Eris Property Group gives Stonewood Properties a corporate focus and an extended footprint.
Category News
As a market leader in the commercial property industry in South African and sub-Saharan Africa, the idea for Eris Property Group to extend into the residential property was an unexpected one. But in 2014, that is exactly what the company did, when it acquired Stonewood Properties. As a wholly-owned subsidiary of Eris Property Group, Stonewood Properties ― a professional property management company specialising in the administration of community schemes, such as sectional title body corporates and homeowners' associations (HOA) ― benefits from having a 'big brother' in the property space. The various Stonewood teams already offer efficient and cost-effective management services to property owners in both Johannesburg and Cape Town - and with the support and reinforcement of Eris, the business now has a corporate, cooperative network and an expanded footprint into sub-Saharan Africa.
Today, Stonewood manages 135 community schemes in Cape Town and Johannesburg - and a portfolio that continues to grow year on year. The various teams add value to the schemes under their management through a comprehensive list of services offered. Stonewood Properties is a long-standing member of both the National Association of Managing Agents (NAMA) and the Estate Agency Affairs Board (EAAB) and is insured for client protection. With Stonewood under the Eris umbrella, the company is already part of the South African Property Owners Association (SAPOA), the Green Building Council and the Women's Property Network.
Part of Stonewood's recent success came with the signing of Sandown Estate in Cape Town. "We are one of the leaders in the market, and can compete with both big and small players in the industry," says Danielle Crewe, Senior Manager at Stonewood Properties Cape Town. The good reputation of the Stonewood Cape Town staff and office, combined with the competitive pricing for the 600+ units meant that the Stonewood team could be aggressive with its pricing. "We quoted based on the size of the complex, which allowed us to keep the per unit price very low," she adds.
With the Cape Town office on an upward trajectory, Stonewood sees Johannesburg as one of the biggest areas of potential growth for the company. As Eris was formed in 2008, following the restructure of RMB Properties (RMBP), the link with Rand Merchant Bank comes with many benefits for potential tenants and trustees of Stonewood. "As Stonewood falls under the bigger Eris umbrella, the corporate governance yardsticks are already in place, plus there are banking and insurance benefits," explains Jacques Viljoen, Regional Manager, Gauteng at Stonewood. "We are able to offer better banking rates and fees through our financial service provider and better group insurance rates - a huge competitive advantage for us," adds Ron van der Bos, Managing Director of Stonewood. The banking accounts are administered by Stonewood, which means that complexes without trustees do not have to change signatories each year. Similarly, clients also receive substantial Fidelity Insurance, as it is afforded to the schemes without costs - another added benefit for clients.
"Often, once we have secured new clients, however, we find that both trustees and owners do not fully understand what sectional title means and what homeowner's associations actually do - and there is usually some confusion about the delegation of responsibility from all parties," says Jacques. Adds Ron: "That is why a big focus for us is on informing and educating the public about community schemes, sectional titles, body corporates and homeowner's associations. People always comment on the high quality of our website and social media - how the content is nuanced and how technicalities around properties are explained in an easy-to-understand, practical way. This is something that we will continue to do through all our marketing, as we see it as vitally important for the general public."
"Solution-driven property advice is a key focus for us and there is never a request that is too small - we are there to assist trustees and owners with anything they might need," says Danielle. Besides educating people on the legal do's and don'ts of community living, the Stonewood team does an 'audit' on what hasn't been set in place at a complex, then advises on non-negotiables going forward. This includes the implementation of the Protection of Personal Information (POPI) Act, insurance validations and 10-year plans.
Concludes Jacques: "Part of our success is that we stick to the basics - we do everything from levy invoices to rule enforcement at complexes, plus advise trustees of complexes about their fiduciary duties. The advent of new electronic mediums means that trustees and directors of complexes have access to much more information than ever before - but our range of services is vast."
Stonewood's services include (but are not limited to):
-Administration
- Distribute monthly levy statements to owners.
- Collect monthly levies, electricity and other sundry charges.
- Credit control of all levies until the point of legal handover.
-Secretarial
- Arrange and attend annual general meetings (AGMs).
- Take minutes at meetings and distribute to all the owners.
- Attend trustee meetings when required, take minutes and distribute to all trustees.
-Personnel and Payroll Management
- Payroll management of salaries and wages in conjunction with trustees and directors.
- Calculate and pay UIF and PAYE deductions.
- Attend annual and bi-annual statutory submissions to SARS.
-Financial Management
- Keep full records of the administration including proper books of accounting.
- Prepare and submit monthly financial reports (balance sheet, levy roll, credit control report, investment account, bank statements) to the trustees or directors.
- Assist the trustees or directors to prepare the annual budget.
-Management Reporting
- Provide a detailed monthly income statement and budget variance report.
- Provide a schedule of levies in arrears.
- Provide a levy roll and cash flow statement indicating monthly income and expenditure.
-Insurance
- Assist the trustees and directors to obtain quotes and implementing insurance values for replacement purposes.
- Manage common property insurance claims on behalf of the body corporate or HOA.
- Assist owners with insurance claims if related to common property causes.
-Meetings
- Arrange venues, and draft and dispatch invitations and other relevant documentation.
- Attend proxies, nominations and agendas for general meetings.
- Prepare the minutes of the annual general meeting and the trustee meetings attended.
-Advisory Services
- Advise on amendments to the Sectional Title Schemes Management Act (STSMA).
- Assist and advise on procedural matters for general meetings, special general meetings, quorum requirements, resolutions and voting rights.
- Assist and advise on enforcement of rules adopted by the body corporate or HOA.
-Maintenance
- Assist trustees with maintenance issues relating to the communal property areas.
- Arrange and submit requested quotes to trustees.
- Liaise with contractors to have work done.
-Statutory Records and Amendments
- Submit amended sectional title plans to the Community Schemes Ombud Service (CSOS) for certification.
- Submit amended management rules and conduct rules to the Community Schemes Ombud Service CSOS for certification.
- Distribute all certified amendments to the members of the scheme.
-Legal
- Stonewood makes use of registered attorneys capable of managing any legal action required to collect outstanding levies or advise on the legal affairs of the scheme.
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Eris Property Group:
Website ― https://www.eris.co.za/
LinkedIn ― https://www.linkedin.com/company/erispropertygroup/
Facebook ― https://www.facebook.com/ErisPropertyGroup
Stonewood Properties is a wholly-owned subsidiary of Eris Property Group. Stonewood Properties was originally established in 2004 and a decade later, Eris Property Group acquired Stonewood Properties. With Eris's support, Stonewood Property Management is strengthened by a group with an extensive footprint and cooperative network. In November 2015, Stonewood acquired Diamond Property Management in Cape Town in a deal that secured Stonewood a strong and established presence in the Mother City. This supported the overall objective of growing Stonewood's property management service into a nationally established business. For more information, visit: www.stonewoodproperties.co.za.
Author: Eris Property Group
