Proper management systems ensure that there is a good relationship between the landlord and the tenant, thereby retaining existing tenant’s hence consistent service delivery. This further maximizes profit for the owner of the property.
Lynex Holdings’s property management entails the following responsibilities:
We ensure the collection is prompt and professional, and the rents collected are remitted to the landlord on time. Such rent is collected in accordance with the lease agreements entered into with tenants occupying the property we manage.
As part of our commitment, we ensure tenants in the property we manage obtain adequate service for the service charge remitted. Service charge is ideally not income for the landlord, but is used to cater for common use expenditure such as compound cleaning, security, water and electricity among others. An audit of the service charge account is carried out annually to determine if the service charge levied is sufficient and whether any upward adjustments should be effected for better service.
This is done to ensure the landlord earns the highest possible rent without having to make any undue compromises. For tenants renewing leases, rents will be reviewed to match market rates.
It is Lynex Holdings’s responsibility as a property manager to periodically assess the type and nature of repairs needed in the landlord’s property with the view of ensuring that the right repairs are done to raise the value of the property, and to keep it looking attractive to existing and potential tenants. The repair and maintenance contracts are awarded to qualified entities at reasonable costing arrived at after competitive bidding. Small scale repairs and maintenance may not attract bidding, but would be awarded to reputable firms that have previously handled the same jobs on the property.
These statements showing the income and expenditure incurred during the month are prepared by our accounts department and are easily interpretable. They show the income and expenditure for the properties managed by Lynex Holdings on behalf of a property owner. Service charge and expenditures relating to the same are equally articulated.
With due consideration, and with formal discussions with the landlord, we may engage our own staff to carry out day-to-day property management on site, and such staff may include caretakers, electricians, plumbers, secretaries, among others, which engagement will follow a formal agreement that is directly a responsibility of the landlord.
We go a long way too in recommending the best service providers to do cleaning and offer security on the facilities that we manage. Supervision of the work done by the contracted firms is equally part of our mandate.
With due consideration, and with formal discussions with the landlord, we may engage our own staff to carry out day-to-day property management on site, and such staff may include caretakers, electricians, plumbers, secretaries, among others, which engagement will follow a formal agreement that is directly a responsibility of the landlord.
We go a long way too in recommending the best service providers to do cleaning and offer security on the facilities that we manage. Supervision of the work done by the contracted firms is equally part of our mandate.
We have an effective open communication channel with all the tenants in the properties we manage, with a view of addressing their issues promptly. One of the reasons why a landlord gives the role of property management to an agent is to avoid the tedious work involved in the correspondence with tenants, frequent phone calls etc.
We are hired to make sure this process is seamless. We also ensure a practical, viable and proactive communication channel with the landlords so that in all matters pertaining to the property, we can make sure the tenants abide by terms of the lease, administering the same on behalf of the landlord.
We offer this essential service to ensure landlords can have proper forecasts on their properties, and to understand whether there are issues that need short term or long term intervention measures. The key highlights of the budgets that we prepare include a month-to-month analysis of the budget variance against actual performance. A capital proposal on any rehabilitation works on the property indicating the nature of the problem or the need for the work, the solutions available and the source of funding for the project are also highlighted on the report.
We provide free advisory and consultation to the landlord of the property we manage in order to keep them abreast with changing market trends. Such advisory relates to issues such as taxes, legal suits arising from tenancy, rent reviews, ground rents, site value tax, and possible improvements that should be done on the property that is under our management. We also help in the coordination and maintenance of mechanical and electrical equipment such as lifts, air conditioners, boosters, pumps, firefighting equipment, generators, stabilizers and power factor equipment. Any other matter relating to the property that the landlord may request the manager to act upon as a representative is still under our due jurisdiction.
