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Property Rentals


Housecore Property investments (PTY) LTD is a property and rental management company offering a sectional title management service to owners in sectional title developments and homeowners associations. Housecore Property Investments real-estate division is a full range estate agency specialising in residential property Management, Sales & Rentals.

For the investor who owns 10 units or more:

Our Rental department specialises in the on-going management of investor owned units. Our fee for this service is a once of 3.5% (incl. VAT) procurement letting fee of the value of the lease, and an alternative monthly management fee of 8% (incl. VAT) for the duration of the lease on all monies collected from the tenant. The investor will receive the following on a monthly basis:

  • Financial report

  • Cash flow statement

  • Collection report

  • New tenant update

  • Maintenance update

For the investor who own less than 10 units:

We will gladly assist in finding you a suitable tenant to rent your unit. Our fee for this service is a once off 10% (incl. VAT) letting fee of the value of the lease with a finder’s fee of R700.00, and an alternative monthly management fee of 10% (incl. VAT) for the duration of the lease on all monies collected from the tenant per month.

Please supply us with the details of your unit/s so that we may assist you in achieving the best return for your investment. We will also require access to your unit/s in order to allow prospective tenants to view your property. On all letting we offer a professional and thorough tenant vetting programme, with the following information gathered on all prospective tenants:

  • Rental history checks

  • Employment and earnings verification

  • ITC checks

  • Character references

We are a team of strong, committed individuals who willingly work toward making your property investment a positive financially rewarding experience.

We are an equal opportunities housing provider: It is our policy to rent our properties in full compliance with anti- discrimination laws. We do not discriminate against any person because of their race, colour, ethnic origin, religion, sex, age, marital or family status, physical disability or sexual orientation.

Rental Overview

Rental property availability: Rental properties become available at 12 noon on the commencement date of the lease and must be vacated by 12 noon on the expiry date of the lease. Rental property availability can change as properties become available during the day or are removed from the rental market based on finding tenants, cancellations or maintenance issues.

Rental criteria: The total combined monthly gross income of all rental applications in a given rental property should be at least three times the monthly rental rate. Only income that can be verified will count. We expect rental application to prove at least one year of continuous employment. Full-time students are welcome if the total income of applicants combined is sufficient or they have a guarantor. You must provide proof of a source of income if you are unemployed. Remember: All tenants are joint and severally liable, which means that each one can be held responsible for the payment of all funds due regardless of liability of pay.

Occupancy guidelines: In compliance with the Conduct Rules of the majority of residential complexes there are restrictions on the total number of persons that may occupy a given rental property. Our guidelines allow two people per bedroom as long as that room is at least 10m2. Smaller bedrooms are suitable for one person. These guidelines are to prevent overcrowding and are in keeping with the limitations of the property and registered complex rules. Occupancy will be limited to the persons indicated on the original rental application and lease only, unless otherwise agreed in writing. Any proposed additional tenants must complete a rental application and be processed and approved through this same tenant-screening process prior to occupying the rental property. Application process: All rental applications are evaluated in the same manner, and each adult applicant must voluntarily provide his or her identity document and other details which will enable us to create a consumer credit report. Every applicant must complete a separate rental application form. Any false or incomplete information will result in the denial of your application. If this is only discovered after you are approved and have moved in, we reserve the right to terminate your tenancy with immediate effect. We will verify the information provide on each rental application through our own screening efforts. A credit report, along with references from your employer and current landlord for each and every applicant in a given rental property will determine whether our rental criteria has been met. Unless we need to verify information by regular mail, we are usually able to process a rental application within 24 hours.

Credit history: You must be able to demonstrate fiscal responsibility. If you have any unpaid debts or a pattern of late payments or judgments against you, your application may be denied.

Rental history: Each rental applicant must be able to demonstrate a pattern of meeting their rental obligations, leaving prior rental properties in good condition and no record of complaints from neighbours. We will require satisfactory rental references from at least two previous landlords. If you have ever been evicted for violating a lease, your application may be denied.

Guarantors: If you do not meet one or more of the above criteria, you may be able to qualify to rent a property if you have a third party living in South Africa who will guarantee your lease. The guarantor must pass the same application and screening process except that we will deduct the guarantor's own housing costs before comparing his or her income to our criteria.

Property Management Overview

Housecore Property investments is a company with professional experience in Managing Properties. Effective financial and general management protects your property investment and encourages capital growth. At Housecore Property investments, we have adopted a professional approach to property management and have created a culture of continually developing and improving our services to the property market. The increase in residential development and specifically, in sectional title and cluster developments in recent years, has highlighted the importance of effective scheme management.

Our Management Approach

We combine an old-fashioned personal approach, together with current technology and a vast range of property knowledge and expertise to ensure professional property management solutions to Sectional Title and Homeowners Association schemes. We have built strong relationships with a range of reputable service providers such as maintenance contractors, specialist companies and estate managers in order to provide a full range of management solutions.

Financial Management

We provide each scheme with a monthly accrual-based financial report. Our report includes an income statement, monthly and annual comparisons, balance sheets, analysis together with arrear status reporting and a detailed bank account with invoices. We believe that proper financial planning combined with effective, accurate and timeous reporting allows our clients to make informed daily management decisions.

Monthly Accounting Functions

  • Meter readings and utility billings (If not arranged by developer)

  • Levy statements to owners

  • Separate electricity statements to tenants on request

  • Payment of Body Corporate accounts

  • Monthly levy collections

  • Monthly arrears procedures

  • Preparing Monthly Management Accounts for Trustees

Arrears Procedure

  • Letter of demand over 30 days

  • Summons (Contact owner) over 60 days

  • Default judgement over 90 days

  • Interest & legal fees charged

  • Legal fees paid to attorneys only upon full collection of outstanding debt

  • Facilitation of the clearance certificate process upon transfer

Annual Procedures

  • Budget preparation

  • Prepare financial statements & facilitate audit process

  • Annual general meetings

  • Notices

  • Attendance & Minutes

Maintenance

  • Preferred contractors list available to Trustees

  • Provide three quotations for major maintenance or service projects

Trust Accounts

  • Active Account

  • Balanced Daily

  • Audited Annually

  • Fidelity Fund Certificate provides insurance with the Estate Agency Board over your money in our trust account

Benefits

  • Access to balances and statements of the last 90 business days

  • Downloading of statement information

  • Manipulating information to suit client needs

  • Restricted access

  • Transfer of funds (IAT's) between current and call accounts

  • Transferring of funds (within entity in local currency)

  • Single or Dual authorization

  • Payments to third parties (TPP's)

  • Payments to third parties (domestic)

  • Single or Dual authorization

  • Domestic finance and investment indication rates

  • Electronic establishment of documentary credits or letters of credit (L.C's)

  • E-mail

  • Confidentiality on account requests.

Features

  • Improved control over funds and cash flow (quicker account reconciliation's and management)

  • Significant interest savings

  • Complete confidentiality

  • Comprehensive access to all facets of company's banking

  • Ability to limit the access of our staff on your relevant finances and to monitor the specific functions relevant to them.