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Insurance Pool – no more Tenrisk
As you all know we are constantly trying to find new ways to make our systems more efficient, at the end of 2007 we decided to join up with Tenrisk because at face value their debt management systems looked very effective. We have since come to understand that, tenants not paying rent, seems to be a non-insurable risk, simply because a percentage of tenants always don’t pay. In insurance the insurer is betting that whatever they insure won’t happen and that the small percentage of occurrences will be covered by the masses. If we just take TPN’s statistics that 28% of Johannesburg tenants don’t pay, well you do the math. If the systems aren’t really there to back you up when you need to go after a non payer it will get expensive in the long run and be non-insurable. We are therefore leaving Tenrisk effective immediately. I’m sure this is no major loss to most of you as understanding how Tenrisk worked and us explaining how Tenrisk worked was a major headache for relatively little gain. You will all obviously still be covered under the normal insurance pool which will be explained at our meeting on the 20 th of Aug 2008. We are also looking into funding the insurance pool which will mean that you get paid every month no matter what. We would simply run the admin and debt collection process in the background.
New Referral Program – R2500 commission for referrals
In light of the fact that some of our owners have kept asking about earning some sort of commission on referrals we have come up with the following system. Every landlord that owns three or more properties with us will earn a R2500 commission for every property bought by an investor referred by them.
Seminar on 20th Aug 2008
We will be holding a free seminar on the 20 th of Aug for all old and new clients. Details of the seminar will be sent out in a separate mailing.
Read more detail on this event!
Property Listings on our website – live before end of Aug08
This has been an ongoing project since the beginning of the year, due to some logistical problems with service providers as well as not knowing exactly which direction we wanted to go in, is finally ready. I am currently working out the last bugs with our developers and will be sending out a login code for all investors by the end of Aug 2008.
Private CBD and surrounds tours – e-mail dirk@siriusproperty.com
Due to many requests and the great success of our CBD tours we will be running smaller tours more regularly. These will be catered more specifically to the investor’s particular interest and also mean we can give you the time to answer all your questions. To find out more contact Dirk at dirk@siriusproperty.com
Commercial financing Guru’s- if you were thinking of a small block, now is the time
As some of you might know we have been struggling to get commercial finance on blocks of flats around the CBD since late 2007 without much success. The banks just kept shunting us around and we could never seem to get through to the right department. We have finally found a company who just got one of our clients a 20 year bond with a 20% deposit on a commercial application. I hope I don’t need to explain what that does to your cash flow. Let me know if you are keen to take a bash at a small block of flats.
Deals on demand – If you want a deal ask
I have had several queries from clients that they are not receiving new deals. Gary has assured me that at the moment he is like the pizza delivery boy, you order he delivers. So if you are in the market for a deal I suggest you attend our seminar on the 20 th or contact me directly ASAP. |
