Our Terms
THE TERMS OF MANAGEMENT
The following are some of the standard terms we propose for a possible management agreement.
REPAIRS AND MAINTENANCE
The Managers consults the principal on all major repairs of the building and obtain consent for works exceeding an agreed amount or otherwise as instructed by the property owner unless otherwise of emergency nature and the management may be retained to supervise the works from time to time at a fee to be agreed not less than 5% of capital sum.
PROPERTY STAFF AND PERSONNEL
Our managers manage the cleaners, guards & caretakers on behalf of the principal and their cost is part of the property operating expenses. In this respective the manager may dismiss, compliment and/or reprimand any staff for misconduct or fraud and the management bids to statutory provisions.
RENT COLLECTION
We collect all the monthly rent between 3rd & 5th of the month and promptly remitted thereafter. Any rent arrears is followed and forwarded immediately.
The rents its either deposited in the clients accounts or our account depending on the arrangements made by the parties
LEASES AND TENANCIES
We do our best to negotiate lease terms in keeping with the current market rent levels in consultation with the landlord. We liaise with the principal or his/her authorized representative as instructed on a regular basis.
ACOUNTING FOR PAYMENTS ON BEHALF OF THE PRINCIPAL
We endeavor to prepare and present to our clients, statements and other records in an acceptable, clear and easy to understand format, normally on a monthly basis or such other time as may be required. Where detailed accounts analysis is required, the same can be done on disbursement cost basis. Search documents are provided at a cost to the landlord.
PERIOD
We manage the property initially for two year continuing thereafter subject to four Months written notice or management fees in lieu.
Read More from REMUNERATION Section below↓
REMUNERATION/FEE SCALE (EXCLUSIVE)
Management fees
(i) Residential Properties: 7.5% to 10% of rent collected every month depending on the type of property.
(ii) Commercial Properties: 5% to 7.5% of rent collected every month depending on the type of property.
Lettings, & Re-lettings:
Lettings not less than 5% of 1 year’s rent or one month’s
rent.
Re-lettings can be negotiable not less than 50% of one month rent.
Rent Review : The difference between the reviewed rent and the old rent for one month.
Tenancy processing fee : Shall be on the account of the tenant to cater for incidentals unless the landlord bears the same.
