Josephine Osodo is a licensed and (Institute Of Surveyors in Kenya) registered Land, Home Properties Valuer based in Mombasa, Kenya.
She has 25 years of real estate job experience.
Call for free appointment.
_____________________________________
Mombasa Kenya Land Homes Properties Real Estate Agents
Phina Valuers Valuation Company Consultants,
For free Consultation, Call Josephine Osodo at 0715-804237
Phinavaluers@gmail.com
Call us for free your appointment.
_____________________________________
Mombasa Kenya Land Homes Properties Real Estate Agents
Phina Valuers Valuation Company Consultants,
For free Consultation, Call Josephine Osodo at 0715-804237
Phinavaluers@gmail.com
Call us for free your appointment.
_____________________________________
Mombasa Kenya Land Homes Properties Real Estate Agents
Phina Valuers Valuation Company Consultants,
For free Consultation, Call Josephine Osodo at 0715-804237
Phinavaluers@gmail.com
Mombasa Kenya Land Homes Properties Real Estate Agents
Phina Valuers Valuation Company Consultants,
For free Consultation, Call Josephine Osodo at 0715-804237
Phinavaluers@gmail.com
Call us for free your appointment.
_____________________________________
Mombasa Kenya Land Homes Properties Real Estate Agents
Phina Valuers Valuation Company Consultants,
For free Consultation, Call Josephine Osodo at 0715-804237
Phinavaluers@gmail.com
For the past two decades, the Kenyan real estate market has grown exponentially as evidenced by its contribution to the country’s GDP which grew from 10.5% in 2000 to 12.6% in 2012 and 13.8% in 2016. The growth is driven by;
These factors have therefore led to the development of unique trends across the various real estate themes, as investors sought to gain high returns and buyers sought aspirational lifestyles and quality products.
COMMERCIAL
The Kenyan office sector has grown rapidly over the past decade, in tandem with the improving economy, as firms expanded in their operations while multinational firms continually set up their base in the country which is considered the key gateway to the East African market and a leading economic hub in the Sub-Saharan Africa.
As the sector grows, it’s witnessing new trends due to the clientele changing its preference and international firms creating demand for something that is of world-class standard. Serviced offices are slowly gaining popularity due to the growing SMEs and as the dynamics of office space design and demands continue to unfold, more developers are offering semi-fitted offices by providing facilities such as partitions and kitchen cabinets. In a bid to reduce operating costs and provide a safe and healthy environment for workers, developers are increasingly employing green building technology as it has also been proven to increase employee productivity.
A smart office is also a new trend that has changed the office space area. With amenities like an equipped gym, Cafeterias and entryways for people living with disabilities. Nowadays, so as to meet the demands of clients, offices are designed to feel like home with modern facilities. Quality, ambiance, elegance, and serenity are the driving forces behind today’s growing modern offices.
The retail sector has grown tremendously, characterized mainly by a continued rise in mall space. With a growing middle class, and thus more disposable income, international and local developers have quickly grabbed the opportunity to tap into the ready market with the mall concept which has seen Kenya become the second largest in mall space in Africa, after South Africa, with 391,000 square meters. The most notable developments include the Two Rivers Mall, Garden City, and The Hub. The middle class has also attracted international retailers such as Carrefour, international restaurants such as Burger King and Subway and sports shops such as Adidas. Additionally, the country is fast urbanizing and as such, technology has become a secondary need with Kenya being recognized as one of the leading technology hubs in the continent and also renowned internationally for its one-of-a kind mobile money transfer system. Consequently, online shopping is slowly gaining traction with a high internet penetration rate of 70% and has led to online sites such as OLX, Rupu and Jumia achieving tremendous success.
Similar to the office sector, the industrial sector has been receiving a gradual change with a changing clientele who prefer high-quality stock which allows for modern retailing, distribution and manufacturing practices and this has led into modern industrial parks such as Tatu City Industrial Park, Infinity Industrial Park, and Tilisi. The modern parks are also built in such a way that they allow for a live, work and play concept. Additionally, the new market is demanding for a serene location that is different from the congested Nairobi’s Industrial Area, Baba Dogo and Mombasa Road areas where most of Kenya’s old stock, mostly outdated warehouses, is located. To achieve this, the new industrial parks are now moving to areas within Nairobi’s periphery such as Kiambu and Machakos counties where they are easily accessible and are still in close proximity to the key airport and railway terminals.
RESIDENTIAL
With a rapidly growing population and more so, an increasing middle class, the residential sector has recorded the highest demand with the nationwide housing deficit standing at 200,000 units annually and an accumulated deficit of over 2 million units. However, the largest demand has been for affordable housing to cater for the 61% of urban dwellers who live in slums and shortage in student accommodation accounting for 40% of the deficit. Therefore, we have witnessed more developers increasingly applying low-cost housing construction methods such as alternative building technologies which are known to reduce construction costs by as much as 50%. In addition, with the demand for a live-work-play lifestyle, master planned communities are increasing with areas such as Kiambu and Machakos counties becoming hotspots. Notable master planned communities are the likes of Konza City, Tatu City, and Cytonn’s Newtown.
HOSPITALITY
The hospitality sector is largely dependent on the tourism sector which has been experiencing rebounding volumes. For the first time in 2012, earnings recorded a 17.8% increase from Kshs 84.6 bn in 2015 to Kshs 99.7 bn in 2016, while the number of international arrivals rose by 13.5% from 1.2 mn in 2015 to 1.3 mn in 2016. The meetings, incentives, conferences, and exhibition (MICE) drive by the government has been a key role in driving international tourist arrivals who are a major backbone of the hospitality industry. In a bid to diversify their revenue streams, developers are converting typical sites to accommodation facilities for hotel purposes. Additionally, a new concept, dual-branding which involves having two concepts such as serviced apartments and a hotel in the same building is also gaining popularity among investors.
LAND
Infrastructural development has seen land values go up while a growing population has ensured sustained demand. In the hope that land values will increase in the future, investors are increasingly buying land with the intention of selling it in the future, a concept known as land speculation. The land could be put to temporary use that generates income on a regular basis, a concept known as land banking. Additionally, in order to attract buyers, developers are also using agribusiness as a value add to plots intended for sale and offering returns on a seasonal basis to clients. The concept, known as agribusiness, entails agriculture activities, agro-insurance, complete farm management services and guaranteed market of the produce.
In conclusion, with the continued interest in the Kenyan property market by both local and international players, continued investment in infrastructure and improvement of the legal environment, the Kenyan real estate sector is definitely poised for further growth in the long term.
Call us for free your appointment.
_____________________________________
Mombasa Kenya Land Homes Properties Real Estate Agents
Phina Valuers Valuation Company Consultants,
For free Consultation, Call Josephine Osodo at 0715-804237
Phinavaluers@gmail.com
Acquiring land is a long process but when done in the right way it can be less tedious and less costly. According to the land act of Kenya, the legal procedure for obtaining land is as follows;
Obtaining land and identifying the best location solely depends on whether you are buying land for investment or for private use. When buying land for investment you should consider a prime location with good economic growth, high and rapidly growing population and potential for future expansion. With land for private purpose e.g. for construction of residential home one should consider the local amenities available .i.e. hospitals, schools, good and accessible public transport means and the neighboring community.
Once you identify the piece of land you want to buy
Go to the land registry offices and obtain a search for the particular land you want to buy. The importance of doing a search is to determine the true owner of the land, the acreage of the land and whether the land has any outstanding loans or charges against it. If you find out that the land has outstanding land rates get into an agreement with the seller on how you will settle the debts since land cannot be sold or transferred to a new owner if it still has pending land rate charges. A land search costs approximately Kshs.520.
A sale agreement is a legally binding document which shows the terms and conditions of selling a property. It includes; the names of the buyer and the seller purchase price, Deposit and the balance to be paid and their expected dates and a contract breach clause.
It is usually advisable to involve a lawyer when drafting this document since he is in a better position to explain the legal consequences to both parties in case of a breach of contract. The lawyers’ fee is calculated according to the value of the land. The lawyer fee for properties that costs below Kshs.1 million is Kshs. 3,000/- and Kshs.8,000/- for properties above 1 million Kenyan shillings.
Get a land consent.Land sale consent is obtained from the Land Control Board. The LCB has the authority to approve or disapprove the sale of land. A normal sitting allowance is of Kshs.1,000/- and a special sitting allowance can cost as much as Kshs.5,000/- . Obtaining land consent can take up to 9 days.
This refers to moving of land ownership from the seller to the buyer. The transfer forms are obtained at the land registry. The following documents are required in the process; Consent forms, sale agreement document, 2 passport size photos and a copy of the title deed. Land transfer costs Kshs. 5,000/-
The government gets revenue of 9% from every sale of a property. The stamp duty is a tax charged to the buyers for purchase of property. For land within the municipality or urban area is 4% and for lands in the rural area it is 2% of the total land value. The sellers pay capital gain tax of 5% of the total value of property being sold. The stamp duty is payable online via the KRA Itax portal.
Once the stamp duty is paid, you will receive a confirmation from the Kenya revenue authority to affirm the payment.
After 1-2 weeks of obtaining stamp duty receipt. You (Buyer) can conduct another land search to confirm if the land title is now registered under your name. After that you can obtain your title deed from the Land Registry.
NOTE; Land buying process has a lot of fake and scam sellers. Always ensure you visit and verify the property in question with the seller before starting any payment procedure, alternatively you can engage Mombasa Real Estate Agencies Ltd a professional and registered property agency with experience of over 10 Years. We have qualified and professional consultants who have specialized in property buying and selling procedures for that smooth transfer.
Call us for free your appointment.
_____________________________________
Mombasa Kenya Land Homes Properties Real Estate Agents
Phina Valuers Valuation Company Consultants,
For free Consultation, Call Josephine Osodo at 0715-804237
Phinavaluers@gmail.com
Phone: 0715-804-237
Josephine Osodo is a licensed and (Institute Of Surveyors in Kenya) registered Land, Home Properties Valuer based in Mombasa, Kenya.
She has 25 years of real estate job experience.
Call for free appointment.
_____________________________________
Mombasa Kenya Land Homes Properties Real Estate Agents
Phina Valuers Valuation Company Consultants,
For free Consultation, Call Josephine Osodo at 0715-804237
Phinavaluers@gmail.com
Mastering the Art of Real Estate Referrals can be time-consuming. However, if you want to make money in real estate, it is an essential part of the job. Imagine if you could cut down on the amount of time you have to spend searching for new clients—because you receive a direct link to new leads, or because the clients come directly to you. If that sounds too good to be true, you are seriously underestimating the value of real estate referrals. In conjunction with other prospecting efforts, referrals can contribute big time to the growth and overall success of your business.
However, you can’t just expect the real estate referrals to come flying in without you putting in a little effort. Read on to learn what you must do to build and sustain your referral business.
FREE DOWNLOAD: Learn how to gain a competitive advantage (and increase your income) in our career guide.
Be really good at your job
Current and past clients and other contacts will not refer you to their family, friends, and acquaintances if you do a terrible, or even just mediocre, job. You must provide consistent and excellent services and be committed to giving your best to your clients each and every day. It takes more than just a winning personality; you have to go above and beyond to meet clients’ needs.
When you start to work with new real estate clients, ask them what they expect from you and the process, and do everything in your power to meet those expectations. Perhaps most important, though, is that you keep clients’ expectations in check by being honest with them about the market, their budget, and what you can realistically do for them. If you let them believe the impossible is possible, they will be disappointed in you and the experience. That is no way to gain real estate referrals.
Set referral goals
While it certainly takes time to build real estate referrals, you should decide how many you want to obtain each month or year. Setting a goal will ensure that you continue to make them a priority.
Admittedly, as a new agent, figuring out that goal can be difficult, so talk to other agents about their own experiences to establish a benchmark. As you gain experience, you will be able to set more realistic goals for future periods, so be sure to monitor and document your referral numbers—and the results of each referral.
Expand your pool of referrers
No doubt friends and family can be allies in recommending your services to others. However, also consider these three sources of real estate referrals:
Satisfied current and past clients. Chances are, they are already talking about you when they discuss selling or buying a property, and they have a first-hand account of how effective you are at your job.
Business associates. You’re in constant contact with so many professionals, including mortgage brokers, bankers, appraisers, inspectors, attorneys, title officers, property inspectors, and so on. Once you can vouch for their work, refer them and ask them to return the favor. Just be sure that you know your broker’s policies regarding conflict of interest or referral fee prohibitions first.
Social, personal, and professional contacts. Create a comprehensive list of all additional personal and professional contacts you come across in your daily life. Your child’s teacher, a personal accountant, your doctor, and so on can all support the growth of your real estate business. You just have to ask.
Establish a ranking system for referrers
Some referrers are just more important because they generate leads that result in sales. You want to make sure you are putting in the effort to foster those relationships, so create and maintain a referral list. Then, as you organize your real estate referral sources, identify their priority level like this:
Level 1 Sources. Past and present clients who will likely send real estate referrals to you because you have a good rapport; relatives, friends, and other contacts who send you leads regularly; and associates in influential social/professional positions.
Level 2 Sources. People who will probably send referrals to you, but require additional work such as repeat requests or additional interaction. Additionally, these sources may also place certain limitations on their referrals to you.
Level 3 Sources. People who may send you new business because they have heard about you, but you do not know when or how they will do so.
Note: You should have twice as many real estate referrals from Level 1 as you do from Level 2, and twice as many from Level 2 as you do from Level 3.
Obtain quality real estate referrals
Even the very best salespeople can come across as pushy when they ask for business referrals. Plus, it’s all too easy to make people think you are only contacting them because you want something. That’s why it’s important that you do the following:
Contact referrers regularly. If someone contacts you out of the blue asking you for a favor, it’s annoying. Find ways to stay in contact with those referrers, whether it’s by checking in periodically via phone call or by sending them a link to an article you just wrote.
Allow time for the conversation. Don’t ask people for the referral in the first few seconds of a conversation. Chat for five or 10 minutes, and leave plenty of time to make the request and talk about it.
Reach out to them personally and directly. Especially for those Level 1 referrers who consistently bring in business, meet face-to-face as much as possible. Treat them to dinner or lunch, for example, to show that you value the relationship.
Ask for referrals directly. Don’t beat around the bush with phrases such as, “It would be great if people could recommend me to their friends and family.” Instead, say “I would really appreciate your help in growing my business. Who should I contact …” Or “Please refer me to ….”
Make the home buying and selling process easy for people
People are busy, so if you want them to willingly offer up leads, make the process as easy as possible. First, educate them on the life events and situations that signal the need to buy, sell, or invest in real estate, including:
A growing family, as a result of pregnancy or adoption
Children leaving home for college or other pursuits
Marriage or divorce
Job change or retirement
Ill or aging family members who bring about the need for different accommodations
Additionally, describe your ideal candidate, specifically if you are wanting to serve a particular niche market. If you are feeling bold and you have rapport with the person, request time to go over their contact list with them, for example, over lunch.
Finally, if referrers just aren’t ready to offer leads, ask them to keep you mind—and follow up with them later.
Determine leads’ readiness, willingness, and ability to move forward
Referrers, with the best of intentions, sometimes send people your way who have no interest in or ability to make a real estate decision. To rank referrals—which you need to do to determine how much time to allocate to each—ask referrers, “On a scale of one to four, how would you rank this person’s readiness, willingness, and ability to act in the immediate future?”
Prioritize real estate leads who seem particularly motivated.
Gain some insight on promising leads
Ask a few additional questions to learn how best to approach the person, for example:
Will you describe a few of this person’s favorite interests and activities?
What is this individual’s personality so I know best how to approach him or her?
May I use your name when I make contact?
That last one is critical, because you want to confirm that you have referrers’ permission to contact the person.
Reward and follow-up with real estate referral sources
Show appreciation to your sources each time they send a referral your way—not just when the lead results in a commission. If you only acknowledge the referrals that turn into sales, you limit the number of referrals you receive—and you kill people’s motivation to put in the effort to send you leads. Mail referrers a handwritten thank you note or a small show of appreciation, such as a gift card (if and when your budget allows).
Without being negative or jeopardizing confidentiality, let sources know what is happening with the referral. If the referral does not work out, still thank your sources for their time.
Connect with real estate leads for the first time
So you have a great list of leads. Now what? First change your mindset. You are contacting people to offer them a valuable service—not to pester them. Additionally, have some confidence. If you go into the conversation acting apologetic or unsure of yourself, the leads may lose confidence in your abilities. So take a deep breath, relax, then call them up and do the following:
Use the name of your source to break the ice. When you make initial contact, likely by phone or email, saying something like “Billy B. suggested that I call you …” provides a reason for your call.
Request a face-to-face meeting. In-person contact is ideal, so ask a referral if you can treat him or her to a cup of coffee to talk things over.
Discover the referral’s expectations. Ask questions and listen carefully to learn what leads are looking for, the limitations and must-haves, and so on.
Convey your expertise, knowledge, and reliability. Answer their questions when you absolutely know the answer, and for any information you don’t know, tell them you will get back to them with answers. Never try to flub your way through a conversation or pretend you know something you don’t. If you provide the wrong information, you could damage your credibility.
Establish an ongoing relationship with your real estate leads
Even if the lead is not interested in doing business right now, don’t abandon the relationship altogether. The person could turn into a client or another source of referrals down the road. Instead, keep the possibilities open by asking questions, such as:
May I contact you again in one/three/six months?
Would you be interested in receiving my newsletter, market statistics, and other updates?
Would you please give your contacts my information so I can help meet their real estate needs?
While it seems like a great deal of work, it’s not in vain. Real estate referrals become clients more often than leads generated from other promotional avenues. If you play your cards right, the chances of landing more business is high.
Call us for free appointment.
_____________________________________
Mombasa Kenya Land Homes Properties Real Estate Agents
Phina Valuers Valuation Company Consultants,
For free Consultation, Call Josephine Osodo at 0715-804237
Phinavaluers@gmail.com
Call us for your free appointment.
_____________________________________
Mombasa Kenya Land Homes Properties Real Estate Agents
Phina Valuers Valuation Company Consultants,
For free Consultation, Call Josephine Osodo at 0715-804237
Phinavaluers@gmail.com
Call us for free appointment.
_____________________________________
Mombasa Kenya Land Homes Properties Real Estate Agents
Phina Valuers Valuation Company Consultants,
For free Consultation, Call Josephine Osodo at 0715-804237
Phinavaluers@gmail.com
Mombasa Kenya Real Estate Homes for Rent Sale | Phina Valuers 