WHAT YOU SHOULD KNOW
Owners may pay their charges via three methods depending on their circumstances.
- Automatic transfer (debit order - Bank debits owner's account automatically)
- Cheque payments (To our offices or by post).
- Direct deposit into our First National Bank account, at any FNB branch, countrywide. A pre-printed deposit slip with all the owner's details is attached to the monthly statements. Statements are delivered by hand or posted by the 25/26 of each month.
While both directors are Chartered Accountants we do not assume the "auditor" role, as we believe this should be done by an independent auditor. Should assistance be required in this matter we can refer you to a number of auditors at competitive rates.
We maintain strategic arrangements with various insurance brokers which enable us to obtain the best possible rates for the complex that we administer.
We have building inspectors who supervise contracts for maintenance no matter how small or large and are always available to inspect the buildings and to organize repairs whenever necessary.
Rent Collections -
Our staff are experienced in rent collecting and follow up on outstanding rents from the 7th of each month using all legal avenues available to collect outstanding rentals and to protect your assets.
When preparing the initial budget the following items must be included. The budget will determine the monthly charges payable.
- Assessment Rates, Refuse and Sewer - these are basic charges set out by the municipality and payable on a monthly basis.
- Electricity and Water - common property usage only, as each unit will be metered and charged directly for electricity and water consumption. In most cases water is not recovered.
- Pool Service and Maintenance - cost of chemicals and cleaning equipment. The services of a pool cleaning company should be investigated.
- General Repairs and Maintenance - common property only: should include the cost of light bulbs, electrical and plumbing repairs.
- Garden Maintenance - the cost of maintaining the gardens, equipment, flowers and shrubs. The use of a garden service should be investigated.
- Management Fee - the cost to the complex consists of the number of units in the complex multiplied by a fee per unit.
- Meter Reading - the services of Oxer`s or JMS would be required to prepare the charges of individual unit's water and electricity charges.
- Bank Charges - cost of cash deposits and cheque fees raised by the bank.
- Photostats, Postage and Petties - a small amount needs to be budgeted for, to cover these items.
- Salaries and Wages - depending on the size of the complex whether it would require permanent staff.
Cost should include the annual bonuses and overtime while normal staff are on leave.
- Security - the cost of providing access control to the complex as well as maintaining any security installation.
- Reserve - Body Corporates are required by the Sectional Titles Act to make provision for future repairs and maintenance.