SECTIONAL TITLE ADMINISTRATION FOR PROPERTY FUNDS
Due to the intelligent use of technology, Intersect has developed a revolutionary administration model for property funds, regardless of size, nature and even location.
With years of experience in both the listed and private equity property funds sector, we know and understand the pressure points of dealing with sectional title registered buildings.
To this end, we are equipped to manage, and report upon, the sectional title aspects of the body corporate, in line with the asset and or property managers’ (stakeholders) requirements.
We will ensure that the statutory obligations are met, and assist the stakeholders with regards to budgeting, compliance, rule enforcement, billing and recoveries.
WHAT DO YOU GET?
1. Levy collection:
We issue levy statements, by email, monthly, based on the levy schedule and budget uploaded by the scheme executives. Furthermore, all members may log in, online, and retrieve levy statements at any time.
2. Creditor payments:
Invoices received are imported by Intersect, captured for payment and presented to the scheme executives in an online portal, for the scheme executives to approve. Thereafter, payment is processed by Intersect to the service provider from the nominated bank account.
3. Reporting:
Management reports are issued on a monthly basis and may be exported to a format of your choice, for importation into consolidated accounting software packages, or as stand-alone management accounts.
4. Maintenance reserves (10-year maintenance plans):
Our system accounts for the maintenance reserve separately to that of the administration (general) reserves, meeting the prescribed audit requirements, and providing for sound financial decision making.
A building report, citing condition, lifespan, depreciation and replacement costs, are arranged for our clients, and the mandatory 10-year maintenance plan and budget, developed.
5. Bank account reconciliation:
The nominated bank account is reconciled monthly, and the bank statements are uploaded and available for the scheme executives to peruse and or download. Cash books are kept and available to scheme executives, at any time.
6. Insurance:
We ensure that the requirements of the Sectional Titles Schemes Management Act, or Constitution if a Property Owners Association, are complied with and that the broker of choice provides the requisite cover.
We facilitate the common property insurance claims on behalf of the client.
7. Access to records and information:
On the instruction of the scheme executives, certain records and information will be made available, online, to all members via an integrated online file server. Scheme executives, on the other hand, have access to all information regarding their scheme, including all management reports.
8. Compliance dashboard:
A compliance dashboard is available to assist the scheme executives to track the schemes performance against predetermined compliance benchmarks.
9. Integrated communications:
Scheme executives may correspond with registered stakeholders, such as members and or Intersect staff, directly from the online system, with no need to change between applications.
10. Audits:
The appointed auditor may access the system, online, to perform the annual audit.
GET IN TOUCH
If this service offering is of interest to you, please contact us.
We will guide you through the process and answer any queries you may have in this regard.