The day to day property management of the portfolio is outsourced to Broll Property Group (Broll). Broll has a division of its property management business which is focused exclusively on Redefine’s property portfolio. The Broll contract with Redefine terminates on 31 August 2010 subject thereafter to three calendar months’ notice for cancellation. Redefine is reassessing its current model and is exploring alternative and more beneficial methods of property management.

Broll has employed the services of BKD Trading, Isivuno Properties, Primecare Properties and Top Services Properties to assist with the management of a portion of the portfolio.

Functions of the property manager

• Property management functions include, but are not restricted to:
  • Collection of rent and other charges and enforcement of landlord’s rights;
  • Negotiation of lease renewals and letting of vacant space;
  • Vetting and procuring of credit approvals in respect of new tenants;
  • Management and control of the tenant installation process;
  • Supervision of third party service providers such as security and cleaning;
  • Tenant relations and dealing with tenant complaints and requirements;
  • The preparation and implementation of a three year rolling plan for maintenance of each property;
  • The management, marketing and leasing of shopping centres;
  • Payment of property expenses; and
  • Ensuring that the necessary skills and staff are allocated to ensure the smooth running of the portfolio.
• Financial management and reporting in respect of the property portfolio and the company, including preparation of a monthly detailed forecast of anticipated income and expenditure.
• Fulfilment of Redefine’s accounting function.