RNB Realtors was founded by two directors in 2010 after realizing a gap in the housing market.
We have extensive real estate experience in Maseru which a large portfolio of properties.
Initially the two co-founders had anticipated starting the property business with a housing development project,
as there was land of 19,000 sq. meters readily available and suited for a residential development project.
Instead, the business was steered in the direction of property management first,
as there was an immediate need for professional real estate agents who
could not only carry out rent collections but also successfully handle maintenance of the properties and procurement of the right tenants.
RNB Realtors is under the administration one of its founding directors,
who is a director and managing director for its operational and strategic direction.
RNB Realtors advertises weekly in local newspapers and that is how it gets most of its clients locally.
We also have a website which serves to keep our clients overseas up-to-date with the latest listings before they come to Lesotho.
This platform - the website brought in 40% of the business in 2015 and is mainly made up of the expatriate community.
Our target market is; property owners property owners who are looking a real estate agent who can match their property with suitable prospective tenants.
Our market is largely made up of high-end properties in the range M12,000 – M35,000 asking rent amount.
There is also an emerging market of more affordable rentals in the areas that our tenants are looking to live:
Maseru West, Arrival Center, Hillsview, Lower Thetsane, Golf View, Court View etc.
There has also been a trend since 2014, of landlords in the areas on the outskirts of Maseru seeking our services for tenant procurement or property management of duplex units especially,
in areas such as Khubetsoana, Naleli, and Abia etc.
In the year 2016, the company also took on commercial buildings of which we are responsible for the facilities management.
This organization is run professionally, the agents provide excellent customer service,
and we verify property documentation before transactions to make sure that the seller is the genuine owner.
We have standardized rates which help the business deal with its customers in a transparent manner.
With the growing number of property agents and property seller’s integrity is of utmost importance to RNB Realtors.
There are policies and procedures in place to ensure good service, the staff is trained in the workplace ‘culture’
in order to achieve and manage the quality of service delivery.
The market in Lesotho is still growing as a result;
the potential clients are coming around to learning that they can use the services of real estate agents as well as to pay for the services accordingly.
Word of mouth and repeat business is growing as an indication that clients are realizing the importance of our services.
Slowly but surely, we are acquiring more properties through negotiation with the landlords to manage, ideally we would like to manage commercial properties,
and it is only in the 2nd half of 2016 that we have negotiated an office block to manage after procuring tenants.
Another challenge is that realizing commission from sales can take much longer than necessary,
several months because in Lesotho those sorts of transactions take too long to wind things up.
This means sometimes the company’s commissions are accrued for months and months and this disrupts the business’s cash flow.
The third challenge that we have encountered is that for a small business such as ours to grow its potential income,
we need a cash injection but banks even after being in business for 6 years
and having created jobs for people who depend on the salaries they get from RNB Realtors,
it is a great challenge to get that cash injection especially when the only institutes we can borrow from are banks. However,
they are reluctant to borrow medium sized businesses especially as unconventional as ourselves, this impedes the growth of the business.
The construction/property sector has grown in Lesotho and is continuing to grow,
providing an opportunity for RNB REALTORS to pursue business in sales and property management.
Aggressively pursuing these business prospects means that RNB Realtors can increase its earning potential.
Currently, there are property developments in which RNB Realtors has been procured to sell and rent out at completion of construction.
The projects are with Lesotho Housing and Thescon (Maseru West, Thetsane West), Sigma Construction, as well as two other private developers.
Property Development is sector which RNB Realtors sees potential and opportunities,
we are looking to purchase land for future developments, specifically low-middle income housing.
A third opportunity lies in repairs, renovations and maintenance.
It has come to our attention that majority of landlords, including government;
private companies and individuals do not maintain their properties.
As a result, the properties get dilapidated as they continue to be neglected;
eventually maintaining them becomes a cumbersome and expensive but necessary result.
We have therefore started doing this sort of maintenance, RNB Realtors,
was awarded a contract with Lerotholi Polytechnic to maintain 66 properties, it was for the year 2013 till 2014.
There are such opportunities as this one which RNB Realtors needs to go after vigorously.
Currently in that division, we are doing plumbing and electrification work for Goldrush and other companies.
The company’s Short Term Objectives (within the next three years) are to increase activity mainly in the Maintenance, Repairs and Renovations.
Maintenance Fees have been increasing as our landlords are requesting us to carry out more and more of the maintenance.
In order to take advantage of this demand, as well as the work that is coming up from other companies to do their maintenance,
we need to make purchases of the maintenance stock, especially when it is at good rates.
We are also looking at furnishing several properties as there is a demand for furnished properties and
by furnishing we can increase our Managerial Fees of those properties by 20% - 30% while at the same time increasing our assets..
A short-term goal that RNB Realtors is working on is in its nature also a long-term goal;
we have a proposed property development of Grandview Garden - 15 properties at Hillsview
where we have a land that is 7,800 square meters (2 bedroom, 3 bedroom and 4 bedroom houses).
Long-term objectives are: to then maintain the level of business that is to be achieved at the end of 2016,
and then to move into the land development of selected projects.