Fri, 25/08/2017 - 08:50
Current Issue 69
Real Estate’s Preferred Provider
Lloyd Masika Limited is one of Kenya’s leading valuation and estate agency firms, with almost 40 years of experience offering exceptional services to its loyal client-base
Writer: Phoebe Calver
Project Manager: Kane Weller
Lloyd Masika Limited’s early years were spent building a core business based around valuation and as the Company grew, it began to diversify its portfolio into property management and both commercial and residential estate agency.
The extensive development of the Company over the years is predominantly due to embracing a vision for Lloyd Masika, a vision that is recognisable to customers and employees alike.
“From the beginning our corporate vision has always been centrally focused around becoming the market leader and preferred provider of real estate, valuation and property management services in Kenya,” explains David Machua. “When doing this, we strive to provide quality services to all customers while embracing the professional standards and ethics expected.”
Over the years, Lloyd Masika’s staff have provided a constant when it comes to standards and endeavouring to provide a service that ensures client retention. Not only do they excel in maintaining clients, but over the years have also become an excellent source of referrals.
Machua continues: “We have noticed this has been exemplified by the sheer number of Kenyans leaving their properties for us to manage.”
Lloyd Masika was created after the formation of a joint partnership between its two directors, John Lloyd and David Masika in 1979 as a valuation firm. However, within a short space of time the Company became an incorporated estate agency and property management service. This subsequently meant the relatively small firm took on more shareholders and directors, enabling it to handle the increased volume of work with ease.
“Within five years, we started taking up a position as one of the leading valuation, estate and management companies in the East African region,” adds Machua. “In the present day, Lloyd Masika occupies approximately 1,000 square metres of office space in Norfolk Towers. This is in addition to our branch offices in Mombasa, Eldoret and various management offices in the commercial properties we manage.”
Best possible product
In its present format there are four main areas that cover the spectrum of Lloyd Masika’s services in real estate management; including acquisition, planning, execution and monitoring.
It could perhaps be said that the acquisition and planning processes carries the most weight in terms of the facets involved within the service delivery; some of which involve carrying out inspections, preparing budgets for the project and evaluating the sustainability of the projects.
“Planning and execution of the management processes are the relatively simplistic aspects of our business,” affirms Machua. “With our planning process, we ensure that all our ducks are in a row to allow for a smooth execution of the management service. The latter then predominantly involves attending Client meetings to discuss the progress of management outputs.”
In order to maintain its impressive record with project retention, Lloyd Masika closely monitors projects throughout the management process. The main function is to ensure the client receives the best possible return, making sure that costs are aligned to the initial budgets.
The right team
We are involved in feasibility studies which have become common-place in the industry in the period of time that Lloyd Masika has been in existence, often being undertaken by individuals who are not property experts. In order to avoid this happening, the Company has a department to undertake these studies.
“We also have to study return and profitability in emerging markets which can be broken down,” explains Machua. “Often it will be large parcels of land that are in the process of being subdivided from single private use to multiple uses under smaller titles, and examples of this in our portfolio include Malili Ranch next to Konza City, Maki Estate in Thika Tatu which is a former coffee estate being turned to residential and industrial use.
“It is important to create the right team to handle these projects and the envisaged role for the department will be largely advisory, while other functions such as agency and valuation will be undertaken by the relevant existing departments.”
There will often be cases the Company has to deal with that involves the management of assets that for one reason or another are not in control of the registered owner, predominantly to do with an existing dispute.
“Our main aim will be the preservation of effective management of the assets until the dispute is determined,” states Machua.
Local and international institutions
Lloyd Masika’s services are offered on a continuum basis and as previously mentioned it takes great pride in having retained some of its key clients for more than 30 years.
Machua adds: “During our time in the industry, we have managed prominent properties that have helped put us on the map, owned by Kenyatta International Conference Centre, NSSF, Teleposta, Egerton University and churches including Anglican Church of Kenya and other Church institutions...”
Proudly the Company has also provided agency services to a myriad of both local and international institutions which include the World Bank - sale of the Delta Centre - and the sale of various large parcels of prime land in Thika.
“Currently we have many long-term relationships with banks, insurance companies, manufacturing companies, government agencies, international organisation, pension schemes and individual clients among many others,” Machua describes. “We firmly believe that our services have been critical in enabling key financial decisions in many institutions, contributing to the economic growth of the country.”
During its illustrious history the Company has contributed to the development of the local area and wider economy, as well as to the Government on proposed development of more than 30,000 hostel beds in some five university colleges. This is being carried out with Lloyd Masika as part of the Genesis Analytics Consortium who are the Transaction Advisers adviser to the National Treasury of the Government of Kenya for the provision of hostel accommodation in these universities. Lloyd Masika is the facilities management consultants in the Consortium.
“It is projects such as these that have contributed to our respected reputation in the industry, reinforcing our professionalism in all services to clients which translates to our dependability and accountability,” concludes Machua. “We hope that with continued expansion and work on projects such as these, the next few years will bring us remarkable growth in terms of our credibility and enhanced client portfolio.”