Duties of the Managers
- 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)
- Monthly repair and maintenance schedule
- Quarterly building inspection - written report to be included in relevant monthly reporting
- Yearly 5 year CAPEX list including quotations
- 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
- 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)
- Completion and submission of VAT and PAYE return to the South African Revenue Services
- Assist the owner's auditors with the annual audit
- 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.