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Twist-Top 500ML

Thu, 28 Jan 2021 22:40:32 GMT

The real estate tech sector is slowly being redefined by ever-changing market conditions and shifts in consumer behaviors. As Peter Williams, CEO Deloitte Digital, said “Real estate agents will not be replaced by technology but by agents with technology”. The real estate industry will not be replaced by a single technological solution, but rather the changes in the industry will be enabled by technology and the leaders will be those that embrace it. The solution will not be found in the acquisition of hardware but in the adoption of innovative solutions that will largely be software solutions, applications and platforms.

The Kenyan real estate industry continues to expand as investor appetite grows alongside the customer base. While this is happening, change is inevitable for any real estate company that wants to remain competitive. The shift towards real estate technology cannot be ignored anymore. As the industry evolves, individual companies will fight to become undisputed leaders by offering solutions such as renewable energy and smart homes that are beyond real estate products and services, in order to have a tight grip on customer loyalty. As technology and innovation continue to shape the real estate industry, emerging real estate tech companies are creating an opportunity to become leaders in the new digital real estate ecosystem. Some of the key areas to focus on for Kenyan real estate tech companies are highlighted below:

Big Data: From driving business decisions to creating better consumer experiences, big data can have a lot of influence on your business. Many real estate businesses collect a lot of data that sit in silo repositories without any analytics being done to pick out industry trends or behaviors of their consumers. Real estate companies wanting to target the right clients need to know who they are, when they want to buy, where they are, and how they can reach them in the most effective manner. Harnessing big data is an invaluable tool in targeting the right buyers and an important element in refining the real estate process. Real estate companies like Bowery, Enertiv, Coldwell Banker amongst others are harnessing the power of big data to be able to target their clients with the right products and position their products in the most effective manner.

Machine Learning and Artificial Intelligence: Artificial Intelligence (AI) and Machine Learning is the art of computers teaching themselves on how to improve the way they perform their tasks based on previous experience or through pattern recognition. Such systems are in use by real estate investors to effectively control expenses, manage risks and gain higher returns using algorithms that are designed to predict and factor in individual investor concerns. Real estate search analytics is improving the way prospective buyers are matched with desirable properties, amplifying the broker’s labor.

Some of the AI tools in use include chatbots to automate answering of frequently asked questions, investor analytics that sets income and growth goals and monitors through an intelligent robot as well as loan default predictors that are able to access risk and focus on profitable investments only.

The Internet of Things: The Internet of Things (IoT) is a key component of home automation and smart homes. This involves automating the ability to control items around the house from curtains to electricity with a hand-held device or voice command. Smart home technology has started changing the way home-owners view property. It is becoming a game changer for real estate developers in Kenya. Instead of selling a shell for a house, developers are enticing buyers with internet ready homes. It is also anticipated that there will come a point when real estate agents use IoT for home searches. The practice of consumers going online and pecking their way to their perfect home will be replaced with voice-driven applications embedded on phones, that are able to automatically answer any questions they have.

Building Technology: With the increased demand for low-cost housing with less impact on the environment, real estate developers in Kenya are left with no choice but to consider innovative ways of building houses. The areas of focus include using prefab building material and modular construction where a building is constructed offsite and then assembled onsite. In 2014 Winsun, a company based in China pioneered a 3D printed house. Compared with the traditional construction methods, they were able to save up on 80% of the construction costs and 60% on labour. This are just a few of the innovative ideas that real estate companies are exploring globally in order to reduce cost.

Augmented and Virtual Reality: Virtual Reality (VR) enables customers to tour predevelopment or ready house units from anywhere in the world. Real estate developers, hoteliers and other businesses are using the technology to give their prospective clients a feel of the product virtually. Using real-time technology and devices, like the Samsung Gear VR Virtual Reality headset, real estate developers can show off the progress of the houses under development as well as completed units. Companies like BlackRhino VR in Kenya are commercializing the potential that VR holds in selling property developments both off-the-plan and finished. Through the power of virtual reality, they allow prospective buyers to walk through and experience the space even before construction has started.

Real Estate Operations Automation: To remain competitive, real estate companies have to look out for better ways to increase efficiency, differentiate and position their products and services as they build customer loyalty. With a robust back-office operation, the company can have visibility of a customer life-cycle from the time they were prospects till when they become landlords or tenants. Automating your customer relationship management, portfolio management and facilities management, the companies are able to address challenges such as cost efficiency and communication between different stakeholders.

Real Estate on Demand: This is a concept where potential buyers are able to access and extract value from their products and services instantly. Consumers are notoriously impatient and expect instant gratification hence demand instant delivery for the goods and services they use. Companies like Amazon, Google, Jumia and Kilimall have already invested in same-day delivery, that is already revolutionizing the supply and distribution networks. In Real Estate, startup companies such as Naked Apartments, AgentPair, and CurbСall are setting the pace. With their technology, they are able to connect potential buyers who want to prospect a home, with nearby real estate agents who are ready to take a new lead.

As real estate tech evolves, it’s certain that the industry is headed for a revolution. Real estate tech companies won’t necessarily disrupt the industry but will disrupt those companies that refuse to embrace the change. Investing in technology as a real estate company is a key differentiator moving forward and that’s the reason Cytonn Technologies keenly looks at using technology to differentiate the various offerings by Cytonn Investments amongst them real estate.

Here are the ways in which one can embrace technology:

Automate your back-office operations. This will enable you to collect data about your clients. There are simple customer relationship management and property management tools that you can subscribe too and start using immediately.
As you collect more data, invest in business analytics that will pick out trends in your consumer behaviour. This in return enables you to target the client with the right products and services and reduce marketing efforts to the wrong market segment.
Invest in technologies that make it easier for your potential investors to make decisions about which of your properties to invest in e.g. Real Estate Simulators as well as those that differentiate your properties from the traditional four-wall houses e.g. Smart Home solutions.

Value Pack

Sun, 03 Jan 2021 22:12:03 GMT

You may have had to take out a home loan to make your home ownership dreams come to fruition. How, though, can you reduce that financial burden of servicing that loan? What can you do if you wish to help take down the amount that you need to pay at present?

Here are some useful ideas that you should explore to help minimize your home loan burden. They may not all be perfect for you, but each one should provide some much-needed balance.

Balance transfer of loan Of course, you should first investigate if you can balance transfer what remains of your loan to a different form of payment structure. Consolidation of all of your debt is always a good idea and can be a convenient way to help make a home loan less cumbersome.

Take this into account, as it should go some way to helping you spend less money per month paying off all of your loans. By consolidating it with a balance transfer, you can then make one payment for each of your loans and reduce your admin fees and various other needless extras.

If you wish to make this work to your favor, then you should definitely look to transfer your home loan to a different balance. Now, you can easily keep track of all of your expenditure and know exactly what you are paying on a monthly basis, which is extremely useful.

Pay more than is due A fine way to help make sure your home loan is less of a kick in the teeth per month is to pay more than the amount that is due. This should help you to make sure that you are repaying more quickly when times are good. It will also help you to vastly reduce the amount of money that you see leaving your account in the first place.

This could help you to increase your home loan without making your life any less affordable. Don’t commit to something that you cannot keep up, though; if your income is flexible, make sure you are paying no more than 35% of your income on debts – including your home loan. When things are going good, though, paying a bit more is something you won’t regret doing.

Extend the loan tenure Some loans will also give you the option to try and extend the length of your loan. Say it was due in 10 years – some companies would be happy for you to pay less per month, extend it for another few years, and then enjoy a much more affordable payment plan. This is useful as it could make sure that you spend less monthly on the house loan, but it does mean that you are paying for longer. Tools such as the mortgage calculator from Rightswitch should help when it comes to working out what the reduced payments should be.

As ever, balance the cost of your home loan with the cost of getting an extension in terms of the added interest. If it’s affordable, then go for it.

Refinance your property One of the best ways to make your life a bit easier is to refinance your property. Many people will choose to do this as it could help you to make the loan a bit easier to afford. You can normally refinance a property within a year of the mortgage starting, but it really does depend on the terms that you agreed upon.

Reconsider investments that you make Of course, one way to make your home a bit easier to pay off and afford is to consider the kind of investments that you make. From monthly investments into things like stocks to the way that you manage your portfolio, you can reduce your home loan costs if you simply reconsider the kind of investments that you have been making.

Refinancing your property is a big thing, and it should be something that you consider quite seriously. It could be the ideal way to help you get your home loan at a lower rate, which many companies can offer you. Moving the remainder of your loan to this new company is a decent way to help get the costs down and to make the cost of your home a touch more affordable in the long run and is well worth your investigation.

To do that right, then you should absolutely look to take part in a changing of how you go about your investments. If your investments are returning less than the value of your monthly home loan cost, they should be reconsidered. Sometimes, that investment could be better used to help pay off the loan in the first place. It could be put towards repaying the loan so that you are paying less from the pot of money that you already had put by, thus reducing your stress from month-to-month.

Special-Formula 1000ML

Fri, 01 Jan 2021 20:08:03 GMT

So you’re thinking of buying a home, perhaps the very first one? But you wonder whether you might be better off continuing to rent; and you have no idea how to figure out which choice makes more sense for you? Ultimately, the answer is dependent on a number of factors discussed below.

Whether to rent or to buy, the home location is highly influential. It not only affects your disposable income but also your lifestyle and the size of the savings you accumulate over the years. Most times, people buy homes when financially they would be better off renting, because to them, owning a home is a form of an investment and minimizes tax deductions. Similarly, people rent all the time for the flexibility and minimal responsibility it offers, even though they would amass a larger net worth over time if they bought a house.

Of the two options, the preference often veers toward ownership. Why? It’s a big business opportunity for everyone; from mortgage lenders to real estate agents to home improvement stores, and so we are bombarded with the message that being a homeowner is the key to happiness and part of most, if not all, of our dreams. Ideally, owning isn’t universally better than renting, nor is renting always simpler than owning. It is a matter that requires decision making, analyzing both the pros and cons of each and figuring out which works best for you.

Here’s what people should take into account when deciding whether to take the leap into homeownership or stick to renting:

Monthly Budget

The first step when deciding your housing future is to figure out just how much you can comfortably spend. First, calculate how much money you bring in every month from all your different hustles. Next, deduct what you spend on essentials like food, transportation and some emergency cash. The remainder is what you can comfortably use for your housing. Bill Engel, a certified financial planner, states that a good rule of thumb is to keep the total housing costs, whether renting or owning, at around 28-30% of your gross monthly income. He adds, “You don’t want to bite off more than you can chew. Plan on having a cash reserve.”

The Financial Impact and Predictability

Financial planners recommend running a simple price-to-rent ratio analysis whereby you divide the home price by the annual rent of a comparable unit. If the ratio is less than 20%, buying/owning would probably be a better bet.

When you rent, you know exactly how much you’re going to spend on housing each month, although on rare occasions, renters could face unpredictable rent increase from time to time. Owning a home is associated with many upfront bills; on one month, you might only pay your mortgage or regular bills, the other month the roof could start leaking, the other month some renovations may come in handy; meaning more additional costs. Its therefore hard to predict the expenditure per month when a home is owned, as opposed to when its rented.

Stability Versus Flexibility

Home ownership brings intangible benefits such as a sense of stability, belonging to a community and pride of ownership. But other factors should be considered as well when making this decision. For instance, how long do you plan to stay in the area? Typically, the longer you plan to stay in a home, the more financial sense it makes to buy. However, for persons with a variety of work stations, home-ownership would not be such a good idea; it would be more practical to rent out as opposed to buying a home. Real estate is the original illiquid asset. You might not be able to sell when you want in case the housing market is down, and even if it’s up, there are significant transaction costs involved in the process. Changing your mind about where you want to live is far more expensive when you own.

Renting, on the other hand, means you can move without penalty each time your lease ends, but it also means you could have to move suddenly if the landlord/lady decides to sell the property, turn your apartment complex into condos or bump up the rent by more than you can afford.

Tax Benefits

Another bit of misleading conventional wisdom: Get a mortgage to get a tax deduction. True, the home mortgage interest deduction reduces your out-of-pocket expenses for mortgage interest early in your loan term (and the property tax deduction reduces property taxes), as long as you are itemizing. However, tax deductions are not a reason to buy a house. Here’s why; for every Ksh1 you spend in interest, you might save Ksh25 on your tax bill. You’re not coming out ahead. What’s more, as you pay down your mortgage and the proportion of your payment that covers interest decreases, so will the tax break.

Renters, in contrast, get no mortgage tax deduction at all. But they can take the standard deduction that’s available to all taxpayers.

Buying Options

Buying a home involves serious financial considerations. Most people think in terms of mortgage loans, but there are other payment options as opposed to mortgage that may favour the buyer’s financial situation of other. Understanding the basic principles that come therein or the various payment options, before making the discussion would be apposite.

Builders have provided four payment plan options- Down-Payment Plan (DPP), Construction-Linked Plan (CLP), Flexi-Payment Plan (FLP) and Time-Linked Payment Plan (TLPP). Here is a brief description of each payment option:

Traditional down payment plans require you pay 10%-15% of the purchase price when you book your property/home, another 80%-90% within a given time-frame, say 45-60 days and the rest, at the time of possession. This remaining amount will include the balance amount of the cost of property and all charges levied by different authorities including Stamp Duty and Registration Fee, around 5% of the value of the property and maintenance charges e.g garbage collection and security charges. Risks involved in such cases include delay in construction and delivery of property that happens in most cases, actual delivered property differing from what was shown in the sample and increase in property prices by the time the house is officially yours . All these problems discourage buyers from buying property

Construction-linked plans require you paying a booking amount—around 10%-12% of the purchase price upfront while the rest is linked to construction milestones, 20% with each floor constructed, for example.

Flexi payment option, on the other hand, is a combination of both the above options, where the buyer has to pay about one-third of the price while booking and another one-third linked to milestones, while the remaining amount would be paid at the time of possession.

In comparison to one another, the construction-linked payment plan is more suitable than the other two since the risk is the least, if the payment is not timed and completely linked to construction completed. From the loan aspect however, construction linked loans are more expensive of the two, since that have a longer tenure; only interest payment is due till the property is under construction, principal repayment starts after possession.

Time linked-repayment plans: Repayment of these loans has to be made at a pre-decided point in time and in pre-decided proportion and are therefore riskier in terms of combating delay of construction. In case you pay 10% of the total amount at the time of booking and the rest at regular intervals of say, one year each, in three equal installments, your payments are not in tandem with the construction of the property. And according to the agreement, in case you fail to pay on time you are saddled with huge penalties that you accepted to pay it the time of signing the agreement.

The final decision of whether to buy or rent a house/home is ultimately upon you; and the above pointers will play a role in advising on the decision. All in all, whatever option you choose, ensure your finances and comfortability are in check.

Which option is best for you is not just about the money; it’s also about comfort and your vision for your life. Ignore people who tell you that owning always makes more sense in the long run, that renting is throwing away money, or that it makes more sense to buy if your monthly mortgage payment would be the same or less than your monthly rent payment. The final decision is ultimately upon you; to know what works best for you and adopt it as your homeownership option. I believe the above pointers will aid in the decision-making process.

Twist-Top 1000ML

Sun, 05 Jan 2020 23:46:37 GMT

UNICEF estimates that the Kenyan population has an annual growth rate of 3%. This, coupled with the expansion of the middle-class population, is an indicator that the demand for housing will continue to grow. It also explains why affordable housing has become a major focus for the government as well as property developers. It’s the first law of economics; demand drives supply.

Real estate as an alternative investment will, therefore, continue attracting investors because of the potential returns such as capital appreciation and rental yield. Capital appreciation is the rate by which property gains value over a period of time, while rental yield is the return one makes on their investment each year from rent.

So how do you become a successful real estate developer?

Credible research: Before making any moves, you need to devote a lot of time to research. This entails the sourcing of a potential site to determine its viability, the type of developments to undertake, and how best to implement the concept while fully exploiting available resources. With real estate, it’s very important to get it right before putting in any resources because it will save you from low uptake and mitigate market dynamics. Invest in a qualified project team: It is very important to involve qualified architects, engineers and quantity surveyors throughout the whole design and construction period. Putting up a house might seem pretty straightforward until you are in the middle of a project and everything starts to go wrong. A good project team will assist in managing the risks associated with the project and also ensure the project is properly executed within the desired time and cost. Uphold project quality: Throughout the project life, there will be instances when you have to cut back on some expenses and revise your costs. Even so, caution is advised. While some changes might seem favourable for the short term, they could have far-reaching repercussions later in the project. Whatever adjustments you make must not compromise on the quality of the project.

Statutory approvals are key: Before any development is set up, there are laid down processes one must follow on the registration and the necessary approvals required for the project. These include county approvals, NEMA, WRMA, and any other relevant approvals and certifications. Whenever any of these is skipped, it places the whole development at risk of contravening the law. This might result in the demolition of the projector delays in construction, which could lead to loss of investment. A great and high returning real-estate venture matures in the fullness of time. Although real estate needs much capital, it is important to resist the urge to take short-cuts, whether to save costs or shorten the construction period. The best developments are not those that are put up in a hurry, disregarding expert advice and processes. Always remember that the construction process should never be an emergency.

Is Location Important When Buying Property

Tue, 01 Oct 2019 22:12:03 GMT

People new to real estate are often confounded when they discover that location is a crucial consideration when buying property. In fact, some would argue that it is the most important. This idea has been so entrenched that sometimes one cannot help but wonder: what is more important: the property or where it is sited? Well, truthfully, both matter, but location is everything. Ever noticed that one acre of land in Nairobi, is infinitely more valuable than say, one acre in Garsen?

A buyer may be purchasing property for investment purposes or for personal use and where it is will still be critical in either case. While the condition and state of a property can be altered to fit the buyer’s needs, location does not change. This means that the buyer needs to choose where they purchase carefully. The following factors render location as an important consideration:

Return on Investment (ROI)

This is the largest consideration for those who are buying in order to invest. Whether it is developers, property flippers or landlords, the topmost concern for this group is, “Will I get a return if I pour my money into this land?” Even those buying for personal use will benefit from property that appreciates. Location is a critical element of resale value. As a client, you want to own a property in an area that has a history of growth or is expect to have a high capital appreciation. Therefore, it is important to get an idea of the potential resale price before investing in a property. In doing so, you will be on the lookout for places where the value is expected to appreciate with time.

Infrastructure

Basic infrastructure ties directly to the value of a property. It is probably the biggest reason why that acre in Nairobi costs more than the one in Garsen. Services and facilities such as good roads and transport networks, sewerage systems and availability of water, electricity, network and internet access are just a few things that could make a buyer pay more for land or a house in areas that have them. Even so, while it may have a bigger price tag, the value to be gained from having property such places is immeasurable.

Social Amenities

One of the factors that can contribute most to whether a property is desirable or not is the amenities available in the general location. Properties with access to useful facilities are generally more popular than ones without. Closeness to basic social amenities like schools, hospitals, shopping malls and places of worship adds to the cosiness of a home. You do not want to have to travel too far to find some of these conveniences. This affects the quality of life of the said location.

Security

You must be convinced of the security of an area before considering buying land there. This might be earned by proximity to a police post. It is even better if the property is located in a community development with a perimeter wall or is serviced by security agents. Such factors will contribute the pricing of the property in the future, as it will attract other potential buyers. It will also influence the quality of life in the area.

Accessibility

Commute time is a factor when choosing a location to buy a property in. People value their time and, more often than not, are willing to pay more for a property if it means that moving around time is reduced. This explains the growing popularity of mixed-use developments, where individuals live, work and have their leisure time within the same complex. Similarly, in most towns, if a new highway is being built, for instance, you will see instant and drastic appreciation of real estate collateral in the area.

It is true that there are other factors to consider if you want to buy property. However, the most important consideration should be location, location, location! It takes foresight and good judgement to identify a great location, but once you do, the payoff will be worth it. Keep this in mind anytime you are thinking real estate.

How to carry out due diligence in off-plan Real Estate Investment

Tue, 06 Aug 2019 20:16:38 GMT

With any real estate deal, due diligence is key! As with most investments, seeing is believing – especially for the skeptical buyers. For such kind of buyers, developments that are complete for occupation are attractive investment opportunities. However, there are those who are risk takers – those who prefer to invest/buy into an off-plan development. If you fall into this category, here are some pointers that can help you sieve through the numerous real estate deals to fix your eyes on the best deal.

Track record of the property developer. It is important to take time to evaluate the developer’s other projects and their record in the delivery of projects within the stipulated timelines. A developer that has been in the market for a number of years is preferable for obvious reasons. There is a sure track record of the works that they have done.

It is also a good idea to look at the project team ranging from the Architects to the Main contractor just for your own peace of mind that the project is in good hands. More often than not, a project worth investing in will be sure to onboard consultants based on previous experience in a particular area of real estate. One can go even a step further to check on the certification of the different consultants. The Main contractor, for example, must be registered under the National Construction Authority (NCA): preferably NCA 1 category.

As a client buying into the project, it is your right to visit the site before buying into the dream. Many are the cases where clients bought a unit or land which was completely non-existent. This is especially true for the diaspora market, where buyers are miles away. In such a case, the best thing to do is to have a trusted family member or friend go for a site visit to physically check that what you’re buying into is not a hoax.

Information is key. As a client, insist on periodic updates on the project plan including major milestones such as groundbreaking. Quarterly updates are good enough to ensure that there is adequate measurable progress in the project. Any company that is not willing to give free information to clients or even advice concerning the real estate project should raise a red flag. Any client-related business has free-flow of information to clients.

Verify the payment schedules that you are provided with. More often than not, an off-plan buy will involve buyers negotiating independently with the developers on the suitable payment plan. An ideal payment plan should last up to the end within the completion dates of the project. Be sure to seek legal advice for interpretation of the contract that you are provided with before appending a signature. The contract should clearly state the amount of initial deposit agreed upon and then detail the specific dates when other payments are expected to come through until completion of the project.

It is important to also identify realistic assumptions in a project and be well versed with the challenges that construction projects are bound to face from time to time. In this way, if there are any delays for one reason or another, then you as the client are not left in distress wondering whether to withdraw funds at an advanced stage of construction. Be proactive as a client!! In conclusion, information is power. As a buyer, be armed with information on the property that you are buying into so that you are certain that your monies are in the right hands.

Happy hunting!!!