A property management company manages the daily operations of a property, such as an apartment complex, office building, or retail center. The company may be responsible for tasks such as marketing the property, collecting rent, tenants’ needs and concerns, maintenance and repair issues, and overall financial management.
Summary CloseIn Kenya, the process of registering a property management company is as follows:
1. Get the business registered by the Registrar of Companies.
2. Get a Practice License from the Lands Ministry
3. Get an operating license from the County Government
4. Open a bank account in the name of the company
5. Get an insurance cover for the business
6. Hire qualified staff and provide the required training
7. Put up billboards and advertisements to market the company
To register a property management company in Kenya, you will need to have the company’s Articles of Association and Memorandum of Association, as well as the company’s registration certificate. You will also need to have a Kenyan business permit. The company will need to have a physical address in Kenya. Additionally, the company must have a minimum paid up capital of KES 5 million.
If you want to become an estate agent in Kenya, you must apply to the Estates Agents Registration Board (EARB). Like lawyers, estate agents need to be licensed to practice in Kenya.
You can take a degree or diploma in real estate or survey offered by various universities and colleges in the country.
The top property management companies in Kenya charge management fees of between 5% and 10% of the gross rent. For example, if a property owner collects a rental income of Kshs 250,000 per month, the firm gets 12,500 Kshs to 25,000 Kshs in management fees.
The registration fee for all companies is KES 10,000. The name search and reservation process can be done at any of the Huduma Centres countrywide, online using the E-Citizen platform and on a Safaricom mobile phone by dialing *271#.
The required documents for natural and legal persons are as follows:
1) Signed company registration form -CR1
2) Signed memorandum of a company with share capital-CR2
3) Signed notice of registered address-CR8
4) Signed statement of nominal capital
5) PIN certificate
6) Company PIN
7) Certificate of incorporation
The commission that a real estate agent earns on the sale of a home depends on the sale price of the home. The commission is typically a percentage of the sale price, and the specific percentage depends on the market in which the home is sold. For example, in a market where the average commission is 5%, the agent would earn a commission of Kes 250,000 on the sale of a home that sold for Kes 5,000,000.
The median pay for a real estate agent in Kenya is KES 820,000, while the median pay for a realtor is KES 4,000. These job titles are related, but there is a significant difference in pay between the two. Real estate agents typically have more experience and knowledge than realtors, and their salaries reflect this.
A salary range for a construction manager typically earns between Ksh36,438 and Ksh118,653 per month in 2023. The average salary for a construction manager is Ksh72,589 per month.
The process of setting up a company in Kenya can vary depending on the type of business you wish to establish and the type of registration required. It can take anywhere from 1 day to 30 days to complete the process.
Foreigners wishing to register a company in Kenya are required to register with the ecitizen portal and obtain the necessary company registration documents. Once registered, they are required to obtain a company PIN and register for NSSF and NHIF.
A limited company is a company that is limited by shares or by guarantee. A company limited by shares may be either a private company or a public company. A company limited by guarantee is usually a private company. Limited companies can be either “exempt” or “non-exempt”.
A national ID and KRA PIN certificate are required for the local representative of a Kenyan company. Coloured passport size photos of the foreign directors of the company and the authorised local representative are also required. The total payment fee is Kshs 7,550/-.
As of January 2020, every woman of 18 years and above is free to register a business in Kenya. The Registrar of Companies at the Attorney General’s Chambers in Nairobi is responsible for business/company registrations.
The Registrar of Companies (CoR) is a public office established under the Companies Act, 2015. The role of the Registrar is to:
a) oversee the incorporation of companies and the registration of business names;
b) keep the register of companies and business names;
c) monitor compliance with the Companies Act by companies; and
d) investigate the affairs of companies in cases of suspected improper conduct.
All businesses in Kenya must be registered with the Kenya Registrar of Companies (KRC). The requirements for company registration are as follows:
-The proposed company name
-The objectives of the business
-The names of the directors, contact details and email
-Proof of identification (passport photo)
-KRA PIN
-Form CR1 – this is the company registration form
-Form CR2 – this is the Memorandum of company with share capital
You could even start an estate agency from home, which means all you need is a laptop, internet access, a phone, and a vehicle (it’ll make it easier to visit clients and arrange viewings). This helps keep your start-up costs low.
The fees for purchasing a property in Kenya can range from 2-4% of the total value of the property, depending on its location. These fees are paid through the Kenya Revenue Authority. Additionally, legal fees for hiring a lawyer to help with the purchase can range from 1-2% of the total property value, with a minimum fee of Kshs 35,000. Therefore, it is important to factor in all of these potential costs when budgeting for the purchase of a property in Kenya.
Nyayo Estate is a gated neighbourhood in Embakasi in the city of Nairobi. It was built from 1999 and has six phases by 2014. It is the largest housing project in Kenya and second largest in Africa.
Real estate is a good investment in Kenya and one of the best ways to make money in Kenya. The sector compares greatly against traditional asset classes such as equities and bonds. Specifically, real estate has recorded 250% total returns against 124% returns of traditional asset classes.
Selling land and property can be a lucrative career option if you know how to go about it. It is easy to learn the ropes of the industry, and it can be a good investment option. You will get to visit different parts of the country while selling property, which can be an added advantage.
1. Look for a reputable property management company in Kenya that is licensed and insured.
2. Make sure that the company you are working with has experience managing properties in Kenya.
3. Find out what type of services the company offers and if they are a good fit for your needs.
4. Get quotes from several different companies so that you can compare prices and services.
5. Choose the company that you feel is the best match for you and your property.
After doing some research, it seems that the best way to register a property management company in Kenya is to contact the Kenya Property Managers Association. They will be able to help you with the process and make sure that everything is done correctly.
Wallace Jacobs is an experienced leader in marketing and management. He has worked in the corporate sector for over twenty years and is a driving force behind many successful companies. Wallace is committed to helping companies grow and reach their goals, leveraging his experience in leading teams and developing business strategies.
