Property Management in Kenya
Ark Consultants Limited offers property management services in Kenya for commercial and residential properties. The practice of property management takes away the hassle of running and managing your property and ensures that the landlord gets the highest returns possible for their property while continually improving the value of the property.
Below are 6 reasons why you should choose professional property managers in Kenya;
- Vetting of tenants and maintaining high occupancy rates
Whether your property is residential or commercial, it is imperative tenants in the building are able to meet their financial responsibilities i.e. paying of rent and service charge. We take our potential tenants through an intensive vetting process to ensure that they are in a position to meet their obligations. This also ensures that we minimize on the number of tenants who vacate the premises.
We aim to maintain high occupancy rates within your property by creating a great working environment for the tenants in the building.
This directly translates to higher rental income for the landlord.
- Prepare Monthly and Annual Property Budgets
Setting out a property budget will ensure that one has an overview of how much it would cost to run the property for a set period of time. The property manager will prepare annual property budgets based on the historical costs and future anticipated costs relating to the property. It also ensures that the landlord/investor and property manager will be in a position to determine the property’s net income and therefore schedule any improvements that may be needed to improve the property. A property’s budget also ensures that the landlord is able to plan for their property’s income.
- Administer Property Leases
We have an in-depth understanding of how leases are set out and we therefore have a clear understanding of the roles and responsibilities of all the parties of the lease.
A property manager will administer the property leases which ensures that the landlord and tenant’s interests are protected as they relate to the property. Effective property management in Kenya ensures that all tenants within a property have active leases as they set out the terms, roles and obligations that govern the tenant’s occupancy within the property.
Our in-depth understanding of the laws governing the administration and execution of leases will ensure that the landlord is protected from controlled and protected tenancies as per the following clauses;
Section 2 of the Landlord and Tenant (Shops, Hotels and Catering Establishments) Act Cap 301 applies to commercial properties and defines a controlled tenancy as a tenancy of a shop, hotel or catering establishment which;
- Has not been reduced into writing; or
- In the event that it has been reduced into writing and which;
- Is for a period not exceeding five years; or
- Contains a provision for termination, other than for breach of covenant, within five years from the commencement thereof; or
Rent Restriction Act Cap 256 applies to residential properties and defines protected tenants as tenants who pay monthly rent of Kshs. 2,500 and below or those whose tenancies have not been reduced into writing.
- Rent and service charge collection and administration
A property manager will take away the hassle of rent and service charge collection. Efficient property management in Kenya aims to ensure seamless rent and service charge collection in order to minimize rental arrears and maximize on the rental income earned from the investment. This will also ensure that the landlord is able to recoup their investment in a shorter time and to be able to plan for and meet their financial obligations.
5. Repair and Renovations
The property manager handles the responsibility of handling repair works within the property as they occur. The property manager handles the maintenance plans for preventive and corrective maintenance works. We aim to ensure that there is as little disruption as possible for the tenants as they carry out their operations. In the case of major works, the property manager sends out notices to the tenants to ensure that they plan themselves effectively.
Preventive maintenance refers to works carried out as per a set-out schedule i.e. bi-weekly, monthly quarterly or annually. The property manager works with a qualified professional to ensure that equipment within the property functions efficiently and meets the local authorities’ standards. This applies to equipment such as lifts, generators, solar panels, boreholes, pumps etc.
Corrective maintenance is carried out when equipment breaks down. The property manager works with a pre-qualified team who are always ready to handle emergencies as they occur.
6. Management of the property service providers
There are many functions that are involved in the seamless running of a building. Properties require various service providers such as security services, cleaning services, garbage collection, lift and lift maintenance services, generator servicing among others. The property manager is responsible for the competitive prequalification and management of the service providers who supply goods and services to the building. He/she will maintain a record of the pre-qualified service providers which is updated on an annual basis.
7. Tenant management and dispute resolution
Dealing with tenants on a day-to-day can be very involving. We offer our professional services to take away the hassle that is dealing with tenant matters and the recurring issues that are involved with the running of an occupied building. A property manager will manage the landlord-property manager – tenant relationship to ensure that the tenant has a seamless stay at the property with minimal disruption while ensuring that the landlord’s interests are not compromised.
We submit monthly, quarterly and annual reports to the landlord detailing information such as the property’s income, expenses, billings vs. collections, expired and new tenancies, vacancies and vacancy rates and the prevailing market trends and how this affects the rental income from the property.
9. Advisory Services
The property market, while considered one of the most stable investments, is constantly evolving driven by the government laws and regulations and the constant demand and supply factors of the market. We advise the landlord on the emerging property market trends to ensure that they are able to effectively position their property investment in the market. The property management team works efficiently to ensure that the value of your property investment is continually improved by minimizing expenses and maximizing on the rental income received from the property. We also keep ourselves appraised of all government laws and regulations and ensure that the buildings that we manage are always compliant.
Contact us to find out more about property management in Kenya