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Understanding property management: A Glossary of Terms

When it comes to choosing a property manager and property management solutions you need to know exactly what it is that you are dealing with. This glossary of terms will help you stay on top of all conversations when it comes to dealing with property managers now and in the future.

Amenities ‒

Features that are included in or on the property that can enhance the value or desirability of a property. This can include things like a pool, a view, tennis courts, fibre availability etc.

Body Corporate ‒

A group representing the owners who manage a complex by making sure its financial, administrative and physical needs are all taken care of.

Communal Property ‒

This includes property within the complex shared by tenants like the stairways, swimming pool, entrance gates, lifts etc.

Complex Administration ‒

Governance and support for your residential complexes. Complex administration works to close the loop of communication between residents, owners, and the board of trustees and body corporates.

Estate Agent ‒

A person authorised and employed to act as an agent for the sale of property or the lease, management and/or valuation of a property.

Levy ‒

The levies you pay when living in a complex go towards paying for the maintenance of communal properties, like gardening and pool maintenance.

Property Managers ‒

Appointed individuals that manage and handle the daily responsibilities involved in rental properties, like collecting rent.

Property Manager Fees ‒

The fee charged by the property management company for their services to complexes and sectional title properties.

Property Solutions ‒

Property management exists to ensure that the life, profitability and condition of real estate remains intact or even increases in value. A property management company will ensure your realty assets are protected from all angles, whether it be maintenance-wise, legally or economically.

Sectional Title Properties ‒

The ownership of separate units or “sections” within a complex or development. You purchase or rent a single unit within a sectional title.

Security Deposit ‒

A fee paid to ensure that any damages to the property are covered when a tenant leaves. If there are no damages the security deposit is returned.

Trustees ‒

Individuals appointed by the owners in a sectional title scheme to fulfil all fiduciary duties on behalf of those living under the care of a sectional title management company. 

Now that you know more about property managers and how they go about their business you’ll never be left in the dark when it comes to property management solutions again. For the services of professional property managers contact us at Mansfield Property Solutions.

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