How the finder works
Rent from the market, not the advert
Each property gets a market rent from rentals listed in the same suburb with the same number of bedrooms. Rooms are kept apart from whole units. Where the suburb has too few, the town and then the province are used, and the finder says so.
Every way of letting, tested
A house can be let to one tenant, room by room, to students, with backyard units built on the stand, by the night, or bought below value and renovated first. The finder works out the net yield of each that fits, after transfer duty, conveyancing, furnishing or building, levies, rates, insurance, maintenance, empty months and fees.
What it must beat
Listed property funds pay a yield for doing nothing. The finder adds a margin for income that is less steady and for more work, and keeps a property only when its best way of letting beats that.
Numbers and quality
The score is 60% numbers and 40% quality: location, security, the body corporate, rental demand, resale, condition and the seller's position. Distances to schools, clinics, police, transport and shops come from OpenStreetMap.
Questions
Where do the listings come from?
Manej scans property listings for sale, to rent and recently sold across South Africa once a week. Rentals in the same suburb give each property a market rent, and the asking prices of similar homes show whether it is cheap or dear.
What does 'needs' mean next to a yield?
Listed property funds (REITs) pay a yield for doing nothing. A way of letting with less steady income, or more work, has to beat that by more. The finder keeps a property only when its net yield beats what its best way of letting needs.
What is the walk-away price?
The highest price at which the property still earns the target net yield after transfer duty, conveyancing and running costs. Above it, the numbers stop working.
Does Manej sell these properties or earn a commission?
No. Manej does not sell property and takes no commission or referral fee from agents or sellers. Contact the listing agent directly.
How many searches are free?
A few searches a month are free with no sign-up. Add your email for more; Manej keeps it only if you tick the box to hear from Manej.