Service Charge Vital For Multi-tenant Property – Valuer

An estate surveyor and valuer Patrick Kene Okeke, has said that service charge is very important in a multi-tenanted property, stating that it is very crucial to know the differences between service charge and rent.

Okeke who spoke in an interview with newsmen in Abuja said, multi-tenanted property have facilities that are used in common by all tenants.

“Facilities such as elevators, security lighting, security alarm, elevators among others. The Service Charge are imposed on all the tenants for smooth running of the property and for the common good of all.

“The service charge is paid collectively by the tenants according to the space they are occupying.

“The Estate Surveyor & Valuer will provide an annual report to show how the money collected are expended, each tenant must have the statement of account. This is very important to enable each tenant to know whether he has a refund or will add to the common pool of funds.

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“When the security men and cleaners for instance are not paid at the end of the month, your guess is as good as mine with what will happen to the property

“He is the one who secured the tenants and such are familiar with them and conversant with the day to day running of the property maintenance and can deal with artisans as the case maybe,” he said.

He stated that Estate Surveyor and Valuer, will normally propose annual budget, estimate to cover the expenses which will be apportioned to tenants to pay accordingly.

He however, explained that it is important to add that non-payment of service charge by some tenants has wide implication in the maintenance of the property.

According to him, Estate Surveyors and Valuers are the only professionals who are competent to handle this aspect of property management.