‘We’re delighted to announce that ZDFin has been appointed as executive managing agent (EMA) for a 53-unit scheme in Hyde Park, Johannesburg,” says ZDFin CEO Michael Schaefer. “Further to our business strategy, we see a glaring opportunity in the market that is crying out for skilled, dedicated and experienced management expertise.”
Started in June last year, the company has focused predominantly on providing smart financial solutions to residential community schemes, but Schaefer says ‘we see massive scope and growth potential in the EMA space’.
“Acting as EMA for community schemes, is a natural extension of what we’re already doing and a nice fit to our business model,” Schaefer continues. “We have an experienced management team and the capacity to provide skilled, experienced and objective third-party decision-making at the Trustee level. Bound by the prevailing legislation, the EMA fulfils, and so undertakes, the roles and responsibilities of the Trustees.”
“There’s no doubt that being a Trustee is often a thankless task, with many individuals who serve on community schemes, either ill-equipped or disinterested in the role. While positive in intent, the new legislation has resulted in trustee responsibilities becoming much more complex, including the precarious financial position they now find themselves in, owing to their fiduciary responsibilities. The appointment of an EMA, limits the emotional and personal aspects, that often play a large role in community scheme decision-making. ”
“Running a scheme, is not unlike running a business,” Schaefer points out. “Our most recent sign-up is a perfect example. The building has cash reserves of in excess of R3 million, an annual ‘turnover’ in excess of R2 million and a building replacement cost in excess of 150 million. ZDFin’s solid financial experience together with the over 30 years of combined property experience of its team, makes them well-placed to provide this beneficial service to other community schemes.”