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PROPERTY MANAGEMENT

  • Worry-Free, Hassle-Free Ownership: Property Maintenance Services by Ayala Property Management Corporation (APMC)

For our investors-- Filipinos or foreign nationals alike who are concerned about owning  and maintaining this prime property in the Philippines which may be thousands of miles away from where you are now or you may not yet use in the immediate future, Ayala Land Inc. offers a worry-free ownership program that provides property maintenance services through its subsidiary Ayala Property Management Services (APMC).

 

AYALA PROPERTY MANAGEMENT CORPORATION (APMC)

What is APMC?

       APMC is a wholly-owned subsidiary of Ayala Land, Inc. engaged in integrated property management services including building administration and maintenance, lease administration activities, commercial center and subdivision maintenance and special technical services. It continues to provide property management services for shopping centers, subdivision, parking structures, waterworks operations and other properties developed by Ayala Land and its subsidiaries.

 

       APMC is best known for strategic car parks, office and residential towers in the Philippines’ premiere district, Makati city. It pioneered in automating car park operations and continues to introduce similar innovations in its other areas of operation such as recycling water from households for non-potable uses.

 

DESCRIPTION OF SERVICES

RENTAL COLLECTION

APMC shall demand and collect rental on behalf of the landlord(you as unit owner) from the tenant of the premises in accordance with provisions of the lease.

Collectables would usually be remitted to landlord via bank transfer and net of fees; however APMC is flexible concerning any proposed arrangement. All bank charges shall be for the account of the landlord.

The service would include the collection of rent, association dues and any other charges payable by the tenant.

LEASE ADMINISTRATION

APMC would ensure that both landlord and tenant comply with the respective obligations under the tenancy agreement so as to further harmonious landlord and tenant relationships.

APMC would prepare any auxiliary or additional documentation on behalf of the landlord and liaise with solicitors of landlord as desired.

For tenancy agreements APMC recommend use of the APMC standard residential lease format  designed specifically for residential properties. This is concise, easily understood and has been prepared as a result of APMC's practical market experience.

LEASE NEGOTIATIONS

APMC has considerable experience in undertaking lease negotiations and such would undertake negotiations for renewals, rent reviews, extensions and surrenders, and serve all notices as required under the lease.

As for new lettings, APMC shall secure and negotiate on behalf of the landlord either directly with prospective tenants or with introductions made by third party agents.

MARCHING-IN/-OUT PROCEDURES

APMC adopts formal marching in and out procedures to record the condition of the premises at the time of handover to and taken aback from tenants. This protects the landlord’s position regarding reinstatement of premises by tenants and the protection of the landlord’s fixtures and fittings.

Detailed premises and building orientation would also be carried with tenant at handover.

LANDLORDS REPRESENTATION

APMC will represent the landlord in any tenancy or property related matters and offer professional advice. This may include dealings with common areas manager, attendance at Annual General Meeting or other matters.

RENOVATION

APMC would undertake any necessary renovation works for vacant units subject to your approval. For design and special project management services, APMC would source proposals from reputable accredited service providers. Major unit renovations will be covered by a separate project management fee.

REPAIRS AND MAINTENANCE

All property maintenance will be undertaken on the landlord’s behalf by APMC accredited contractors or charged back to tenant in accordance with maintenance obligations under the lease. All costs necessary for the repair and maintenance shall be chargeable to the landlord or the tenant depending on terms of the lease contract.

Standard tenancy agreements sets out clear responsibilities for between the landlord and tenant and we ensure that these are clearly understood and undertake regular inspections to ensure due compliance.

SETTLEMENT OF ASSOCIATION DUES AND OTHER FEES

APMC will settle all property ownership costs on behalf of the landlord including association dues, real property taxes, repairs and maintenance and other costs.

In accordance with an agreed budget, an operating fund will be retained to draw amounts for approved disbursements from, which will be accounted for the landlord with any variances from budget explained.

FINANCIAL MANAGEMENT

APMC would be responsible for the financial management of the investment. This will include:

 

 1. Preparation of annual budgets for revenue and expenditure

 

2.   Income and expenditure will closely be monitored on a monthly basis, and any variances or unforeseen items will immediately be brought to your attention.

  

3.   At landlords request APMC will produce rental projections on varying assumptions and advice on initial yield and net effective rental and other financial measurements related to your investment

   

4.      APMC will liaise with bankers, mortgages as necessary or required.

 

5.       Liaising and co-operating with external auditors of landlords choice.

 

6.    If so required APMC would advise and arrange on landlord's  behalf adequate insurance for material and legal liability as well as loss of rental as a result of the destruction of the premises.

REPORTING AND COMMUNICATIONS

APMC will prepare and submit formal reports to the landlord every two months which would cover:

1.                  Any tenancy matters

2.                  Renewal, rent review and new letting status

3.                  Vacancies

4.                  Credit Control

5.                  Statement of accounts- all income and expenditure with any necessary explanations

6.                  Any appropriate recommendations

7.                  Progress of any on-going works

8.                  Report on condition of premises

9.                  Market update

GENERAL

At the on-set APMC will establish a policy with the landlords governing tenancy related issues and the level of authority to be deleted to us which would be formalized in a management agreement between owner and Ayala Property Management.

PROFESSIONAL FEES***

As our remuneration for the above services, we propose the following fees:

A fee equal to three percent (3%) of the gross monthly rental income (inclusive of dues paid if paid by the tenant), or a minimum of Php 5,000.00 per month whichever is the higher, payable one year in advance.

1.                  In respect of new lettings, the standard general agency fee of one month’s rental will apply for successful introduction of tenant. Should introduction be via a third party agent fee shall be shared on a 50/50 basis.

2.                  For preparation of standard Ayala Property Management Standard Tenancy Agreement a one time fee of Php 5,000.00 shall apply.

***Subject to change without prior notice

TERM OF APPOINTMENT

APMC's appointment would usually be term of two years with effect from the date to be agreed, and to continue thereafter until terminated by either party giving three calendar months written notice to the other.