The real estate sector in Botswana is lucrative and yet competitive. Among the companies that are thriving in this sector, is a local company, Prestine Properties. Below, the founder of the company, BRIAN SOKESI tells BOTSWANA GUARDIAN that the secret to success is this business is human capital.
BOTSWANA GUARDIAN: Kindly provide background to the formation of Pristine Properties
BRIAN SOKESI: Prestine Properties is real estate professional services firm of experts working with clients and colleagues to develop and deliver innovative real estate solutions throughout Botswana. From its base of an established office in Gaborone and 9 remote working stations, the company brings together best in class experts working across the real estate discipline and cultures to deliver fast, reliable, accurate and affordable real estate services.
GUARDIAN: What competitive edge does the company have?
SOKESI: The secret to our success is our people. We know our people better than most, and the fact that our valuers are all passionate locals, choosing to live and work in the local communities, speaks volumes. Not only does this ensure geographic diversity, but there is no greater competitive advantage than knowing you’re dealing with a genuinely independent, trusted, locally based professional.
GUARDIAN: Explain some of the major challenges that the company has encountered since it was established
SOKESI: Since its establishment, Prestine Properties has faced varied challenges of doing business in Botswana. There is stiff competition within the real estate industry in Botswana. Several established firms and independent agents have been in the market longer than us, and thus, as new firms we must come up with unique service offerings and marketing strategies to differentiate ourselves. At Prestine Properties, we value customer experience to our services. We serve our customers to fully meet their expectations and we go an extra mile to give them an experience comparable to one. The recent economic instability in Botswana has affected the real estate industry significantly. People are more cautious with investments, and most of them might not be willing to purchase high-end properties or invest in real estate. Thirdly, real estate service requires a highly skilled and experienced workforce. However, there is a shortage of skilled and trained real estate personnel in Botswana. Lack of reliable and comprehensive market data on the real estate industry presents a significant challenge to firms. It makes decision-making on investments difficult, leading to prolonged negotiations and reduced returns on worthy investments. This has been one of our challenges when it come to our investment advisory services. Real Estate transactions require compliance with a lot of legalities. Some laws within the country may be unclear or burdensome, causing some significant barriers for our business.
GUARDIAN: Who is your target market and why?
SOKESI: We are well positioned to service our client’s needs throughout Botswana in all the local administrative districts of Chobe, Central, Ghanzi, Kgalagadi, Kgatleng, Kweneng, North East, North West, South East, and Southern. Our target market people who are looking to buy or sell a property are our primary clients. They often need our assistance in finding them suitable properties, understanding market trends, and negotiating with buyers/sellers. We also serve real estate investors who are looking to invest in property or to build their real estate portfolios our professional advice and services. In addition, we also deal with rental property owners and renters are a significant part of our target market. At Prestine Properties, we also provide services to investors who rent out their properties, while tenants may look for assistance in finding a rental property.
We also provide services to large companies that require real estate assets or office space may require help finding suitable properties, negotiating leases or purchases, and understanding zoning and regulatory requirements. Contractors and building developers need our professional advice in purchasing land, analysing feasibility for new developments, and navigating zoning regulations.
Prestine Properties also provide services to financial institutions such as banks and mortgage lenders need our independent and professional services in appraising properties, verifying their market value, and understanding risks associated with loans. We hold panel appointments for some of the major lending institutions as well as for a number of smaller institutions. We have ongoing relationships with accounting and legal entities, to satisfy client requirements with regards to court and taxation purposes. We also welcome private clients to discuss their varied requirements.
GUARDIAN: How has the market reacted to your service’s offering, especially due to the fact that the company operates in a highly competitive sub-sector which also has international players?
SOKESI: It’s not about the cost, It’s about the value. Our Service Pricing Model and Quality of service delivery has had a very positive impact on our business. Prestine Properties has a very competitive pricing structure based on the regulated fee scale, that attracts and retains more customers and increase the demand for our services. We offer pricing packages that cater to a wide range of budgets can help you reach a broader audience. Effective pricing strategies can help increase revenue and profitability. Prestine Properties provides top-quality services that has led to increased customer satisfaction and loyalty. We have had positive customer reviews and feedback that has led to more business our brand recognition. Overall, we have found the right balance between pricing and quality of services on the market.
GUARDIAN: How many job opportunities has the company created?
SOKESI: Prestine Properties has not only created Jobs, but good jobs with sound working conditions, benefits, and opportunities for advancement. We believe in investing in our employees to develop them and advance their careers. Since its establishment, Prestine Properties has created more than 15 jobs all locals. We have further created an environment where employment thrives, whether contractual or temporary.
GUARDIAN: What is Pristine Properties' general opinion on the recently amended Transfer Duty Act?
SOKESI: The Transfer Duty (Amendment) Act introduced significant changes to the transfer duty regime and these changes are expected to have positive effects on the property market. Prestine Properties welcomes the amendments including an increase of the transfer duty exemption benefit for citizens (First time home buyers)m to P1,500,000.00 from P1,000,000.00.the reduction of the transfer duty payable by non-citizens from30% to10% of the purchase price or value of immovable property below P 2,000,000.00, and 15% for all amounts exceeding P2,000,000.00, the exemption of transfer duty on new allocations of tribal land and state land, the exemption of certain persons, including the beneficiaries and surviving spouses inheriting immovable property from their deceased spouse or parent, from the requirement to provide a valuation report or a solemn declaration to BURS for purposes of transfer duty assessment and a waiver from the payment of transfer duty where value added tax is payable on transactions involving immovable property. However, Prestine Properties finds it ambiguous that the amended act provides for introduction of a requirement on the Botswana Unified Revenue Services (BURS) to use local council valuations to ascertain the fair value of immovable property situated on tribal land or to appoint a competent and disinterested person to determine such fair value,
GUARDIAN: What opportunities does the company have in the current business landscape?
SOKESI: Opportunities for Prestine Properties growth in the current and future business landscape lie in our innovative business model to venture into Infrastructure Real Estate Development in collaboration with Government, International Development Partners, and Credit Finance Organisation, and other Private Sector entities to address Affordable Housing to sectors such as tertiary education, healthcare, defence and security agencies.
BOTSWANA GUARDIAN: Kindly provide background to the formation of Pristine Properties
BRIAN SOKESI: Prestine Properties is real estate professional services firm of experts working with clients and colleagues to develop and deliver innovative real estate solutions throughout Botswana. From its base of an established office in Gaborone and 9 remote working stations, the company brings together best in class experts working across the real estate discipline and cultures to deliver fast, reliable, accurate and affordable real estate services.
GUARDIAN: What competitive edge does the company have?
SOKESI: The secret to our success is our people. We know our people better than most, and the fact that our valuers are all passionate locals, choosing to live and work in the local communities, speaks volumes. Not only does this ensure geographic diversity, but there is no greater competitive advantage than knowing you’re dealing with a genuinely independent, trusted, locally based professional.
GUARDIAN: Explain some of the major challenges that the company has encountered since it was established
SOKESI: Since its establishment, Prestine Properties has faced varied challenges of doing business in Botswana. There is stiff competition within the real estate industry in Botswana. Several established firms and independent agents have been in the market longer than us, and thus, as new firms we must come up with unique service offerings and marketing strategies to differentiate ourselves. At Prestine Properties, we value customer experience to our services. We serve our customers to fully meet their expectations and we go an extra mile to give them an experience comparable to one. The recent economic instability in Botswana has affected the real estate industry significantly. People are more cautious with investments, and most of them might not be willing to purchase high-end properties or invest in real estate. Thirdly, real estate service requires a highly skilled and experienced workforce. However, there is a shortage of skilled and trained real estate personnel in Botswana. Lack of reliable and comprehensive market data on the real estate industry presents a significant challenge to firms. It makes decision-making on investments difficult, leading to prolonged negotiations and reduced returns on worthy investments. This has been one of our challenges when it come to our investment advisory services. Real Estate transactions require compliance with a lot of legalities. Some laws within the country may be unclear or burdensome, causing some significant barriers for our business.
GUARDIAN: Who is your target market and why?
SOKESI: We are well positioned to service our client’s needs throughout Botswana in all the local administrative districts of Chobe, Central, Ghanzi, Kgalagadi, Kgatleng, Kweneng, North East, North West, South East, and Southern. Our target market people who are looking to buy or sell a property are our primary clients. They often need our assistance in finding them suitable properties, understanding market trends, and negotiating with buyers/sellers. We also serve real estate investors who are looking to invest in property or to build their real estate portfolios our professional advice and services. In addition, we also deal with rental property owners and renters are a significant part of our target market. At Prestine Properties, we also provide services to investors who rent out their properties, while tenants may look for assistance in finding a rental property.
We also provide services to large companies that require real estate assets or office space may require help finding suitable properties, negotiating leases or purchases, and understanding zoning and regulatory requirements. Contractors and building developers need our professional advice in purchasing land, analysing feasibility for new developments, and navigating zoning regulations.
Prestine Properties also provide services to financial institutions such as banks and mortgage lenders need our independent and professional services in appraising properties, verifying their market value, and understanding risks associated with loans. We hold panel appointments for some of the major lending institutions as well as for a number of smaller institutions. We have ongoing relationships with accounting and legal entities, to satisfy client requirements with regards to court and taxation purposes. We also welcome private clients to discuss their varied requirements.
GUARDIAN: How has the market reacted to your service’s offering, especially due to the fact that the company operates in a highly competitive sub-sector which also has international players?
SOKESI: It’s not about the cost, It’s about the value. Our Service Pricing Model and Quality of service delivery has had a very positive impact on our business. Prestine Properties has a very competitive pricing structure based on the regulated fee scale, that attracts and retains more customers and increase the demand for our services. We offer pricing packages that cater to a wide range of budgets can help you reach a broader audience. Effective pricing strategies can help increase revenue and profitability. Prestine Properties provides top-quality services that has led to increased customer satisfaction and loyalty. We have had positive customer reviews and feedback that has led to more business our brand recognition. Overall, we have found the right balance between pricing and quality of services on the market.
GUARDIAN: How many job opportunities has the company created?
SOKESI: Prestine Properties has not only created Jobs, but good jobs with sound working conditions, benefits, and opportunities for advancement. We believe in investing in our employees to develop them and advance their careers. Since its establishment, Prestine Properties has created more than 15 jobs all locals. We have further created an environment where employment thrives, whether contractual or temporary.
GUARDIAN: What is Pristine Properties' general opinion on the recently amended Transfer Duty Act?
SOKESI: The Transfer Duty (Amendment) Act introduced significant changes to the transfer duty regime and these changes are expected to have positive effects on the property market. Prestine Properties welcomes the amendments including an increase of the transfer duty exemption benefit for citizens (First time home buyers)m to P1,500,000.00 from P1,000,000.00.the reduction of the transfer duty payable by non-citizens from30% to10% of the purchase price or value of immovable property below P 2,000,000.00, and 15% for all amounts exceeding P2,000,000.00, the exemption of transfer duty on new allocations of tribal land and state land, the exemption of certain persons, including the beneficiaries and surviving spouses inheriting immovable property from their deceased spouse or parent, from the requirement to provide a valuation report or a solemn declaration to BURS for purposes of transfer duty assessment and a waiver from the payment of transfer duty where value added tax is payable on transactions involving immovable property. However, Prestine Properties finds it ambiguous that the amended act provides for introduction of a requirement on the Botswana Unified Revenue Services (BURS) to use local council valuations to ascertain the fair value of immovable property situated on tribal land or to appoint a competent and disinterested person to determine such fair value,
GUARDIAN: What opportunities does the company have in the current business landscape?
SOKESI: Opportunities for Prestine Properties growth in the current and future business landscape lie in our innovative business model to venture into Infrastructure Real Estate Development in collaboration with Government, International Development Partners, and Credit Finance Organisation, and other Private Sector entities to address Affordable Housing to sectors such as tertiary education, healthcare, defence and security agencies.
