Property ownership is no small feat. It is one of the most reliable forms of investment and one of the biggest items that most people have on their financial “to-do” lists. Unfortunately, it is not always an easily achievable goal. Property ownership has always been a costly endeavour, and in recent years the age of first-time homeowners has been steadily increasing as younger professionals find their financial footing later than in previous years, making co-ownership a valuable option that will help property buyers side-step the financial burden of buying a new property. But how beneficial is this path really?

Co-ownership is when more than one party jointly own a single property. In essence, the owners share legal ownership without having to divide the property into physical portions for their exclusive use. It is thus commonly referred to as co-ownership in undivided shares.

It is possible to agree that owners acquire the property in different shares; for instance, one person owns 70% and the other 30% of the property. The different shares can then also be recorded and registered in the title deed of the property at the Deeds Office.

On paper, it’s a great idea. For starters, the burden of bond repayments and maintenance costs are lessened. However, there can be problems and although not every friendship or relationship is destined to disintegrate, there does often come a time when one of the parties involved wants to sell up and move on to bigger and better things.

If ownership is given to one or more purchasers, without stipulating in what shares they acquire the property, it is legally presumed that they acquired the property in equal shares.

The risks, the benefits and the obligations that flow from the property are shared in proportion to each person’s share of ownership in the property. For instance, one of the co-owners fails to contribute his share of the finances as initially agreed, resulting in creditors such as the bank or Body Corporate taking action to recover the shortfall.

If two people own property together in undivided shares, it is advisable to enter into an agreement that will regulate their rights and obligations if they should decide to go their own separate ways.

The practical difficulties that flow from the rights and duties of co-ownership are captured by the expression communio est mater rixarum, or “co-ownership is the mother of disputes”. It is therefore important that certain remedies be made available for when the agreement entered into by co-owners does not help them solve arising disputes.

The co-ownership agreement should address the following issues:

• In what proportion will the property be shared?
• Does anyone have sole right to occupy the property?
• Who will contribute initial payments to acquire the property?
• Who will contribute what amounts to the ongoing future costs and finances?
• How will the profits or losses be split, should the property (or a share thereof) be sold?
• The sale of one party’s share must be restricted or regulated.
• The right to draw funds out of the access bond must be regulated.
• A breakdown of the relationship between the parties.
• What happens in the occurrence of death or incapacity of one of the parties?
• Dispute resolution options to be relied on before issuing summons.
• The guidelines for the termination of the agreement.

It’s one thing to claim your company is customer-orientated, but talk can be cheap regarding what matters most to your business. The businesses that serve their customers effectively don’t proclaim it on bold billboards; they prove it through offering efficient advice, paying consistent attention to detail, and delivering long-term quality results. These tangible actions create returning customers, leading to a healthy growing business. Whether you’re in the retail, financial, service, or medical industry, you’ll want to make a memorable impression on each customer passing through your doors. By implementing the following practices, you’ll be able to take your business to the next level.

1. Communicate regularly

Quality customer service is nothing without proper communication. By keeping the lines of communication open, you’ll better understand a customer’s needs and expectations. This way, you establish credibility, trust, and long-term loyalty with your customers.

For example, reply to emails and return phone calls within 24 hours, indicate how long a particular project or product delivery will take, and send regular updates or progress reports. Yet remain realistic, nothing breaks customer confidence as quickly as when you over-promise and under-deliver.

2. Forge a personal relationship 

When customers are valued and feel that their needs are met, they’re more inclined to stay loyal to your company. A few foolproof ways to add a personal touch to your customer relationships are by referring to them by name during all communications, acknowledging their birthdays, and asking engaging questions when they share a personal anecdote. Any gesture, big or small, that show customers they’re more than just a number to your business will do wonders for building lasting relationships.

3. Spread positivity

It’s easy to fall into the trap of negativity, especially during the current economic climate. When employees are simply going through the motions, customers can sense a lack of commitment, leading to a negative perception of your business.

By being optimistic and confident in your customer dealings, you’re creating a positive experience ─ from offering a friendly greeting at the reception desk and a cup of coffee during a long meeting to conveying a professional eagerness to resolve their issue and packaging their products in a way that feels personal to them.

4. Exceed expectations

Whether you’re thinking outside the box to find solutions to complex issues or have the means to deliver a product with an expedited turnaround time, customers remember the companies that walked the extra mile.

You can prove your dedication to customers by anticipating their needs and preparing possible solutions. Strive to provide customers with more than they ask for, and stay confident and calm, even during stressful situations. When you exceed a customer’s expectations, it deepens their trust in your company, resulting in greater loyalty.

5. Become a problem solver

Customers will usually visit your business for a specific reason. As a problem solver, your business succeeds when customers trust you with resolving their issues, such as delivering quality food on time or replacing incorrect products. One of the best ways to become a leading problem solver in your industry is to stay updated on the latest developments, which will enable you to provide your customers with everything they need.

Because customers constantly experience unremarkable or even downright disappointing service and products, it’s no surprise that they’ll quickly jump ship in search of greener pastures where a company will meet their needs. It only takes one bad review by an unhappy customer to cause irreparable damage to your company’s image. But when you deliver solution-driven services and quality products with your customer’s best interest in mind, you won’t have to worry about your competitors ─ you’ll quickly turn your walk-ins into loyal advocates for your business.