Ever wondered what exactly does a Property Management company does? If you think Property Management companies just collect rent and levies, then think again!
Property Managers are responsible for the day-to-day operations of a property. There are different types of property management companies but most specialize in sectional title administration, leasing of properties, and sales. Property managers are hired by landlords who lack the time or expertise to maintain the property and deal with individual tenants or multiple rental properties in their portfolios. These managers screen potential tenants, draft contracts, collect rent and the property owner pays a fee or percentage of the rent to the property management company.
If you live in a Sectional Title Scheme, you pay a monthly levy to the property management company chosen by the body corporate/ homeowners association, these levies are used for ongoing maintenance, upkeep of properties, and security.
What is included in Property Management Services?
Managing agents are responsible for:
- Preparation of agenda’s, notice of meetings, minutes, and attendance of these meetings
- Communicating with trustees about complex matters
- Preparations of budgets – getting quotes for services such as maintenance, insurance, and gardening
- Collecting levies
- Seeking and screening tenants
- Paying expenses – security guards, gardening and landscaping, and utilities.
Best Property Management Companies in South Africa
If you’re in search of a reliable, professional, and accomplished property management company, here are some of the best options in South Africa: