What is the importance of property management
A property management company for rental properties takes on the management of rented properties, including residential complexes or commercial properties.
Definition of property management - what is it?
Real estate creates a relatively high administrative burden. While this is done by some homeowner associations themselves, others outsource this effort to a professional property management company. This is recommended due to the legal administrator's obligation and the complexities of WEG law.
After the order has been placed, the property management takes on the organization of a property, both as a commercial and as a technical administrative entity. Contrary to what is often perceived, property managers do not take on the tasks of a caretaker, but rather their supervision.
The owners 'meeting of the apartment owners' association decide whether the management should be taken over by a property management company.
Duties of the property manager
There is no legally stipulated catalog of services for administrative tasks. Therefore, these are recorded individually in the management contract. An important task that every property manager usually does is to represent the interests of the owner towards other tenants or third parties. Other possible tasks are the following:
- Collection and administration of rents
- Reminders of due rental payments
- Settlement to the owners
- Creation of the utility bill
- Payment of costs incurred
- Commissioning of utility services
- Operation and control of facilities
- Control of service providers
- Implementation of maintenance measures
- Organizing a caretaker
- Implementation of modernizations
- Providing information on jurisprudence and legislation
- Participation in further training measures
- Negotiation with authorities
- Representing the owner as a legal person vis-à-vis third parties
Property management costs and prices
The remuneration of the property management is not based on a fee schedule, but is subject to free agreement. In the case of rental management, the administration costs are roughly as follows:
- 15 - 25 euros per month per apartment
- 3 - 5 euros per month per garage or parking space
- 60 euros hourly wage for attending meetings
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