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If you are new to living on an estate or development, here are some of the challenges you can be presented with, and some ideas to overcome them.
Financial management: Managing finances is a common challenge for estates in South Africa. To overcome this challenge, it is essential to have a clear understanding of your estate’s finances. Keep accurate records, set up a budget, and regularly review your financial statements to identify areas where you can cut costs and increase revenue.
Access to funding: Access to funding can be a major challenge for smaller communities. To overcome this, explore different funding options such as creating a capital reserve savings from your current levies, and reviewing offers for infrastructure construction from suppliers that offer rent-to-own options. You can also consider crowdfunding or find sponsorships for smaller renovations.
Competition: Competition is stiff in South Africa’s estate landscape. To overcome this and keep your property prices on the rise, focus on creating a unique value proposition that sets your estate apart from the competition. You can do this by offering superior service, niche facilities, or innovative solutions to utility management.
Skills shortage: Finding skilled employees who are affordable can be a challenge. To overcome this, consider investing in training programmes for your employees, offering competitive salaries and benefits, and outsourcing certain tasks to specialised service providers.
Technology: Technology can be a challenge due to the high cost of acquiring and maintaining technology infrastructure. To overcome this, consider adopting cloud-based solutions that can be accessed from any device with an internet connection. This will allow you to leverage the benefits of technology without incurring high costs.
Overall, like overcoming challenges in business, estates in South Africa should consider being adaptable, innovative, and focused on continuous improvement. By staying informed, embracing new technologies, and investing in your employees, you can create a successful and sustainable community.
I have a problem with the Estate am living in the Western Cape, Parklands North, the developer sold us apartments without COC’s and Occupation certificate since 2020 and the City of Cape Town does not have records for our apartments, when requesting assistance they say there was no hand over, while the Infiniti group is collecting levy knowing very well that KIS Construction does not provide service and theere are no meetings with the Homeowners, how do we address these challenges.