Management Policy

Property Management Policy

We have perfected a water tight property management strategy for the benefit of our clients. Our philosophy is to provide our clients with property management that is unrivalled, ensuring them of a professional, efficient and personal service at all times.

We understand perfectly the value and importance that our clients place on their property investments and, of course, their obvious concerns when leaving it in the care of tenants.

For this very reason, we have in our employment a dedicated facility manager who comprehensively and efficiently too, coordinates all aspects of our property management services.

As such, our service covers all aspects of property management, from finding and vetting tenants through to the final inspections upon their vacation

The following sections describe in summary the services that we offer, but please do not hesitate to contact us if you require any further information.

FREE Property Insurance

At our own expense we arrange for a comprehensive insurance cover from AXA Mansard Insurance Plc for every property we manage.

As landlord you will be named in the insurance documents as the sole beneficiary of the proceeds in the event of any mishap.

Notwithstanding, for as long as the property is under our care and management, we maintain the premium at our own cost and expense.

However, for this to apply landlord will be required to execute a management contract for a minimum of five years period.

Advertising

Properties are advertised on our website, as well as many other websites and associated online forums, accompanied by a detailed description and digital photos.

Subject to your approval, we will arrange a “For Lease” board to be erected at the front of the property.
For more aggressive publicity, we may also arrange to place advertisements on print media.

We are also in regular contact with various letting agents and inform them of suitable properties as they become available.

We carry out occasional open for Inspections of your property plus any private appointments requested by prospective tenants. We DO NOT hand out keys to your property or allow unaccompanied inspections.

Tenant Selection

Prospective tenants are required to complete a comprehensive application form so their suitability can be ascertained. This includes current and previous agents/landlords, current and previous employers, plus personal and professional referees.

Then, a search is carried out through the information provided to ensure they have no history of bankruptcy or bad tenancies. 

In consideration thereof, a proposed list of credible tenant applicants will be compiled from our search and investigations, and this list will be forwarded to you for your approval. In our recommendations, we shall furnish you with sufficient information and particulars of recommended tenant applicants to assist you in understanding the bases for our choices. At all times, you will know who your tenants are and why they have been chosen.

Document Preparation

We shall handle all the documentation required to ensure all legal aspects are covered and your new tenant makes a smooth transition into your rental property. The necessary documents we recommend include:

1. Tenancy Agreement – which will include the duty to repair and repaint the demised property upon vacation;
2. Letter of Reference from at least two verifiable referees – who will commit to the tenants good behavior and also take/share responsibility for any breach;
3. Work identity card – as prove of employment as we will always prefer corporate tenants, unless we can’t get, but we always do;
4. Bank confirmation letter – to enable us garnishee the tenant’s account if the tenant ever elopes without settling any outstanding;
5. Bank guarantee – as a fall back and rent renewal assurance,
6. Proof of business/income – for non corporate tenants and we always verify their claims, in other to confirm their ability to sustain rent renewal.

Routine Inspections

We conduct routine inspections every six (6) months and follow up with a detailed report of the property’s condition and provide suggestions for general upkeep of the property.

Rental Arrears

It is our practice to serve 3 months tenancy renewal notice prior to the expiration of current term. We also follow up all rental payments once they are more than 3 days in arrears and serve the relevant Notices in due course. You will always be informed if your tenant falls into arrears, and will also advice you accordingly.

Rental Reviews

Rents are reviewed as necessary according to current market conditions and comparable property prices. We issue the relevant notice in sufficient time to allow for the “adequate notice”.

Lease Renegotiations

Both the landlord and tenant are notified prior to the expiration of the lease and each party’s preference is sought for an ongoing tenancy. Either a new lease agreement will be prepared or the tenancy will continue on a monthly or yearly basis.

Repairs & Maintenance

We can arrange maintenance to your property and facilities therein according to your instructions. In the case of non-urgent maintenance, we can either refer to you before taking action or we can organize maintenance on your behalf up to an agreed cost. 

If you have preferred trades people and service providers, we will record their details and contact them when required.

Certain repairs are considered under our professional ethics to be of such a serious nature that action must be taken immediately. Should such a situation arise, we will take all reasonable steps to contact the client but if we are unable to, we will arrange necessary repairs.

Statements of Account

Rent is collected on a yearly basis (unless otherwise arranged) and a fully itemized statement is forwarded to you. Any maintenance invoices will be attached to these statements. Funds will be paid to you by transfer to your nominated account.

Online Access

We provide online access to landlords to get up to date information about their properties under our care and management. Information available online include the names of tenants, their profession/occupation, bio data, up to date statement of account, etc.

Vacating Tenants

Tenants are provided with a detailed cleaning guide outlining our expectations in relation to the final inspection.
We liaise with the tenants to co-ordinate inspections for prospective tenants to optimize the chance of having someone ready to move in once the property becomes available.
We then carry out a final inspection to ensure the property has been left in a clean condition, repaired and repainted, and there is no new damage. 
Should this inspection be satisfactory and rent paid up to the final day, the tenant vacates in peace, else we instantly take legal steps to bring the outgoing tenant to justice.

Fee Approach

We aim to provide clients with a service that is free of hidden charges. So, we have developed a simple fee structure that ensures our clients know all of the costs in advance. 

1. Vacant Property

Initially, for a new and unoccupied house, landlord will be charged no fee to cover tenant selection and vetting. Subsequently, i.e., from the second round of rent collection, a flat management fee to be calculated as 10% of periodic rent collected on the property will be deducted as management fee. This will be prorated per tenant as at when due, and will cover all of the services detailed above.

1. Tenanted Property

For a property already with tenants, land will be charged a sign-up fee for account set up. Subsequently, a flat management fee to be calculated as 10% of periodic rent collected on the property will be deducted on account. This will be prorated per tenant as at when due, and will cover all of the services detailed above.

Litigation & Recovery

Because of our extensive and down to detail tenant due diligence, only a negligible number (may be less than 1%) of our placed tenants ever need to be evicted. However, in the event of litigation (regarding recovery of possession), we do not charge extra professional fee. Our in-house lawyers handles all legal matters on our client’s behalf. However, it is the responsibility of client’s to carter for the following:

• Court administrative fees
• Regular court appearance fees
• Official and out of pocket expenses
• Cost of execution of court judgment

For the first three headings, we charge a flat fee of N50,000 per client (in the industry no reputable lawyer can go this low. We can, because our lawyers are already on our payroll). When judgement is obtained from the court, and the tenant fails to vacate peaceably, then there will be need for the execution of the judgement. Levying execution includes the involvement of court sheriff and police to enhance smooth operation. This requires another flat fee of N50,000.

Why Separate Litigation & Enforcement

We separate both stages because sometimes, tenants may abandon the court process and give up possession of the property. When this happens, and the tenant was not on arears of rent, then we simply discontinue the matter and thereby saving our client the cost for the second stage.

However, in some cases when the vacated tenant have some rent arears or outstanding to settle we may still follow up the matter to a logical conclusion.

Extended Litigation

In the event of a dispute regarding the property, whether with tenants or any other party, beyond landlord tenant relationship, we assemble a standby legal team for the following services:

• Serve the relevant Notices on the tenant/other party;
• Make application to Court/Tribunal for a hearing;
• Attend any Tribunal/Court hearings on your behalf to present the case;
• Follow up on any rulings and/or Orders issued;
• Arrange debt collection/insurance claims where required;
• The litigation service beyond recovery of vacant possession of property however, attracts separate legal fee, but in charging you we always consider the fact that there is existing relationship.

We look forward to doing business with you.