Whether you are a first time buyer or experienced seller, the process of buying or selling a property is challenging. The good news is that, there is a realtor that you can depend on. While some people are building castles in the air, Oasis Realty is committed to ‘building your
Managing director Lawrence Rimayi indicates that Oasis Realty prides itself in professionalism, market knowledge and resourcefulness and strives to do things differently in the property market. He notes that in some instances when the company gets properties for management, at times these may
not be appealing and not in a rentable state.
“If the owner is willing, we can inject our own resources and refurbish the property until it gets to such a position where it is fresh looking and rentable. We then put it on the market and it starts generating income, which would not have happened if the property was rented in its original state. Most estate agents would prefer that the owner of the property injects their own capital. We want to grow together with the property owners so we are prepared to risk our own capital,” he points out.
When owners want to sell their properties, Lawrence highlights that Oasis Realty, upon evaluation may advise that it is refurbished or renovated to increase its value. He added that the company would proffer advice “and if the client is willing, we inject our capital and then recover it when we have sold the property”.
When looking for suitable tenants for landlords, the company undertakes vetting exercises. Reference and credit checks are carried out on prospective tenants. Oasis Realty also checks if the prospect has had any previous challenges in paying their debts. Only a few estate agents do so. The agency also goes the extra mile by visiting the sites where potential clients have previously lived or operated their business. This is done to determine how the property was being taken care of. The Zimbabwean economy is largely informal and it is difficult for some people to produce payslips.
In this case Oasis will reach out to see where the business operations are and the status. Lawrence notes that leases are generally for one year so it is a problem to put someone on a property and thereafter they start defaulting on rentals, saying it will “come back to bite us”. One of the critical issues in real estate is ‘location, location, location’. Oasis conducts virtual tours through video conferencing using platforms such as Zoom and WhatsApp.
Videos and pictures are also available on the Oasis Realty online portal and can also be sent to customers. The location can be attached and potential clients can view satellite images of the real estate.
There are many aspects of the real estate sector, but the key lies in understanding the client’s desires. On the aspect of financial flexibility the principal registered estate agent noted payment terms are dependent on client expectations. “At the moment most of our product is third party, we are selling on behalf of property owners or renting properties on behalf of other individuals or institutions, so, it really depends on who is selling and what are their expectations. Most sellers are not so keen on offering long payment terms, so it really depends on the client we are representing,” he says.
He notes that the Zimbabwean real estate market is “quite promising”. He indicated that there has been a lag in real developments over the past 30 years. As a result the supply side is constrained. “That’s why you find that the few new developments that are there on the market are deemed to be
too pricey,” he adds. The opportunities for individuals to take-up properties is hindered the by the fact that mortgage financing is almost non-existent.
The few banks that are offering the facility are requesting for very short repayment periods such as three years as opposed to previous spans of 15 to 25 years. In the post COVID- 19 era, rentals have been firming and there is confidence in the market coupled with heightened demand for quality rental property.
A lot of properties, especially in the upmarket suburbs are densifying. This has seen the rise of cluster and multiple storey accommodation. This technically puts amenities such as sewer and water reticulation under pressure. He notes that offsite complimentary services are required and these can be provided by the city fathers, which can also be a source of income for the municipalities. Lawrence has 14 years of experience in the real estate sector and has worked for various agencies. Oasis Realty was incubated in 2018 and began operations in February 2019. It started off with a
rental portfolio of eight properties. It has grown to 48 and is expected to surpass 100 by year end.
The staff complement has also grown from the initial three to the current team of 11. The company boasts of a blend of experienced staffers and young
employees that bring in zeal and vibrancy. Lawrence says unlike in the past where real estate practitioners simply obtained a diploma from the Real
Estate Institute of Zimbabwe (REIZ), the youthful employees have degrees in real estate from various universities. Coming into the industry from university they bring in new ideas that are different from what traditionally has been done in the real estate sector.
Building your dreams
• Property Brokerage
• Property Management
• Facilities Management
• Property Auctioneering
• Property Valuations & Market Appraisal
• Lease Renewal Negotiations, Retail Leasing and Consulting
• Vacant Space Management
• Town Planning Consultancy Services & Intelligence Services
• Due Diligence for Property Acquisitions & Property Development Appraisals
Address: 4 Turnagaine Lane, Borrowdale, Harare
Contact Number: (024) 2886560
Text by Perry Kaande
Photos by Fotohaus