HomeBusinessPROPERTY - Sadomba pleased with net leasing

PROPERTY – Sadomba pleased with net leasing

Staff Writer

REAL Estate Institute of Zimbabwe (REIZ) president Abraham Sadomba says estate agents have successfully implemented net leasing.

ans-serif”>Net leasing is whereby tenants pay for the day-to-day running costs while the landlord pays for capital projects like roof repairs and installations.

Day-to-day running costs include water charges and electricity bills.

“It has been operational for the past four or five years and has been implemented successfully,” Sadomba said.

Sadomba said without net leasing, costs were being borne by landlords.

“We have successfully implemented net leasing in most of the properties we manage. Every property agent has at least 95% of its property under net leasing,” he said.

He said REIZ has welcomed the establishment of the Rent Board as it would mediate in rent disputes.

“As REIZ we welcome the establishment of the Rent Board as it serves both the tenants and landlords. People who are not happy with the rent can now talk to the Rent Board who can fix a rent in terms of the parliamentary Act,” Sadomba said.

In July Sadomba clashed with the Bulawayo branch of the Affirmative Action Group (AAG) after it told its members not to pay high rents charged by landlords.

Residents of Bulawayo were up in arms over what they alleged were willy-nilly rental increases by unscrupulous estate agents.

It was at that juncture that they turned to AAG.

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