HOW THE REAL ESTATE CONSULTANT WORKS IN KENYA

Real estate consultants are the driving force in the real estate industry. Real estate consultants play a major part in the real estate industry by linking sellers to purchasers of residential properties, commercial properties and/or land. Landlords tend to get in touch with real estate consultants to help them with the process of either selling their properties or renting them out. Furthermore, real estate consultants are usually their (clients’) go to go entities due to the vast amount of knowledge they hold in regard to the real estate market conditions. Clients looking to rent a property or purchase a property also tend to get in touch with real estate consultants so as to assist them in the decision making process and to safeguard their interests due to the real estate consultant acting as a middle man.

Apart from assisting in the process of renting and selling properties, real estate consultants also tend to aid in property management and maintenance management. This entails both internal property management and/or common area management be it for a residential property and/or commercial property. For a real estate consultant to take charge of property management, there has to be a whole process a real estate consultant goes through from pitching in their interests to conducting interviews and presenting performance and portfolio information to finally, if all goes successfully, getting the opportunity to manage a property.

Reaching out to clients through various advertising mediums are crucial for the success of real estate consultants in the aspect of renting out and selling properties. For landlords to give real estate consultants their properties to rent out and/or sell, there is usually a document (authority to let/authority to sell) that is issued to the landlords explaining to them the process and information needed related to the property. Once the landlord signs the document, the said real estate consultant has the authority to act on behalf of the landlord in obtaining a client. The process of sourcing for a client now falls on the real estate consultant and it is by way of advertising and exposing the property in the market by which clients are obtained. The advertising procedure depends on the real estate consultant’s preference as that varies from company to company.

Real estate consultants tend to also conduct valuations on properties to further assist landlords in setting the right price for their properties. It is crucial for landlords to get their properties evaluated as that safeguard themselves and their property so as to avoid setting a price well below the market price for that particular property.

Research is another essential aspect that real estate consultants tend to undertake. Research based on the market conditions such as price of properties, how different areas within Kenya vary in price, rental escalations of properties/areas, demand for properties/areas, supply of properties/areas etc. the research focus conducted between real estate consultants will vary depending on their major aims of their research purpose however research is critical in staying informed in regard to the market condition and the changes that occur frequently.

Preparing financial reports by real estate consultants for the residential and/or commercial property they manage are presented in a frequent basis. This is to ensure the bookkeeping records are accurate and also to ensure that the funds are being used wisely and effectively for the greater good of the residential and/or commercial property. Property owners that give real estate consultants mandates to manage their properties tend to require periodic updates related to financial matters so as to confirm the status of the property.

Advising clients, be it potential tenants or property owners is essential. Real estate consultants tend to offer advise to clients that want to invest in a property, sell a property or let out a property. Handing out advise is equally as important as receiving advise as this places both parties (seller and purchaser) in a much better position prior to advancing to the next step.

It is clear that there are various responsibilities and roles that fall under real estate consultants other than finding potential tenants for properties for sale and rent.