight Plan – Financial Management for Retired People

retirement-lifestyleIf you’re close to retirement age or have already bowed out of the working world, you’ll need to keep an eye on your budget to make sure that your quality of life doesn’t drop during your golden years.

If you’ve planned your retirement well by budgeting and saving each month during your working years, you shouldn’t have much trouble keeping to a healthy monthly budget during retirement. Here are some financial tips specifically for retired people that will help you get the most out of your monthly income. Continue reading “Running a Tight Plan – Financial Management for Retired People”

Should You Work From Home or Hire Office Space?

home-officeFor self-employed people, especially consultants, the choice between working from home and hiring premises is sometimes a difficult one. By weighing up the pros and cons of each option, you’ll be able to take a decision that will benefit your business in the long run – here are some ideas that will help you decide. Continue reading “Should You Work From Home or Hire Office Space?”