Bitprop 101
Mission
We aim to empower hardworking people committed to self-improvement by using their assets to create sustainable income and opportunities for both present and future generations.
Vision
Bitprop’s vision is to help solve the global housing and income crises. We aim to create a new way to invest globally so that small property projects can expand everywhere. This will help people become financially independent and create wealth for their future generations.
Bitprop's roles and responsibilities
Roles
- Support Provider: assists you in running your property business successfully.
- Rent Manager: manages the collection of rent and deposit payments from tenants.
- Payment Facilitator: handles the payment process to you.
- Documentation Provider: supplies standard lease agreements and other documentation necessary as a landlord.
- Maintenance Coordinator: oversees maintenance not caused by the tenants for the property.
- Tenant Finder: helps homeowners find suitable tenants.
Responsibilities
- Collect and Manage Payments: We collect and manage rent and deposit payments made by tenants.
- Monthly Payments: We pay you 15% of the rent received on the 7th of every month. If rent is paid after the 6th, the 15% will be paid the following month.
- Timely Maintenance: We ensure timely maintenance on the property.
- Insurance Coverage: We make sure the flats are insured for the duration of the partnership.
- Notice of Rent Increases: We provide notice of rent increases and any other important communications for you to inform tenants.
Summary of the Partnership Agreement
Our partnership is designed to help you develop and manage your rental property. Bitprop is here to support you with flat maintenance, provide a rental management system for rent collection and administration, and offer guidance on general property management.
However, it’s your business, and you are ultimately responsible for your property. You should take the lead in finding and selecting tenants, addressing their concerns, and forwarding any issues to Bitprop if needed. We outline this in the partnership agreement - which we maintain a digital copy of the partnership agreement and can send you a copy upon request.
Key Points to Understand
- Duration: The partnership lasts for ten years (120 months), starting from the first month of rental management. The 10 years are not extended if any flats are vacant.
- Rental Split: You get 15% of the rent collected each month. The calculation is done by the 7th of the month - late payments will be included in the next month's payment.
- Payment Adjustments: The 15% is based on the rent actually received. If a tenant doesn't pay or a flat is empty, you will get less rent since it is 15% of a smaller amount.
- Payments and Statements: Payments are made via EFT on the 7th of each month. A provisional statement is sent on the 2nd of the month, and a final statement is sent on the 7th, showing the amount paid and how it was calculated.
What Bitprop Does Not Provide
- Wi-Fi and DSTV:
- Bitprop provides ducts and plug outlets for Wi-Fi and DSTV, plus a satellite dish.
- We do not provide Wi-Fi cabling, a Wi-Fi router, or a DSTV decoder.
- We also do not provide Wi-Fi or DSTV subscriptions.
- Tenants need to arrange these on their own. They can hire third-party Wi-Fi providers to install Wi-Fi in their flats.
- The cabling should go through the ducts we’ve already installed to avoid extra holes in the flats.
- Laundry Services:
- Bitprop does not offer laundry services.
Understanding Your Monthly Payments
Rental payments with Bitprop are a little different - so here's a breakdown:
By the 1st of each month, your tenants will pay their rent directly to Bitprop - in order for you to keep track of which tenants have paid, tell your tenants to send you their Proof of Payment (PoP).
On the 2nd, we’ll send you a summary of all the payments we’ve received from your property. This summary will help you keep track of any late or missed payments from tenants, allowing you to follow up as needed. If we have shown on the statement that a tenant has not paid yet you got a proof of payment - send it to use so we can correct it on our system.
On the 7th of each month, you will receive 15% of the total rent collected. It’s important to note that this 15% is based on all the rent Bitprop receives. If a tenant doesn’t pay their rent, this will impact your earnings as well.
Additionally, on the 2nd of the month, you will receive a refund from Citiq for the water and electricity your tenants have used. However, please remember that these refunds are not for personal spending; they must be used to cover the water bill and to purchase more electricity for your meter. In summary, you’ll be managing two payments on three key dates.
Let's test your landlord admin skills with a scenario
You have six flats in your backyard and are excited to begin your journey as a landlord. Before construction is complete, you and your Homeowner Relationship Manager find five tenants who pay their deposits and the first month's rent (for January) to Bitprop which is R4 000 for their deposit and R4 000 for rent. On January 1st, they all move in. Throughout the month, you interview other potential tenants for your sixth flat and find one that is ready to move into the flat in February. On January 25th, you send a message to your tenants, reminding them to pay their rent by February 1st. The sixth tenant moves in on February 1st, and on February 2nd, Bitprop informs you that four tenants have paid their rent.
Bitprop team
During our partnership, you will collaborate with various team members. You might have already met most of them, but here is a formal introduction to all the key team members who will be essential to your journey as a landlord.
Construction phase
Anika Hanekom, Architect
The architect will collaborate with you while drawing up the plans and obtaining neighbor signatures for municipal submission. She will also visit the site regularly to ensure that construction is proceeding as designed.
Ziyanda Mjobo, Construction Manager
Construction Manager collaborate with contractors to ensure the flats meet quality standards and follow the timeline. She will visit weekly to monitor the progress of the construction.
Rental management phase
Buhle Gqola, Systems & Homeowner Relationship Manager
Homeowner Relationship Managers are matched to you as your main contact at Bitprop. You can ask them questions, follow up on complaints, and discuss any issues you face as a landlord during our partnership. Buhle is also the Systems manager and oversees the entire rental department.
Nolitha Vanda, Homeowner Relationship Manager
Homeowner Relationship Managers are matched to you as your main contact at Bitprop. You can ask them questions, follow up on complaints, and discuss any issues you face as a landlord during our partnership.
Phumlani Tyali, Maintenance Manager
Maintenance Manager handle the maintenance tickets that homeowners and tenants submit. He will organize his team to fix any maintenance problems that arise.
Asive Dyosi, Maintenance & Rental administrator
The maintenance and rental administrators handle maintenance tickets and Citiq inquiries. She also works closely with Buhle on administrative issues.
This is just a part of our dedicated team. You can learn more about the rest of the team. We all work together to provide you with the best service possible and are always open to your feedback. If you have any issues or concerns regarding your experience as a landlord or interactions with our team, please don't hesitate to reach out through our WhatsApp line. Your input is invaluable to us as we strive to continuously improve our services.
Our Digital Approach
At Bitprop, we use technology to make our operations smoother and improve our services. Because we operate on a large scale, most of our documents and processes are online. This gives us an edge over traditional rental options, providing convenience and efficiency for both landlords and tenants. Here’s a closer look at the technology we use and how it works:
- Incoming and Outgoing Inspections
- Tool: Online Form
- Purpose: Used when a tenant is moving in or out of a flat to ensure the condition of the property is documented. This is sent via WhatsApp and a copy of the final inspection is forwarded to the tenant when completed as a pdf.
- Lease Agreements
- Tool: Online Form
- Purpose: Utilized when a tenant is moving in to establish the terms and conditions of the lease. This is sent via WhatsApp and a copy is forwarded to the tenant when the lease is signed.
- Maintenance Tickets
- Tool: WhatsApp Chat
- Purpose: Allows tenants or homeowners to report maintenance issues easily and efficiently. Each completed ticket gets a reference number which you can use to follow up on the maintenance issue.
- Payment Communication
- Tool: WhatsApp Notification
- Purpose: Bitprop uses this to inform you of the amounts you will be receiving, providing timely updates on financial transactions. As the landlord, you will receive 3 payment communications.
- Finding Tenants
- Tool: Facebook Marketplace
- Purpose: We use Facebook Marketplace to find and attract potential tenants, ensuring the flats are occupied.
- Community and Communication
- Tool: WhatsApp Groups
- Purpose: These groups facilitate communication and community building among tenants and property managers.
- Support and Resources
- Tool: Website Support Page
- Purpose: Our website features a dedicated support page to assist you with any queries or issues you may encounter.
By embracing these digital tools, Bitprop ensures that property management is smooth, efficient, and user-friendly. Navigating and utilizing the Bitprop system allows you to manage your properties effectively, providing a modern and hassle-free experience for all parties involved.
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