Sectional Title & HOA Management Services
SAproperty.com specialises in the property management of sectional title schemes and home owners’ associations (now referred to as Community Schemes). We understand the value of effective management of a property directly affects peoples’ lives, lifestyles and the value of their primary asset, which is why we have specialised in providing a comprehensive sectional title & HOA management service. With over 14 years’ experience, we offer a complete property management solution cut to the requirements of individual community schemes. We are fully registered with the Estate Agency Affairs Board (EAAB) and are members National Association of Managing Agents (NAMA) as well as South African Property Owners Association (SAPOA).
Each sectional title scheme is managed by a dedicated sectional title portfolio manager as a single point of communication. All our community scheme portfolio managers are supported by a support team consisting of a personal assistant and accountant as well as property management, maintenance and document management system.
Effective financial management and reporting is a core function of our sectional title property management service. Providing detailed monthly management reports to scheme executives is a basic deliverable of our property management service. We also prepare annual levy budgets that include an admin and reserve fund, review financial performance monthly and prepare an annual audit file at year end to ensure a quick and cost-effective audit.
Our Sectional Title & HOA Management Service includes:
Levy Billing & Collections:
- Distribution of monthly levy statements to owners by post and email.
- Collection of monthly levies and other charges due to the community scheme.
- Credit control of all outstanding levies.
- Billing of interest on arrears.
- Attorney collections liaison.
- Liaison with meter reading service companies for specific service / utility billing and recoveries included with the monthly levy statements and collections.
- Issue of levy clearance certificates.
Financial Management & Accounting:
- Payment of approved operational and capital expenditure as per approved budget.
- To process and receipt all transactions.
- All disbursements approved and signed off in accordance with Scheme Executives instructions.
- Maintenance of electronic voucher files.
- Electronic e-mail requests are sent to all the trustees to obtain a minimum of two trustees’ approval to pay once-off or irregular creditors.
- To open and/or operate a bank account (s) in the name of the community scheme or a trust account (s), which includes current, savings or investment accounts, in the name of the Community Scheme to meet the commitments of the Community Scheme. Should such bank account already exist, the Trustees grant the Managing Agent full access to such bank account. This includes managing any investments of the Community Scheme.
- To keep full and proper books of account and records in accordance with standard accounting principles showing clearly all revenue, expenditure, transactions, debts and proceedings relating to the Community Scheme.
- Prepare the annual audit file for the community scheme’s appointed audit firm.
- Prepare the annual levy budget including the administrative and reserve fund.
- To compile and distribute on the last day of the following month after month end, to all Scheme Executives of the Community Scheme on a monthly basis, a management report which will include an income and expenditure statement (detailing actual versus budgeted figures), a balance sheet, a debtor age and supplier age analysis and any supplementary schedules which the Scheme Executives may require.
- Invest surplus funds after payment of creditors.
Insurance:
- Arrange for appropriate insurance cover at competitive rates for the community scheme.
- Lodging, administration, and disbursement of insurance claims on behalf of the Community Scheme.
- Annual claims history reporting.
- Arrange for property valuation in terms PMR 23 (3).
- Arrange for fidelity guarantee for the Community Scheme.
Meeting Attendance and Secretarial Services:
- Attendance at four (4) scheme executives’ meetings per year as well as the Annual General Meeting.
- Preparation and distribution of notices of meetings, agendas and minutes.
- Arranging, attending, and taking minutes for scheme executives’ meetings and General Meetings.
Property Administration
Personnel records:
- Direct payment of salaries and wages to staff.
- Calculation and payment of UIF and PAYE deductions.
- Issuing of pay slips to staff members.
- Keeping records of leave.
- Bodies corporate staff annual bonuses.
- Maintenance of staff records.
- Advisory services for labour legislation issues and disputes.
Statutory Records:
Maintenance of statutory records of the community schemes including:
- Books of account.
- Conduct rules and regulations.
- Registered sectional title plans.
- Register of bondholders and owners.
- Minute books.
- Voucher files and accounting records.
- Employee and payroll records.
Property Maintenance Management:
- Maintenance management for common property to arrange quotes, booking contractors and facilitating approval and payment.
Advisory Service:
- Immediate advisory service regarding provisions of the Sectional Title Act and other relevant legislation.
Take-on Audit:
On appointment of company as managing agent, we perform a take-on audit which entails:
- Deeds search to confirm that correct owners and their details are loaded for levy billing and communication purposes.
- Validation of sectional tile plans, PQ and levy schedule.
- Levy Budget review, identification of risks and formulation of recommendations.
- Accounting quality assessment from last financial statements to date.
- Confirmation that the adjusting journals and opening balance adjustments agree to the auditor’s report.
- Assessment of 10 MAP Plan and CSOS compliance.
- Assessment of insurance cover.
- Assessment of firefighting equipment.
- Confirmation of conduct rules lodged with CSOS.
- Assessment of owner arrear levies, credit control procedures, and legal report.
- Assessment of compliance to relevant legislation.
- Compilation of a report and action log to address identified gaps
- Compilation of a property management control schedule demonstrating required monthly operational activities to be managed.
Additional Advisory and Support Services:
- Recruitment of contractors and staff as required.
- Assisting with drafting of conduct rules and amendments thereto.
- Attendance at special general meetings.
- Public officer appointment.
- The submission and completion of Provisional, Annual Income Tax Returns.
- Estate management services.
- Facility management services.
Please contact Michael Bauer on 083 255 4442 or michael@saproperty.com today for an obligation free quote.
