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Property Development

property development

We deliver property development services through our team of dynamic professionals with multidisciplinary competencies. These “end-to-end” services range from the project feasibility, concept and budget development, detailed design stages of the projects and spans through planning, monitoring and control services at the execution stages of the projects, thereby giving our range of clients “total solution” to their peculiar and diverse needs.

Our service offerings is spread across the following broad development categories

  • Project Initiation
  • Project conceptualisation
  • Finance Structuring
  • Project Planning
  • Project implementation
  • Project management
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Tenant – Renting in a Property

tenant

When something as important as your family’s comfort and productivity is at stake you can’t settle for any ordinary real estate consultant. The scope of real estate professionals who are passionate, knowledgeable, honest, and experienced, is fairly extensive. Thus, engaging the services of a competent professional depends basically on chance. Why consult with someone who does not fancy building a global brand through professional service but rather misguide you and misjudge your requirement just to meets his/her own needs when your needs should remain their priority.

Before you decide on which agent to contact ask if they do all these:

  1. Speak with the prospective tenant first to truly understand why they are moving and the motivation behind their real estate need
  2. Ask the prospective tenant about preferred type and class of both the property and neighbourhood
  3. In cases where the prospective tenants’ need is not within our property portfolio, will establish contact with a network of very few trusted professional and knowledgeable colleagues via an e-mail identifying all the prospective tenant’s requirement
  4. Upon receiving relevant response from the email sent we set out to view the available options on behalf of the client. We spend considerable amount of time to evaluate all claims regarding the property.
  5. Carryout internal and external measurement of all spaces in the property.
  6. Once a two (2) or three (3) properties are within the specifications of the prospective tenant, pictures and all relevant details about the respective properties are collated and sent to the client.
  7. Once the client has selected an option(s), we set up an appointment for the client to gain access for a preview of the property.
  8. Upon making subsequent appointments we ensure that the client’s family member(s), colleague(s), or friend(s) are also giving a guided tour of the property. NB: The maximum viewing appointments for a particular property with a client and/or their centre of influence is five (5). This is to ensure that our staff, who are currently limited in number, are available to other prospective clients.
  9. Once the client has decided which option to take and upon his/her verbal expression of interest to rent or lease the property we make available to him/her a comprehensive and detailed Letter of Offer stating Terms and Conditions of the Offer.
  10. Attached to the Letter of Offer is a Tenants’ Acquaintance Form depending on whether the tenant is a Corporate Tenant or an Individual/Family.
  11. In the Tenants’ Acquaintance Form provision is made for the tenant to make a counter offer for the property
  12. Once the form is filled, signed and received, a copy is sent to the owner via the managing agent.
  13. Once an agreement is reached, where the owner so wishes a meeting between the owner and the prospective tenant is scheduled at our office, the managing agent’s office, or at the subject property.
  14. Drafted copies of the Tenancy Agreement is received from the owner’s lawyer or the managing agent by our legal team.
  15. The drafted tenancy agreement is reviewed by our legal team and relevant corrections are made and sent back to the owner’s lawyer or managing agent for necessary correction.
  16. Once our legal team is satisfied with the corrections, a copy is sent to the prospective tenant to review.
  17. Where the prospective client has issues with one or more clauses in the Tenancy Agreement we request for such concerns to be made via a mail which is then sent to the owner’s lawyer or managing agent.
  18. Once there are no outstanding issues in the Tenancy Agreement we request for a letter from the managing agent stating details of payment.
  19. Details of payment are then extrapolated from the managing agent’s letter and such information are then provided in our letter to the prospective tenant.
  20. Upon the satisfaction of all parties regarding the terms, conditions, and clauses in the drafted tenancy agreement, an offer letter and an invoice is prepared and sent to the prospective tenant
  21. Behind the scene we check with our network of colleagues, the property owner, and/or relevant government authorities to establish proof of ownership by sighting all original copies of title documents to the property as well as all relevant documents such as building permit. Where possible, duplicated copies are collected for our record.
  22. Behind the scene we encourage the owner, the managing agent, and/or relevant government authorities to disclose any information that may be of interest to the prospective tenant such as if the property is likely to be sold or foreclosed before the expiration of the lease, if there are any outstanding charges, e.g., Service Charge, Land Use Charge, Power Bills, Water Bills, Waste Management Bills, etc.
  23. Review the owner’s expectations in terms of rental value and to advice accordingly based on Comparative Market Analysis (CMA) report.
  24. Once an applicable rent has been agreed upon we prepare a ‘Letter of Acceptance’ to act as the principal’s agent/realtor.
  25. Included in the letter would be details of our agreement and discussions between both parties. Also included in the letter are details of our professional/agency fee which is 5% of the Total Rent receivable. There is a space for the principal to acknowledge the terms of engagement.
  26. Attached to the ‘Letter of Acceptance’ is a form requesting for permission on the marketing/listing approach that could be adopted such as: National Dailies; Property Magazines; Monthly Magazines; First Colony webpage; On-line based adverts; placement of “FOR ENQUIRIES” board on the property, and; Word of Mouth marketing approach. The owner would be required to tick the appropriate box as approval for the marketing medium that could or could not be adopted.
  27. Review all outstanding renovation/repair works that is required to put the property in a habitable state. We will supervise all outstanding renovation/refurbishment/redecoration of the property at a fee of 0% of the Total Cost of the project (i.e., FREE). Where the owner is unwilling to reinstate the property to a habitable state, First Colony Real Estate Company reserves the right to reject her appointment as the principal’s agent/realtor.
  28. Only the minimum acceptable rent (net rent) of the property is been published. We do not market at Asking Rent(s).
  29. We require owners to make available to our office an extra key to allow access for prospective tenants to view the property.
  30. At our weekly official meetings we discuss details, attributes, and comparative advantages of the property and, the marketing format to adopt.
  31. We commence marketing/listing of the property depending on the marketing/list approach approved by the owner.
  32. Give guided tour of the property to prospective tenants.
  33. Keep a record of all prospective tenants who call or send mails inquiring about the property
  34. Continually update the owner (via e-mails) on market feedbacks as it relates to number of viewings per week and offers received or countered.

Prospective Tenant

  1. Ensure that prospective tenants have all relevant information about the property
  2. Ask the prospective tenant relevant questions in a bid to verify the use for which they require the property
  3. Schedule an appointment for viewing of the property
  4. Ensure that the property is accessible at the scheduled time of viewing
  5. Guide the prospective Tenant on inspection of the property and making available all relevant information regarding the property, the available services, and the neighbourhood
  6. We ensure that non-negotiable disclosure as: The Name, Address, Office Telephone Number and E-mail of the Company/Employer; Name, Address, office telephone number and e-mail of Reference; Number of intended occupants; proposed date of possession; etc.; are extrapolated from the prospective tenant.
  7. We make an official visit to the company/employer to verify such information as: number of years in the company’s employment; position of the staff in the company; etc. Where the veracity of the information provided is questionable or where a prospective tenant declines our official visit to his/her company we immediately inform the property owner of the development and subsequently give our recommendations.
  8. Upon the satisfaction of our investigation,
  9. Details in the letter will include the following: the name and the address of the receiver; the purpose of the offer letter; the address of the property; the agreed rent of the property; professional agency fee which is 10% of the total rental consideration; legal fee which is 5% of the total rental consideration; and all relevant terms and conditions as may have been previously agreed; and, an attached invoice providing details of payment
  10. Upon receipt of payment we ensure that all necessary minor repairs as may have been agreed are executed before the tenant moves in
  11. Where the lease is long-term, say five (5) years, we ensure that the legal document is stamped and sealed at the relevant court house
  12. All three copies of the lease agreement is retrieved from our lawyer, a copy is handed over to the owner, a copy is handed over to the prospective tenant while the last copy is kept in our office files.
  13. Where the tenant may be new in the neighbourhood and may require relevant assistance such as the need for such services as: Interior Decoration Experts; Cleaners; Air Conditioning installation and/or Engineers; Relocation service providers; Corporate security personnel; etc., we recommend reputable persons or companies to the tenant and give partial supervision of the services they offer.
  14. Where our input or assistance is required we help provide any information as may be required by relevant government authorities like the power companies, water board, land use charge agencies; waste disposal agencies; etc.
  15. Carryout periodic inspection and maintenance of the property as may have been stated in the agreement
  16. Maintain a loyal relationship with the tenant

You can also view how to rent out a property by clicking here

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Owner – Renting out a Property

owner

For every real estate investment the option of leasing or renting out some years in the useful life of the property is almost inevitable. This implies that the intrinsic but yet unique features of the property is handed over in trust to a third party who may or may not appreciate the relative value of your property. This experience can be unsettling for most property owners who are very concerned of their hard earned investment. Having difficult and non-credible tenants present serious management problems and are potential threat to the value of your investment. We have adopted a unique Tenants Selection procedures that ensure that significant threats to your investments are curtailed to barest minimum.

Before you decide on which agent to contact ask if they do all these:

Property Owner

  1. Meet with the lessor to assess his/her real estate need and motivation. The meeting usually takes place at our office or at the lessor’s office whichever the lessor find’s convenient. NB: It is against our company policy to meet with the owner at his or her private residence. Where the lessor does not have an office (e.g. retirees), then the meeting would be at our office.
  2. Ask the lessor questions about the home and themselves in a bid to establish the lessor’s motivation and preferred class of tenant.
  3. Establish proof of ownership by reviewing all original copies of title documents to the property as well as all relevant documents such as building permit. Duplicated copies are collected for our record.
  4. Set up a meeting to locate and preview the property with the owner (or his/her proxy).
  5. Execute a second inspection to crosscheck any omitted details and to carryout internal and external measurement.
  6. Take internal and external pictures of the property
  7. Encourage the owner to disclose any information that may be important for our marketing and that may be of interest to the prospective tenant such as if the property is likely to be sold before the expiration of the lease.
  8. Establish if there are any outstanding charges, e.g., Service Charge, Land Use Charge, Power Bills, Water Bills, Waste Management Bills, etc.
  9. Review the owner’s expectations in terms of rental value and to advice accordingly based on Comparative Market Analysis (CMA) report.
  10. Once an applicable rent has been agreed upon we prepare a ‘Letter of Acceptance’ to act as the principal’s agent/realtor.
  11. Included in the letter would be details of our agreement and discussions between both parties. Also included in the letter are details of our professional/agency fee which is 5% of the Total Rent receivable. There is a space for the principal to acknowledge the terms of engagement.
  12. Attached to the ‘Letter of Acceptance’ is a form requesting for permission on the marketing/listing approach that could be adopted such as: National Dailies; Property Magazines; Monthly Magazines; First Colony webpage; On-line based adverts; placement of “FOR ENQUIRIES” board on the property, and; Word of Mouth marketing approach. The owner would be required to tick the appropriate box as approval for the marketing medium that could or could not be adopted.
  13. Review all outstanding renovation/repair works that is required to put the property in a habitable state. We will supervise all outstanding renovation/refurbishment/redecoration of the property at a fee of 0% of the Total Cost of the project (i.e., FREE). Where the owner is unwilling to reinstate the property to a habitable state, First Colony Real Estate Company reserves the right to reject her appointment as the principal’s agent/realtor.
  14. Only the minimum acceptable rent (net rent) of the property is been published. We do not market at Asking Rent(s).
  15. We require owners to make available to our office an extra key to allow access for prospective tenants to view the property.
  16. At our weekly official meetings we discuss details, attributes, and comparative advantages of the property and, the marketing format to adopt.
  17. We commence marketing/listing of the property depending on the marketing/list approach approved by the owner.
  18. Give guided tour of the property to prospective tenants.
  19. Keep a record of all prospective tenants who call or send mails inquiring about the property
  20. Continually update the owner (via e-mails) on market feedbacks as it relates to number of viewings per week and offers received or countered.

Prospective Tenant

  1. Ensure that prospective tenants have all relevant information about the property
  2. Ask the prospective tenant relevant questions in a bid to verify the use for which they require the property
  3. Schedule an appointment for viewing of the property
  4. Ensure that the property is accessible at the scheduled time of viewing
  5. Guide the prospective Tenant on inspection of the property and making available all relevant information regarding the property, the available services, and the neighbourhood
  6. Upon the client verbal expression of interest to rent or lease the property we make available to him/her a comprehensive and detailed Tenants’ acquaintance Form depending on whether the tenant is a corporate or individual/family tenant.
  7. We ensure that non-negotiable disclosure as: The Name, Address, Office Telephone Number and E-mail of the Company/Employer; Name, Address, office telephone number and e-mail of Reference; Number of intended occupants; proposed date of possession; etc.; are extrapolated from the prospective tenant.
  8. We make an official visit to the company/employer to verify such information as: number of years in the company’s employment; position of the staff in the company; etc. Where the veracity of the information provided is questionable or where a prospective tenant declines our official visit to his/her company we immediately inform the property owner of the development and subsequently give our recommendations.
  9. Upon the satisfaction of our investigation, (where the owner so wishes) we prepare a meeting between the owner and the prospective tenant at our office or the subject property
  10. Drafted copies of the Tenancy Agreement is provided by our legal team which is then made available to both parties for perusal and subsequent approval
  11. Upon the satisfaction of all parties regarding the terms, conditions, and clauses in the drafted tenancy agreement, an offer letter and an invoice is prepared and sent to the prospective tenant
  12. Details in the letter will include the following: the name and the address of the receiver; the purpose of the offer letter; the address of the property; the agreed rent of the property; professional agency fee which is 10% of the total rental consideration; legal fee which is 5% of the total rental consideration; and all relevant terms and conditions as may have been previously agreed; and, an attached invoice providing details of payment
  13. Upon receipt of payment we ensure that all necessary minor repairs as may have been agreed are executed before the tenant moves in
  14. Where the lease is long-term, say five (5) years, we ensure that the legal document is stamped and sealed at the relevant court house
  15. All three copies of the lease agreement is retrieved from our lawyer, a copy is handed over to the owner, a copy is handed over to the prospective tenant while the last copy is kept in our office files.
  16. Where the tenant may be new in the neighbourhood and may require relevant assistance such as the need for such services as: Interior Decoration Experts; Cleaners; Air Conditioning installation and/or Engineers; Relocation service providers; Corporate security personnel; etc., we recommend reputable persons or companies to the tenant and give partial supervision of the services they offer.
  17. Where our input or assistance is required we help provide any information as may be required by relevant government authorities like the power companies, water board, land use charge agencies; waste disposal agencies; etc.
  18. Carryout periodic inspection and maintenance of the property as may have been stated in the agreement.
  19. Maintain a loyal relationship with the tenant

You can also view how to sell a property by clicking here and how to rent in a property by clicking here

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Seller – Selling a Property

seller

Except for real estate developers who carryout residential developments for commercial purposes, selling a home can be traumatic and an emotional drain. Having to sell your home because: the kids are all grown-up and the home becomes impossible to maintain; there is need to relocate to another country or state; or, some financial obligations that can only be met through sale of your home, can be quite difficult to accept. With such an important decision to make, you need to engage the services of a real estate professional to ensure that you get the right value for your home.

Before you decide on which agent to contact ask if they do all these:

  1. Meet with the seller at his/her office or our office to assess the seller’s need and motivation.
  2. Ask the seller questions about the home and themselves in a bid to provide a better service that meets the sellers need
  3. Set up a meeting to preview the property.
  4. Execute a second inspection to crosscheck any omitted details and to carryout internal and external measurement.
  5. Encourage the seller to disclose any information that may be important for our marketing and that may be of interest to the buyer such as if there is a mortgage on the property.
  6. Review all original copies of title documents as well as all relevant documents such as building permit. Duplicated copies are collected for our record.
  7. Review the sellers expectations in terms of pricing and to advice accordingly based on Comparative Market Analysis (CMA) report.
  8. Review current Lease Agreement if there is an existing tenant in the property. A copy of the lease is collected and kept for record purposes and for prospective buyers to review.
  9. Review all outstanding renovation/repair works that is required to put the property in a marketable state.
  10. Obtain estimate for needed work and to encourage the seller to execute same for ease of selling.
  11. Prepare and send a form to the seller detailing our marketing/listing approach and platforms for his perusal and subsequent approval
  12. Attached to the form is a letter stating the details of our meeting especially the agreed price the property should be advertised. Only the minimum acceptable price (net price) is been published. We do not market asking prices. Also included in the letter is details of our professional/agency fee which is between 5% and 10% depending on the magnitude of the reserved price.
  13. Request seller to make available an extra key in case of a vacant property or a contact person who will always be available to allow access for buyers to view the property.
  14. Hold official meetings to discuss details and attributes of the property and the marketing format to adopt.
  15. Take internal and external pictures of the property
  16. Depending on the approved mode of marketing by the seller, all marketing medium including online marketing, direct mail, print media, National Dailies, Property Magazines, Flyers, ‘For Sale’ banners, and word-of-mouth, are employed.
  17. Give guided tour of the property to prospective buyers and/or their agents.
  18. Continually update the seller on market feedbacks as it relates to number of viewings per week and offers received.
  19. Accept or counter offers received from the buyer and/or his agent.
  20. Arrange a meeting where buyer has requested to meet with the seller to discuss Terms and Conditions of purchase and payment modalities.
  21. A letter is prepared and sent to both parties containing details of discussions between the buyer and the seller with the agreed sale price.
  22. Follow up with each party regarding the contingency or condition that must be met by each party and ensuring that the agreed terms and conditions of sale is observed.
  23. Provide input on current financing activities that may affect the offer
  24. In the case of a bank financing make arrangement for the bank’s appointed Estate Surveyor and Valuer to have access to value the property.
  25. Provide all relevant details including copies of the title document which the Estate Surveyor and Valuer requires to carry out valuation of the property.
  26. Make arrangement to have all the requirement of the bank or lender met in a timely fashion.
  27. Review the contract of sale, sale agreement, and all related documents received from the buyer’s or his agent before passing it to the seller.
  28. Encourage both parties to agree on an escrow account and process such that they know and perform what is expected of them.
  29. Ensure that both parties sign the contract of sale, sale agreement, sale receipt, and all related documents.
  30. Notify both parties on the applicable taxes and payment modalities.
  31. Details of and modality for payment of the purchase price as well as the seller’s bank account details are collected and sent to the buyer via a written instruction.
  32. Confirm if the seller has received value for cheque(s) received or payment.
  33. Upon confirmation of receipt of payment by the owner, ensure that original copies of the title documents are retrieved from escrow account.
  34. Arrange a handing over meeting/ceremony between the buyer and the seller and ensure that appropriate pictures are taken of the entire process.
  35. Make arrangement for showing of the home to buyer’s family, friends, contractors, decorators, etc, where required by the buyer.
  36. Letter is prepared and sent to the seller with details of payment for professional/agency fee.
  37. Coordinate the change of utility account with the buyer and/or his agent where necessary.
  38. Communicate with buyer 3days after family has moved in to confirm if there are no oversights.
  39. Maintain loyal relationship with the seller

You can also view how to buy a property by clicking here and how to rent out a property by clicking here

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Buyer – Buying a Property

Buyer - Buying a Property

Buying a home is probably the biggest investment you will make with long term financial ramifications. Such a decision would require an informed judgment and good advice from a real estate professional.

Before you decide on which agent to contact ask if they do all these:

  1. Schedule a meeting with the buyer at our office or at the buyer’s office whichever is the buyer’s preference.
  2. Ask the buyer questions on what he considers an ideal home and the features that the property must possess. We wither the list down to the non-negotiables.
  3. Search our real estate portfolio to compare the client’s specification with available properties.
  4. Where properties in our portfolio don’t meet the client’s requirements, we send mails to our most trusted agents and colleagues detailing all the buyer’s specifications.
  5. Review all properties received and carryout physical inspection to ensure that they meet the buyer’s requirements.
  6. Where possible, schedule a meeting with the seller to qualify the seller.
  7. Verify the seller’s motivation for selling. We do this to be sure that there are no legal/ownership encumbrance, neighbourhood, government, structural, natural hazards, or other hidden issues with the property been offered for sale.
  8. Check if the space, design, and building components of the property constitutes no health hazards nor safety issues for your kids while they play and enjoy the space.
  9. Ensure that the buyer has at least three (3) and at most five (5) comparable and competitive properties from which to make a choice.
  10. Research the age of the building and previous sales activity on the property in case of a fairly old house
  11. Ascertain both internal and external measurement to help in decision making in case of two or more seemingly identical properties
  12. Research and prepare CMA (COMPARATIVE MARKET ANALYSIS) in order to aid an informed negotiation process.
  13. Ensure that all relevant documents are available for perusal and a full disclosure on outstanding documents that are either in waiting or not available.
  14. Ensure that keys to the property are readily available upon scheduling an appointment for viewing.
  15. Discuss financing options with seller where the buyer wishes to use bank loans or pay in instalment
  16. Encourage the seller to carryout necessary repair works or to grant the buyer a discount to effect the repairs.
  17. Research whether or not the property is prone to flooding during rainy season.
  18. Assist the buyer to verify any outstanding bills like Land Use Charge, Service Charge, Residents’ Association or Communal Dues, Mortgage, and other government bills before transfer of ownership.
  19. Check with the relevant authorities to ascertain if the building has a certified building approval
  20. Once the buyer’s has decided on the property to buy we schedule a meeting between the buyer and the seller at our office or at the seller’s residence/office (in case of a seniour citizen).
  21. Ensure that the seller presents original copies of the title documents for sighting by all parties at the meeting.
  22. Once an agreement has been reached between both parties on the terms and conditions of sale we ensure that minutes and details of the meeting is recorded and sent to all parties by mail.
  23. Copies of the title documents received at the meeting is used to execute title verification exercise to ascertain the legal state of the property.
  24. At the instance of a good and free title report we send such report to the buyer.
  25. Upon the transfer of the purchase price to the vendor we ensure that original copies of all relevant documents are received and handed over to the buyer along with the house keys.
  26. After this we send a letter containing details of our professional/agency fees which is between 5% and 10% depending on the magnitude of the transaction.
  27. Coordinate, organise, and assist in the registration of title documents with the state government.
  28. We recommended our sister company ‘RELOCATIONS CONSULTING LTD. (RCL)’ or any relocations service provider of the buyers preference to assist in relocating the buyer to his new home. At the full payment of 10% as professional/agency fees, FIRST COLONY REAL ESTATE COMPANY LTD will be responsible for engaging the services of ‘RCL’ at no extra cost to the buyer.
  29. Follow up with the buyer on regular basis to ensure there are no outstanding issues and where there are, to ensure that we give our 100% to addressing such issues and making the buyer comfortable.
  30. Maintain a loyal relationship with the buyer.

You can also view how to sell a property by clicking here

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