(Industry) JOHANNESBURG (July 23) - Property24 today announced in a company press release the acquisition of a rental management system, which the company plans to add to its current software offering for estate agencies.
With high interest rates, less affordability and NCA requirements having taken their toll on the residential property market, many potential buyers are deciding to rent rather than buy for the present. Sellers are finding it difficult to get their asking prices, and in many cases are letting their properties instead of keeping them on the market.
These factors, according to the release, have resulted in a national demand surge for rental properties. Prospects of defaulting tenants and the difficulty of eviction have made owners nervous, and many landlords choose to make use of a rental agency as opposed to letting privately. The agency manages the marketing of the property, the rental application and the lease agreement, collects and disburses the rental and oversees the condition of the home for the duration of the lease period.
“The task of rental agents is a difficult and very responsible one,” says Christo Wiid, General Manager for Real Estate Services at Property24. “Taking on the management of someone else’s property is a daunting task requiring a significant amount of administration. However, the impending launch of our new rental management system will help ease the situation for rental agents.”
Requiring no software installation, the system is fully web based and is accessed via a standard web browser, including Mozilla and Firefox.
The new system is aimed at rental agencies, and includes a fully-fledged bookkeeping function compatible with most accounting software, such as Pastel, AccPac etc. Other options include the listing and management of an infinite number of rental properties, a comprehensive reporting system, automatic backup of data and a detailed history of all information for each property including tenant profiles.
“Agents will be able to maximize their profits, have better control over their listings and feature all their rental properties on Property24 automatically,” says Wiid. “The system is secure and password controlled, inspection reports can be completed online with photographs, and requests for repairs to properties can be submitted online. We can even have a reminder sent to the owner when it’s time for an escalation in the rental price.”
The rental management system will complement Property24’s stable of real estate packages and will be available after the official launch in early September.
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