Preferental, a new comprehensive and affordable property management platform offering South Africa’s first virtual property inspection application and renter incentivisation, hosted their official launch at the Property Buyer Show in Sandton from 27 - 29 October 2017.

Preferental, a digital startup business based in Johannesburg, has been a year in the making, operating in its public beta phase under the name MyRentr. Its new mobile technology, tested and developed during the beta phase, provides Property Owners and Renters with an easy-to-use platform to conduct online property inspections using their mobile phones, market their properties on various property listing websites by completing one form and enabling them to sign CPA-compliant lease agreements online.

Unlike traditional rental agencies, Preferental does not take away Property Owners’ control and oversight over their property, but rather equips owners with time-saving and cost-effective digital tools to better manage their properties. While giving the power back to the Owner, Preferental  guarantees Property Owners’ rental income, puts no caps on legal costs for evictions, and covers property damage – all for a service fee of 6.5% of the monthly rental income. Compared to general agency fees and commissions, which could go as high as 18%, Preferental saves Owners thousands while providing the additional benefit of guaranteed rent and cover.

A major factor to the product’s success has been its strategic partnerships with industry experts to ensure that Preferental delivers on its promise to clients. Property Owners, who otherwise would not have been able to afford the legal costs of eviction, stand to benefit from SSLR Incorporated’s expertise in the field of evictions. Cilna Steyn, managing director of SSLR Incorporated, is the author of “The Landlord’s Guide – Property Rental and Eviction”, and regularly presents training sessions, where she advises groups of rental agents and private property owners on property law-related matters.

The Preferental Mobile Application includes the following features:

- Virtual Property Inspection: Property Owners and Renters conduct joint inspections on their mobile phones in real time, with date- and time-stamped pictures. Both parties are able to post comments live, as well as rate and review the inspection.

- Renter Rewards: Preferental Renters receive an annual 20% cash-back reward, on top of their deposit for maintaining an overall app scoring of 4-stars. 

- Property Owner and Renter ratings: Property Owners and Renters rate each other during the lease period. This data will allow future users to find the best Property Owners and Renters on the Preferental Platform.

Ross Fitzcharles, Preferental CEO and co-founder explains: “We started Preferental to change the game for private Property Owners. Innovative technology, like augmented and virtual reality, even in its infant stage, shows great potential to change the way property is bought, sold or rented out. The real estate market has been overpriced, underserved and neglected for far too long - change is needed.”

There are currently 1.5-million properties being rented out in South Africa. About 70% of these properties are managed by private Property Owners. Preferental seeks to serve these Owner’s needs.

For more information visit www.preferental.com