Property Management Services in Addis Ababa, Ethiopia

Introduction

Liket Property Valuation and Management PLC is a private company established to provide professional property management services in Ethiopia. In most parts of Ethiopia, there is a growing need for property management services. Especially, the property owners who live abroad and can’t avail themselves nearby to their property.

Objective

Our management team doesn’t manage your property for nothing. Rather create a better cash flow that covers all the running costs and creates the highest returns. Our primary objectives are reducing costs, standardizing operations and improving the quality of facilities. We have years of experience in managing the impact of multi-disciplinary activities within the workplace, tailored to meet your expectations. We cover all areas and asset types from shopping centres and residential to industrial portfolios.

The Process of Managing Properties

Determine an accurate rental rate

Provide detailed documentation of the interior and exterior including photos
Offer recommendations on repairs and cosmetic improvements that maximize monthly rent while providing a good return on investment (ROI)
Gather data on rental rates in the area and work with owners to determine the optimal rental rate. Rent research will vary but should include looking at the recently rented comparables according to size and type
Discuss with owners the pros and cons of property rent policies

Preparation and marketing

Prepare all legally required documentation and licenses
Clean home and optimize interior appeal
Manicure landscaping to increase curb appeal
Create marketing materials, photos, videos and ads tailored to the property and advertising medium. Some of the communication/marketing channels commonly used are:
- - Paid and free rental listing websites advertising
  - Printed publications (Signs, Flyers)
  - Work with other realtors and leasing agents to find tenants
  - Provide a 24-hour hot-line where prospective tenants can get detailed information about the property
  - Field calls from prospects for questions and viewings
  - Meet prospective tenants for showings throughout the week and weekend
  - Provide prospective tenants with rental applications that are legally compliant with local laws

Screening and Selection

Perform a background check to verify identity, income, credit history, rental history, etc.
Grade tenant according to predefined tenant criteria
Inform tenants who were turned down

Tenant Move-in

Draw up a leasing agreement
Confirm the move-in date with a tenant
Review lease guidelines with a tenant regarding things like rental payment terms and required property maintenance
Ensure all agreements have been properly executed
Perform a detailed move-in inspection to have the tenant/guest verify the property’s condition before move-in.
Collect the first month’s rent and a security deposit

Rent collection

Receiving rent
Hunting down late payments
Sending out pay or quit notices
Enforcing late fees

Evictions

Filing relevant paperwork to initiate and complete an unlawful detainer action
Representing an owner in court
Coordinating with law enforcement to remove a tenant or a guest and tenant or guests and guest’s possessions from the unit

Legal

Represent the owner with utility companies, and local and governmental bodies related to renting the property
Advise in the event of a legal dispute or litigation
Refer the owner to a qualified attorney when necessary
Understand and abide by the latest local and state legislation about rental properties.

Inspections

Perform periodic inspections on a predefined schedule looking for repair needs, safety hazards, code violations, lease violations, etc.
Send owner periodic reports on the condition of the property

Financial

Make payments on behalf of the owner (bills, Mortgage, insurance, etc.)
Detailed documentation of expenses via invoices and receipts
Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.)
Advice owner on relevant tax deductions related to their rental property
Provide easy-to-read monthly cash-flow statements which offer a detailed breakdown of income and itemized expenses

Maintenance, Repairs, and Remodeling

Provide and oversee an in-house maintenance crew
Establish a preventative maintenance policy to identify and deal with repair needs
List licensed, bonded, and insured contractors who have been vetted for good pricing and work
Assign jobs to different parties (in-house employees, handyman and professional contractors) based on who will do the best job for the best price

Maintain outdoor areas

- Landscaping
- Removing trash and debris
- Provide recommendations on how the project can maximize rental income
- Prepare preliminary cost estimates
- Get multiple independent bids for the work
- Act as general contractor overseeing the work

Tenant Move Out

Inspect the property’s condition and fill out the inspection form report.
Provide the tenant with a copy of the estimated damages
Return the balance of the security deposit to the tenant
Forward any portion of the owner’s portion of the tenant deposit to the owner or hold in owner reserves for repairs
Clean units and perform any needed repairs or upgrades
Re-key the locks
Put the property back on the market for rent