Typically, PROPERTY MANAGEMENT has to do with letting, rent collection and remittance, and building maintenance. 

That’s correct even in practice. 

But this term is limiting and has huge repercussions to real estate with  undeveloped properties. 

Don’t vacant plot owners need to manage their plots? Yes, that plot that you bought five years ago, what is its current status? Does it still belong to you? Is it secure? 

Sure, the lady neighbor is doing a great job making it look “owned and occupied.” You don’t need to put “PLOT NOT FOR SALE” sign. But is that all? 

I have a professional advice. 

Ok, instead of calling it property management, let’s term it ESTATE MANAGEMENT. 

Estate has to do with all that you own. In this case, narrow that down to your landed investments; whether with buildings or not. Whether prime or remote. 

Just like animals need constant care, assets are legal and economic investments that require multifaceted care. 

While your property is possibly appreciating in value, you need to keep it secure, both physically and legally. 

Below are six key ESTATE MANAGEMENT practices you must engage: 

1. Transfer the title. Caution: a Sale Agreement is not a legal proof of ownership. Make sure the land is subdivided, new number issued, consent granted and title registered. 
2. Ensure your land is always on map as titled. Not only does the map assures existence of your plot, it also ascertains the exact location and placing. I have painfully informed clients that they built on the wrong plot. 
3. Maintain clear boundaries. Put a fence or plant a hedge or trees to mark the boundary immediately upon transfer of title. 
4. Ensure the beacons are intact and visible all the time. Some neighbors are notorious for moving boundaries by an inch every planting season. Eventually, such interference results to a tedious and costly conflict rectified legally. 
5. Pay Land rates or rent annually. Let’s be clear: nothing is free! You want a better road to your property? You hope for piped water someday? Electric lines will boost your property value, right? Such come from paid rates or rent meant for infrastructure development. If you fail to pay, the interest compound annually. Some monthly. When was the last time you paid for the plot you bought last? 
6. Carry out valuation every 3-5 years. It’s good to know your worth, whether for book or insurance purposes. You never know when you will need such a report. 

SO, do you know the condition of your asset “flock?” Is your “heard” in good condition? See Proverbs 27:23-24. 

Such is the work of professionals like yours truly and any other Registered Estate Agent you locate. Be wise! 

At least you now know what needs done and who can do it. 

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