How Do You Select One of the Best Property management Companies in South Africa ?
When you hire a property management company to serve as the liaison between yourself and your tenants, you want to be sure you’re getting the best possible property management services for the money. The services in South Africa provides can range from ala carte to an all-in-one inclusive package. Along with that comes an array of fees for each. There is no set in stone fee structure we can provide you. But we can educate you on what common fees to expect and what each is commonly for. In the end it will be up to you to compare company fee structures and choose the best one that fits within your budget. Below are some of the most common fees and what service they provide.
This is an ongoing monthly fee charged to the owner to South Africa and the responsibilities of overseeing the management of their property. This fee can vary from as little as 3% to over 15% of the monthly gross rent. In place of a percentage some managers may charge a flat monthly amount which again can vary from $50 to over $200 per month. All property management companies generally charge this fee.
Lease-Up or Setup Fee
This fee is charged to the owner to compensate the property manager for their initial time invested and resources used in setting up an owners account; showing property and/or other activities resulting in tenant placement. I guess you could look at it as a “finders fee” for placing a tenant in your property. Once a tenant has been placed and first rent income comes in, the property manager will deduct this fee from the rent proceeds. Property management companies have been known to require this fee upfront prior to tenant procurement. Usually this fee is non-refundable once the property manager has started the process of tenant procurement or any legwork has been initiated with the property. This fee can vary from none to as much as the first months rent, and usually is a one-time fee per tenant.
Interesting Facts About Property Managing Agencies in South Africa :
Once an International Business Corporation is formed, it requires a fool proof plan to protect its wealth and properties. This wealth may be in the form of cash, marketable securities and liquid assets. For protection, these assets can ideally be transferred to a Trust that is formed after consulting a law firm that is well versed in local law. In legal terms, 'A trust is the right, enforceable solely in equity to the beneficial enjoyment of which another holds the legal title'.
Thus, indemnity from being forced to pay off creditors from the quantum of the Offshore Corporation's wealth has made off shore Trusts a sure shot method of Property Protection and most tax havens are in the running to provide more and more debtor friendly regulations with a view to attracting more and more companies to avail of the haven provided by their respective jurisdictions.
What Do You Ask When Looking for a Good Property Manager?
As a property manager, there are many positives and negatives with this job. As with any job you make it what you want. There are days that are longer and more difficult then others.There are many regulations you need to know and must be a relator. If you want to start this business you need to know exactly what it entails.You will need to be licensed by the sales tax agency if they charge sales tax on the monthly rent. You need to have one for each town you are doing business in. It is extremely helpful that you are well versed in repairing things or have a good list of contractors available for repairs. Your life will be so much easier if you can determine what repair needs your immediate attention, what can wait until the next business day. You need to be a people person, since you do meet people from all walks of life.
8. Tracking expenditures for repairs. Getting authorization from the owner as needed.
9. Establishing advertisements daily, with at least seven free website for any vacancies.
10. Show available properties, screen potential tenants, while maintaining the laws against discrimination.
The job can be a 24/7 day business. You set the hours. It is hard to predict when a client may need a repair. Keep in mind that the owner has the right to cancel the property management agreement. This has not happened to me I still have the same customers for the last seven years and continue to grow.
Why you ask, I believe it is that I handle this like a business while maintaining contact with the owners on an as needed basis.
What Do You Ask When Looking for a Good Property Manager?
Property management is the concern of many of us, taking into account the fact that our society is in continuous movement and change. Property management information is available not only in specialized magazines and research papers, but also online, on websites that have as their major concern study, market research, covering issues regarding marketing and leasing, land use and development, maintenance and other important subjects. There are also property management companies that offer their consultancy and assistance during an investment and management period.
The advantage of reading property management magazines is that they present both the academic and professional point of view. Besides, some of them are available online, too. Another advantage of property management magazines is that some of them are focused either on the national or international perspective regarding important issues. Property management magazines are a valuable resource for people who want to be informed about changes of this domain.
Property management companies have to deal with multiple responsibilities and aspects of management of ownership of real estate. These companies offer to negotiate and stabilize the relationships between landlord and tenant. They also manage income and activities involving expenses, repair, maintenance and other aspects of the construction and development.
Property management is much more than a matter of responsibility, awareness and information. It requires time, intelligence and witness, great attention to details, but also management qualifications.
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