Proper management systems ensure that there is a good relationship between the landlord and the tenant, thereby retaining existing tenants through ensuring consistent service delivery. This further maximizes profit for the employer.
Our Management responsibilities include:
We ensure that these are remitted to the landlords on time. Such rent is collected in accordance with the lease agreements entered into with the various tenants.
We ensure that tenants in the building receive adequate service for the service charge paid. Service charge is ideally not income for the landlord and is used to provide for services such as cleaning, security, water and electricity among other items. An audit of the service charge account is carried out periodically but usually after every 12 months to determine if the service charge paid is sufficient and if not it can be adjusted as required.
With new and continuing tenants with a view to ensure that the landlord earns the best rent possible without having to make any undue compromises. For continuing tenants the rent should be reviewed to match market rates.
It is our responsibility as the Property management team to periodically assess the type and nature of repairs required in the building so as to keep it in a good state of repair and thereby enhance its attraction to existing and potential tenants. The repair jobs are awarded to suitable contractors at reasonable costing after calling for several quotations depending on the magnitude of the work to be done with consultations and approvals from Landlords.
To ensure that the building is adequately covered in the event of an insurable loss. In the event of fire, floods or other forms of damage to a property it is the insurance cover that would be relied upon to reinstate the building back to its original state and minimize the direct Capital input by the landlord. We as the managing agents ensure that each property has an adequate insurance cover.
These are statements that are done on a top of the market accounting package and are easily understandable. They entail the income received from a particular property and any expenditure from the service charge is recorded in such a statement.
We liaise with tenants with a view to sorting out their complaints. One of the reasons why a landlord gives the role of Property Management to an agent is to avoid the tedious work of correspondence with tenants, frequent calls from tenants, etc. This work is taken up by us as Managers and we also maintain regular communication with the Landlord, in all matters pertaining to the property making sure the tenants abide by terms of the lease, administering the same on behalf of landlord.
We recommend and adopt the best options to the landlord. We as the Property Managers are in a position to determine if the Cleaning and Security Firms are performing well and in accordance with their contracts. In the case where they are not, we recommend to the landlord that alternative quotations be obtained and the best one based on experience of the Firm, Costing of the assignment, etc be accepted. We also supervise the guards, cleaners, etc to ensure that they render services of the highest standards.
These are of special concern to the landlord as they facilitate proper forecasting of income expected within a certain period of time as well as highlighting the key items that need to be considered during a particular financial year. The key features in Budget and Reports are: A month-to-month analysis of the budget variance against actual performance. An explanation for any notable variances an analysis of the year to go – year to date budget performance. A capital proposal on any rehabilitation works on the property indicating the nature of the problem or the need for the work, the solutions available and the source of funding for this project.
It is our duty to provide a tenant or a buyer when a new property is completed or when an old one is vacated.
We interview prospective tenants before they make a commitment for an empty space or unit.
On signing of the agreements, it’s our duty to hand over the property to the buyer or tenant. This includes carrying out an inventory (for rental) which shows the condition of the space at the time of take over.