Property owners urged to reinvest in property refurbishment for increased revenue
Written by Skyz Metro FM on July 21, 2023
All rounder Real Estate and Sustainbility Practitioner Dr Mike Juru has encouraged property owners to reinvest in property refurbishment and re-equipment for consistently increasing revenue.
Speaking in an interview with Skyz Metro FM, the Integrated Properties Chief Executive Officer and Vice Chairperson of Valuers Council of Zimbabwe (VCZ) Dr Mike Juru said there is a likelihood of losing tenants and having properties lose value if property owners consume all profits without re-investing in the revamping of their properties.
He stressed that generally highly paying clients are attracted to high standard, well maintained premises.
”There has been some substantial neglect from property owners expecting to keep getting returns and keep the property performing at the same level without reinvesting. If you have a car does one not need to keep it serviced so as to keep it running, they do. Its not unique that you neglect it and it keeps genarating the same money, this is identically correct for properties as well”, he said.
He also highlighted that this trait from property owners is the reason why there are a lot of dilapidated properties.
”This is why we have lot of dilapidated properties because there has not been any reinvestments made towards refurbishing these properties.
If a property is dilapidated you do not get tenants meaning lessening of income. If it is topnotch and well mantained you get well paying tenants. So in terms of your investment there will be a good return. That is why we are encouraging property owners to keep their properties well mantained so the real estate sector afloat”, said Dr Juru.
He also stressed that the real estate industry has a potential to bloom and progress as there is always high demand of both residential and formal properties.