The Managing Director of boutique real estate agency, BabsGbollys Properties Limited, Mr. Babalola Odunuga, has decried the low level of awareness in managing properties, which he says is often seen as a daunting task.
Odunuga stated that this act of negligence was the reason property owners incur losses when they were unable to tackle certain situations.
He said, “Maintenance issues come top as buildings and individual houses need regular maintenance of the physical features, plumbing, and electrical systems. This is because anything can happen at any time and repairs have to be attended to immediately to avoid inconveniences to tenants.
“The best solution for managing maintenance issues is to have a preventive maintenance plan in place same way you have a regimen for servicing your car, and you need competent professionals attending to the repairs as they arise.”
He stated that customer service excellence would remain one of the critical competitive advantages of real estate firms such as BabsGbollys.
“This is why even when we have complaints about issues with other tenants, we make sure each issue is attended to as soon as it gets to us. Every complaint is looked into and never ignored, especially ones that show potential problems in structural aspects of the building. Our tenants often commend us for the speed with which we address their complaints as they are being heard and appropriate action taken,” he said.
Odunuga stated that in recent years, due to the recent economic recession faced by the country, the issue of not receiving rent on time had been on the rise and had been a major issue faced by most property owners.
According to him, defaulting tenants often have a range of excuses at hand for not making payments.
He said, “All these concerns are often causes of apprehension for property owners.”
We are addressing this by going around sending reminders as due date approaches and collecting payments on the due dates. This has brought the rate of default down considerably as tenants are now aware that they have to keep their payments ready on time.
“Another aspect is that we levy some penalty or late fees, which is a percentage of the total amount owed. This usually works as we are able to enforce it strictly and with precision and reason. The right use of the various marketing communications technique will help in attracting tenants to a property. Proper advertising and good reputation about a property can make a major difference in getting the right tenants.”