The Developers Digest Q1 Issue

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12Have Your SayReal Estate is Not A Gamble!!By Purity Kagendo MakauBusiness Development & Marketing Manager, Daykio Plantations LtdIn the recent times, we have witnessed manyinvestors both locally and in the diasporadeveloping an appetite for investing in the realestate. The perception is that there is quick moneyand high return on investment in the real estatecompared to other investment avenues. The interestis also driven by the 500,000 housing units deficit inKenya annually where we have seen the Governmenttrying to do its best to bridge the gap throughaffordable housing and involvement by privatedevelopers.However, lucrative as the industry may appear,we have seen giants, medium, Corporates andindividuals in the real estate plunge into losses dueto negligence and the reasons as hereunder: -1 Lack of due diligence on the propertyA serious investor should be able to conductdue diligence on the property using the rightand ethical legal practitioners who will conductsearch on property ownership. This processshould guide the investor on whether theproperty is under any encumbrances or insuccession process.2 Poor planningSome of the mistakes investors make is buyinga property without having in mind a clear planon what they really want to do with it. Someeither buy just because they have the moneyor the property is available without having theconsideration like;• why am I buying this property?• Is it to develop serviced apartments to Let orresidential units for sale?• Who am I buying for and what are the needsof this customer?When all these questions are answered oneshould therefore be able to structure theconcept plan based on the customer needs andpreferences.3 Delivery on promisesWhat promises do we make to our customerswhen wooing them to buy our projects? Wehave witnessed many Kenyans locally and in thediaspora lose money through off plan & Masterplanned concepts just because they were solddreams that were not realised. Consequently,taking the developer to endless legal battles withthe investors and leading to indefinite closure ofsuch developments. My caution to investors is tomake realistic promises and Do not overpromise.4 Title Deed processingThe Title Deed is a legal document of propertyownership and a very critical document for anyReal estate investor. We have two types of TitleDeeds where one is leasehold and the other freehold. A free hold Title Deed is not limited totenure, while leasehold is limited to expiry periodof 99 years. My advise to investors is to be clearof the Title Deed tenure in order to mitigate thechances of buying a property whose tenure isalmost expiring.5 Pricing of the propertiesPricing of the property is dependent on the Costof the property, Location, value addition, targetcustomers and the desired project lifespan. Wehave observed a situation where some of thedevelopers price their properties with neitherof the above factors hence making the propertyexpensive for the buyers to afford, rendering theproject inactive and consequently the loss ofdesired revenue6 Collaboration with the Real Estate partners.Collaboration with the real estate partners likeAdopting a Long-term Perspective in the Real Estate Sector
13Have Your SayFinanciers, Surveyors, Contractors, Lawyers,Architects and County Government is the successof any real estate developer. These partnersmake the process easier and mitigate loopholesleading to conman ship of the properties fromthe sellers and saving the buyers the risk of losingtheir money.Daykio Plantations Ltd having been in theIndustry for now 39 years has mastered the gameand is confident to confirm that Real estateis NOT a gamble but a clear process throughpartnerships by making real estate affordableand a reality for all Kenyans.About the Author:Purity Kagendo Makau is a Business Development& Marketing Manager at Daykio Plantations Ltd.Her9-year experience in Daykio has given her a betterunderstanding on pros & cons of the real estateindustry.0709 058 012 sales@m-payaenergy.co.ke www.m-payaenergy.co.keAdopting a Long-term Perspective in the Real Estate Sector
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