We chatted to Liam Mally from Tyson Properties Southern Suburbs to get his take on current market conditions, tips on investing in real estate to rent out, as well as what factors influenced his rapid rise to success within not only Tyson Properties but also the Real Estate business in the Western Cape as a whole.
What are your strengths that made you one of the youngest shareholders in Tyson Properties nationally?
My strengths that made me one of the youngest shareholders in Tyson Properties nationally would be good old fashion hard work, starting your day early and working the odd hours to complete the job. Discipline to ensure that you can start and see through a task to completion. Going beyond what is requested and what is necessary for my clients and lastly having a strong mindset to deal with all situations and always pushing myself to do better.
How did you get your start in the Real Estate industry ?
My Real Estate career started in an admin position, whilst I was finishing my degree at UCT; which my sister managed to arrange at a now competitor. From there I moved across to Tyson Properties, as Intern Rental Agent, through one of my closest friends, Ryan Johnson (Tyson Properties Western Seaboard). Since then I have progressed to the position I find myself in now at our new offices in Constantia. What I enjoy most about real estate, is the interaction with clients and meeting a variety of people, whilst still being able to assist them where best I can.
How would you describe current market conditions?
The current rental market is a bit fluid but has stabilized as we approach summer, with there being a large increase in the number of active prospective tenants looking for properties to rent. The fluctuation in the rental market is a common trend during the year and we are experiencing that more prospective purchasers are becoming tenants first and then buying after they have rented.
One of Liams listings in the beautiful Stonehurst Estate
What would your advice be to those who are looking to purchase real estate to rent out?
When purchasing a property to rent, investors should take into consideration a few important points:
1. What is the rental market like in the area you are interested in purchasing a property in.
2. Be mindful of the purchasing price in comparison to the potential rental price of a property, as well as the percentage yield per an annum.
3. Are their any amenities in the area that could add value to the property.
I believe these 3 points will best guide you when purchasing your next property to rent out.
What tips would you give to those renting out their property in the current market.
The market has changed and with change I would recommend that landlords adapt to the current market. In other words, be mindful of your asking rental price, as to not out price yourself in the current market. Further advice I would suggest would be to ensure that landowners are able to conduct regular maintenance on their property.
At the end of the day this is an asset and landowners are renting the property out to generate a passive income. Always ensure your property is well kept and well looked after. This will save you in the long run as maintaining a house can be costly and time consuming, but it wont cost you nearly as much if you neglect issues that could potentially manifest as much larger problems later down the line; which inevitably affect the ability of you renting the property out.
