LETTING AGENCY FEES
Letting Agency Fees
Whats New:
This is La Grande's New Web Site.
February 2011
Please feel free to give your comments on La Grande's new website, by clicking on Contact Us in the Main Menu.
Current News
Interest rate Cut
November 2010
On 18 November 2010 The Reserve Bank has anounced that the repo rate is reduced by 50 basis points. This means that the banks will reduce their prime lending rate down to 9%.
Recent Events
No Transfer Duty or Capital Gain Tax?
February 2011
For those of you who have their primary residence registered in a CC., Trust or Company, now have the opportunity to transfer the property into your own name, with out paying transfer duty or capital gain tax. Before you take any action, consult with your finacial advisor to establish whether this will be to your advantage. Then consult with your transferring attorney to establish whether you will qualify not to pay transfer duty and capital gain tax. Then establish with your bank wheteher you will qualify for the outstanding bond amount. You have to take action before the end of 2011.
LANDLORDS: PACKAGE DEALS
THE SILVER PACKAGE DEAL (PROCUREMENT OF TENANT ONLY)
This package deal specifically caters for the Landlord who prefers to manage the letting of his property himself, but prefers to outsource the procurement of a tenant.
La Grande will;
1) View and inspect the property with the intent to establish a fair market related rent for the property.
2) Establish what repair/maintenance work will have to be attended to by the Landlord.
3) Establish what additional amounts will be payable by the tenant, i.e. water, refuse, electricity, sewerage, garden services etc.
4) Establish the monthly rental (rent plus utilities) that will be payable by the tenant.
5) Obtain written mandate from Landlord.
6) Contact the potential tenants on our waiting list and advice them of our new listing.
7) If permitted, place a TO LET board outside the property.
8) Take photos of property to market the property on websites.
9) Arrange with present occupants, when the property can be viewed.
10) Personally escort potential tenants around the house.
11) Carefully screen tenants to match Landlord’s requirements.
12) Submit application forms to potential tenants.
13) Once the completed application documents are received, scrutinize the information on application form i.e. confirm that information on salary slip correspond with information on bank statement.
14) Do a feasible study on whether the potential tenant will be able to manage rental fees.
15) Do a verification check on potential tenant’s Identification Document.
16) Do a credit check on potential tenant/s. (Trans union)
17) Do a check on potential tenant’s rent payment behaviour. (TPN) (if record excist)
18) Contact references.
19) Once the potential tenant complies to La Grande’s and the Landlord’s requirements, a Lease Agreement between the Tenant and Landlord is drawn up.
20) Scrutinize the Lease Agreement to ensure that the lease agreement complies with legal requirements.
21) Obtain and attach a list of existing defects, to lease agreement.
22) Obtain and attach a copy of any House Rules applicable to the property. This is important if the house forms part of a Sectional Title or Home Owners Association.
23) Make appointments to have the Lease Agreement signed by the parties concerned.
24) Follow up with tenant to have the Rental Deposit plus the first months Rent plus the contract fee, deposited into La Grande’s trust account.
25) Once the above monies are received, the Deposit plus the first months rent less contract and commission fees will be paid over into the Landlord’s bank account.
26) Inform the tenant of the Landlord’s banking details (for ongoing rentals) and that the tenant’s deposit plus the first months rent has been transferred into the landlord’s account.
27) As soon as the property is vacant and cleaned, an inspection will be carried out as well as an inventory in the presence of the Landlord, will be drawn up by La Grande.
28)On the day the keys are to be handed over to the tenant, La Grande will on behalf of the Landlord and in the presence of the tenant work through the Entry Inspection of the property and also confirm the inventory with the tenant. (see paragraph (e) of the Rental Act. of December1999 )
29) There after all the documents will be handed over to the Landlord. La Grande will only keep records as prescribed by the Financial Intelligence Act.
LANDLORD TIP
TIP
This is the ideal package if you have spare time on hand and are familiar with the Rental Housing Act and the Administration there of. Having good interpersonal relationship skills will be to your advantage. It is also suggested that you familiarize yourself with the contents of the lease agreement. Try and keep up to date with new case law, as this may help you not to be prosecuted for your actions or not taking appropriated actions in time.
