Duties of the Managers

Financial Management

  • A formal meeting once a month or electronic report
  • A consolidated income statement vs budget with notes for the entire portfolio with explanation of any variances above 5%
  • Income Statement vs Budget with notes for each building
  • An executive summary of the income / expenses / profit for the month and year to date
  • Rent roll with explanations
  • Cash flow statement
  • All monthly and ad hoc payments of contractors and suppliers
  • Monthly Invoicing of all rentals and recoveries (Water, Sewerage, Electricity, Rates, IDL)

Facilities Management

  • Monthly repair and maintenance schedule
  • Quarterly building inspection - written report to be included in relevant monthly reporting
  • Yearly 5 year CAPEX list including quotations

Arrears Management

  • Prompt following up of late payments (telephonically, SMS, email, letter of demand, etc.)
  • Enforce the owners' rights against defaulting tenants in the name of the property owner and at the property owner's expense, with the mandate of the property owner
  • Tenant age analysis to be send to client at agreed intervals (maximum on a weekly basis)
  • Legal report and other action points to be discussed in monthly formal meeting

Leasing & Vacancy Management

  • Tenancy Schedule to be discussed during formal monthly meeting
  • Marketing and advertising of the property through various communication channels
  • Co-ordinating viewings with prospective tenants
  • Comprehensive application process, including FICA, for potential tenants
  • Drawing up of leases (additional admin fee - recoverable from tenant)

Accounting

  • Completion and submission of VAT and PAYE return to the South African Revenue Services
  • Assist the owner's auditors with the annual audit

Asset Management (Incl. Project Management)

  • Should the owner require additional services to those mentioned above, additional charges will apply

Duration

The appointment made and accepted in terms of this agreement shall last for a period of 1(one) year (the initial period) during which neither party shall be entitled to terminate the appointment, except in the event of a breach by the other party. On the lapsing of the initial period the OWNER or MANAGER shall be entitled to terminate the appointment on a written notice of 3 (three) months to the other party.