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We define property management as the operation, control, Maintenance and oversight of real estate and physical property. This can include residential, commercial, and land.
Management indicates the need of Real Estate to be cared for and monitored, with accountability for and attention to its useful life and condition considered.
Property management involves the processes, systems, and manpower required to manage the life cycle of all acquired property as defined above including acquisition, control, accountability, responsibility, maintenance, utilization and disposition.
Our company will undertake the following responsibilities,
Advertise the Rental Property, handle tenant inquiries, screen applicants, select suitable candidates, draw up a lease agreement, conduct a move in inspection, move the tenant(s) into the property and collect Rental income.
The company will then coordinate any maintenance issues, supply the owner(s) with financial statements and any relevant information regarding the property, etc.
Part of Property management is the duty of managing the accounts and finances of the Real Estate properties, and participating in or initiating litigation with tenants, contractors, and insurance agencies. Issues to do with Landlord/tenant law and most common evictions, non-payment, harassment, reduction of pre-arranged services, and public nuisance are legal subjects that require special attention from Property Management.
All tenancy applications received are reference checked inclusive of identification, means of income, previous tenancy references and workplace references.
- Make timely rent collections and document all payments with accompanying bank receipts
- Ensure that all rent payment are carried out in the bank on the company verified official account/s
- Screen tenants for new or existing vacant units
- Prepare necessary quotations with various contractors for repairs, renovations
- Overseer the overall condition of the Estate/Property especially in regard to maintenance and tenants wellbeing
- Liaise with House brokers, on the state of the vacant units, acquaint yourself with the current market property Rates/value in the area. Ensure continuity.
- Ensure that all property utilities like Electricity, Water, Security, Cleaners, and Rubbish and internet bills are settled on time.
- Strictly supervise security, cleaners and general hygiene of the place
- Reconcile books on a monthly basis to confirm rent payments and reconciled bank statement with the management office
- Manage expenses, utilities and repairs to ensure value for money and returns on investment
Below are the terms of reference to streamline Property management and
I. Recruit a Professional and experienced property manager. His work is already cut out in the description above.
II. The property manager will report and be supervised by the company management office who in return will report to the landlord on the day to day basis condition and revenues of the property
III. There shall be a caretaker, someone mandated to stay on the premise to ensure all is well. This can be a cleaner or an external person. This caretaker will report directly to the property manager.
IV. There shall be an appointed legal office to liaise with the property manager on matters of the law in regard to tenants and landlord’s Act as well legal advice where necessary. The legal officer should be recruited on a retainer basis
V. In addition to this, essential service providers like Plumber, Electrician, Security, Care takers should be recruited and kept on retainer basis to handle any water, electricity or security matters that may arise during the course of work to avoid inconvenience on the side of our tenants, overburdening the property manager, and overall stressing the landlord. An agreed small fee can be paid on a monthly basis to the above as retain on top of any other contractual work that may arise during the course of time.
Our Management office has got a full time administrative staff to handle the following.
• Supervise the property Manager and report to the landlord or property owner in return.
• The office will handle the day to day rent payments in form of book keeping
• Ensure that all rent payment receipts are banked and there corresponding receipts are submitted to the management office for record keeping
• Maintain an update computerized accounting system, tenant’s ledgers and bank statements
• Inspect repairs, renovations, and verify prices for materials to be procured in the course of any repairs
• Prepare tenants agreements that ensure that every tenant is screened and proper documentation is provided before admission into the unit.
• Granted access or furnished with all bank transactions pertaining to the property or official use.
• Liaise with the landlord for payments in regard to repairs, salaries, utilities, and any other statutory requirements pertaining to the property
• Liaise with local authorities like KCCA, URA and community L.Cs to answer any queries or requirement that may arise on the property/estate i.e. Property Rates, Ground Rates, Municipal taxes like Rental tax etc.
• Document all expenses and file all records in regard to the property
Every tenant is a client. Every client is our boss
All tenants will be required to verify their house on or before admission into the unit to ensure everything is in a good working condition and liveable state
All tenants shall be required to pay a security deposit equivalent of one month’s rent as a collateral to cater for any damages or repairs to the property in case of vacation. Part of this fee will be refundable upon proper inspection and verification of the house by the property manager.
All tenants are required to make their rent payment in the bank onto the company accounts.
