Lkiet Property Services PLC is a private company established to provide a professional service of asset valuation and property management in Addis Ababa in particular and in Ethiopia in general. There is a growing need for a company that provides valuation and property management services by property owners especially for whom not in a position to manage and maximize their property or property portfolio potential.
A 15 minute reading to the following notes will give you a fair idea of the scope extent of our Property Management Services; The scope to valuation service will be discussed in other section.
LKIET PROPERTY’S Management team doesn’t manage your property for a fee, rather to create a better cash-flow that covers all the running property costs while covering the costs of the management company and creates a return on your investment. Our primary objectives are reducing costs, standardizing operations and improving the quality of facilities related services for our clients. Our team have decades of experience in the integration of multi-disciplinary activities within the built environment and the management of their impact upon people and the workplace tailored to meet your expectations. Our property management services cover all areas and asset types from shopping centers, residential to industrial portfolios, our team provide advice on a range of services.
Our Property Management services includes:
Evaluate the property and determine an accurate rental rate
- Provide detailed documentation of the interior and exterior including photos
- Offer recommendations on repairs and cosmetic improvements that maximize monthly rent while providing good return over investment (ROI)
- Gather data on rental rates in the area and work with owners to determine the optimal rental rate. Rent research will vary but should include looking at the recently rented comparable according to size and type
- Discuss with owners the pros and cons of different policies such as accepting pets, allowing smoking, etc.
Preparation and marketing of the property for rent
Prepare home for rent
- Prepare all legally required documentation and licenses
- Clean home and optimize interior appeal
- Manicure landscaping to increase curb appeal
Marketing for rent
- Create marketing materials, photos, videos and ads tailored to the property and advertising medium. Some of the communication/marketing channels commonly used are:
- Paid and free rental listing websites advertising
- Printed publications (Signs, Flyers)
- Work with other realtors and leasing agents to find a tenants and guests
- Provide a 24-hour hot-line where prospective tenant or guests can get a detailed information about the property
- Field calls from prospects for questions and viewings
- Meet prospective tenants/guests and guests for showings throughout the week and weekend
- Provide prospective tenant/guests and guests with rental applications that are legally compliant with local laws
- Collection of applications with application fee
Tenant or guest Screening and Selection
- Perform a background check to verify identity, income, credit history, rental history, etc.
- Grade tenant or guest according to predefined tenant or guest criteria
- Inform tenant or guests and guests who were turned down
Tenant or guest Move-in
- Draw up a leasing agreement
- Confirm move-in date with a tenant or guest
- Review lease guidelines with a tenant or a guest regarding things like rental payment terms and required property maintenance
- Ensure all agreements have been properly executed
- Perform the detailed move-in inspection with a tenant or a guest and have tenant/guests and guests sign a report verifying the condition of the property prior to move-in.
- Collect the first month’s rent and a security deposit
- Receiving rent
• Hunting down late payments
• Sending out pay or quit notices
• Enforcing late fees
- Filing relevant paperwork to initiate and complete an unlawful detainer action
- Representing an owner in court
- Coordinating with law enforcement to remove a tenant or a guest and tenant or guests and guest’s possessions from unit
- Represent the owner with utility companies, local and governmental bodies related to renting of the property
- Advise in the event of a legal dispute or litigation
- Refer the owner to a qualified attorney when necessary
- Understand and abide by the latest local and state legislation that apply to rent and maintaining rental properties.
- Perform periodic inspections (Inside and outside) on a predefined schedule looking for repair needs, safety hazards, code violations, lease violations, etc.
- Send owner periodic reports on the condition of the property
- Make payments on behalf of owner (bills, Mortgage, insurance, etc.)
- Detailed documentation of expenses via invoices and receipts
- Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.)
- Provide annual reporting, structured for tax purposes as well as required tax documents
- Advice owner on relevant tax deductions related to their rental property
- Provide easy-to-read monthly cash-flow statements which offer a detailed breakdown of income and itemized expenses
Maintenance, Repairs, and Remodeling
- Provide and oversee an in-house maintenance crew
- Establish a preventative maintenance policy to identify and deal with repair needs
- Provide a network of licensed, bonded and fully insured contractors who have been vetted for good pricing and good work that is up to code
- Assign jobs to different parties (in-house employees, handyman and professional contractors) based on who will do the best job for the best price
Maintain outdoor areas
- Removing trash and debris
- Provide recommendations on how the project can maximize rental income
- Prepare preliminary cost estimates
- Get multiple independent bids for the work
- Act as general contractor overseeing the work
Tenant or guest Move Out
- Inspect unit and fill out a report on the property’s condition when the client moves out
- Provide tenant or guest with a copy as well as estimated damages
- Return the balance of the security deposit to the tenant or guest
- Forward any portion of the owner’s portion of the tenant or guest deposit to the owner or hold in owner reserves for repairs
- Clean unit and perform any needed repairs or upgrades
- Re-key the locks
- Put the property back on the market for rent
This isn’t intended to be a comprehensive list of property management services, but should give you a fair idea of the scope extent of our activities and services. We tailor a list of services to fit every client need and are very flexible in finding the best solution for you and your property!