LPMS specializes in comprehensive Property and Tenancy Management, staffed by experts including legal professionals knowledgeable in tenancy laws. Relevant information would be exchanged between both our clients and tenants in all three languages, ensuring clarity and transparency.

Our commitment to excellence aims to establish LPMS as the leading Property Management service in Colombo, with plans for expansion across Sri Lanka, while continuously adapting to market changes to protect assets and maximize returns for property owners.

LPMS’s approach transcends traditional Property Management, which typically focuses on finding tenants or buyers. Our unique services go far beyond these basic functions, as detailed below for the benefit of property owners, tenants, and prospective buyers.

Professional Property and Tenancy Management

Services We Provide

Lanka Property Management Services / Sri Lanka Property Management Services

Initial Consultation

Discuss with the property owner to understand their needs and required services

Property Inspection

Schedule a visit to the property with the owner or their representative.
Conduct a detailed inspection and provide advice on minor improvements to attract tenants or buyers.

Agreement Communication

Communicate agreed terms and conditions verbally and via email.
Rent / Lease agreements would be prepared by the company lawyer.
Management and rent / lease agreements as per the agreed terms and conditions would be sent for the signature of the owner and tenant.

Property / Tenancy Management and Rent / Lease Agreements

Marketing Your Property and Securing Quality Tenants/ Tenant Selection

Advertising Strategy / Database Utilization

The property will be advertised on multiple websites for maximum visibility.
We will also search in our database for potential tenants or buyers.

Property Inspections / Rules, Facilities etc

Inspections will be scheduled at a mutually agreed time, during which tenants will be educated about building rules, services particularly in condominiums and neighborhood details / available facilities etc.

Follow-Up Communication / Progress Updates

Our team will follow up with prospective tenants or buyers to answer any questions.
Property owners will receive regular updates through feedback reports via phone or email.

Background Checks / Recommendations

We will conduct thorough background checks on prospective tenants or buyers, evaluating employment history, rental experience, lifestyle, financial stability and recommend suitable tenants.

Tenant Notification

Once a tenant is selected, they will be notified via email and phone regarding advance deposits and payment details of the owner.

Ongoing Updates

Property owners will be kept informed throughout the tenant's move-in process and beyond.

Marketing Your Property and Securing Quality Tenants/ tenant Selection

Rental Payments, Arrears Management, Eviction Services and Service Fees

Rental Payments, Arrears Management and Service Fees.

Direct Rent Payments

Tenants are advised to deposit or transfer monthly rent directly to the owner's bank account with the owner's approval. Notification must be sent to both the owner and LPMS via email or WhatsApp.

Leasing Terms and Security Deposit

Properties are recommended to be leased for a maximum of two years, with possible extensions based on mutual agreement on new rent and terms.
An advance/security deposit of 4 to 6 months of rent is advised, depending on the monthly rent, tenant's financial capability and mutual understanding.

Utility Responsibilities / Maintenance Invoices

Tenants are responsible for all utility bills and agreed amount for monthly maintenance and repairs which is agreed upon and mentioned in the rent / lease agreement.
Owners to handle municipal rates, taxes, any repairs / maintenance work over and above the agreed amount with the tenant.
Invoices for maintenance or renovations carried out on approval of the owner will be submitted for prompt settlement.

Monthly Statement

At the end of each month, LPMS will provide a statement of accounts for the owner's review and tax purposes.

Arrears Management / Eviction Process

Timely rent payments are prioritized, with monitoring of payment dates.
LPMS will contact tenants on the 5th, 10th, and 15th days after the due date in case of delays.
A dedicated team will address any issues with tenants and keep owners informed.

If negotiations fail, which is rare, LPMS's expert legal team is prepared to manage the eviction process.

Service Fees

On sale of property or finding a tenant, LPMS will charger the going rate.
Legal fees for drafting and registering agreements by the lawyer to make it a legalized document are additional.
Owners must pay a minimum of six months’ Management / Service fee (agreed percentage of monthly rent) to LPMS upon entering into an agreement for the Management / Services rendered by LPMS.

Market Awareness / Inspections

Update owners on current local rental rates.
Regular inspections with be conducted with a relative of the owner if available and update the owner with photographs , video or shown real time on WhatsApp. This clause will be included in the rent agreement.

Maximizing Returns

Help property owners achieve optimal rental or sale prices.

End of Tenancy Preparation / Renewal

Negotiate terms for mutual agreements to benefit property owners while remaining attractive to tenants.
Prepare renewal rent agreements as tenancy period ends.
Prior to vacating the property LPMS will conduct a detailed inspection of the property as outlined in the agreement to ensure the property is handed over to the owner in the same condition as it was initially handed over to the tenant. (we will take before and after pictures for evidence)