Property Management

WeTrade Property specializes in the property management of residential and commercial Sectional Title Schemes and Homeowners’ Associations (now referred to as Community Schemes). We understand the value of effective management of a property, that directly affects peoples’ lives, lifestyles and the value of their primary asset.

This is why we have specialised in providing a comprehensive sectional title & HOA management service. With many years’ experience, we offer a complete property management solution tailor-made to the requirements of individual community schemes.

We are fully registered with the Property Practitioners Regulatory Authority (PPRA) and are members of the National Association of Managing Agents (NAMA) as well as the South African Property Owners Association (SAPOA).

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 includes an administration and reserve fund, review cost-effective audit.

Financial Management & Accounting:

• Payment of approved operational and capital expenditure as per approved budget.
• Process and receipt all transactions.
• All disbursements approved and signed off in accordance with Scheme Executives instructions.
• 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 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.
• 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 supplier age analysis and any supplementary schedules which the Scheme Executives may require.
• Invest surplus funds after payment of creditors.

Levy Billing & Collections:

• Distribution of monthly levy statements to owners by post and email Process and receipt all transactions.
• Collection of monthly levies and other charges due to the community scheme.
• Credit control of all outstanding levies.
• Billing of interest on arrear levies.
• Attorney collections liaison.
• Liaison with meter reading services companies for specific service/utility billing and recoveries included with the monthly levy statements and collections.
• Issue of levy clearance certificate

Insurance:

• Facilitate and 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).

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.
• Facilitate advisory services for labour legislation issues and disputes.

Statutory Records:

Maintenance of statutory records of the community schemes including:

• Books 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
• Conformation that the adjusting journals and opening balance adjustments agree to auditor’s report
• Facilitate assessment of 10-year MAP Plan and CSOS compliance.
• Facilitate assessment of insurance cover.
• Assessment of firefighting equipment
• Assessment of owner arrear levies, credit control procedures, and legal report.
• Assessment of compliance to relevant legislation.
• 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.
• The submission and completion of Provisional and annual Income Tax Returns.
• Estate management services.
• Facility management services.