The management and maintenance of a building are not simple. Managing a condominium is a heavy task that requires time and professional skills. You must have legal, technical, and accounting knowledge to manage a condominium. You must also master the management of personnel. Simplify your life by hiring a property manager. You won’t have to worry about all the activities surrounding the control of the building, including leasing, administration, maintenance and repairs, and customer service.
The Role of a Condominium Manager
The responsibilities of the Condominium Manager are many and varied. The management of the building’s personnel, insurance contracts, and the follow-up of the co-ownership regulations are part of it. His primary role is to ensure the conservation of the building he manages. He handles the administrative and accounting management, and watches over the excellent maintenance of the premises. His mission also consists of managing the co-ownership account, organizing the General Assemblies and setting up the necessary actions so that the decisions are implemented.
How To Choose a Co-ownership Manager?
There are three types of management to ensure good maintenance and the good functioning of the building as a whole. There is the resident manager in the building (autonomous management), the employee (self-management), and the contractual (external manager).
The Advantage of a Professional Manager is that they know exactly what their missions and obligations are. It can respond to emergency measures and ensure the cleanliness and security of the buildings under its responsibility rigorously.
The Advantages of a Condominium Manager
Being subject to strict legislation governing his profession, the professional condominium manager is also able to ensure the efficient management of the building. You can count on him whether you are managing condominiums or office towers. You will have the guarantee of a good management of your real estate assets on all levels: financial, administrative, operational and fiscal.
The Disadvantages of a Condominium Manager
The main disadvantage of rental management, and not the least, is its cost. By opting for a property management company, you also risk hiring a bad agency.
In terms of remuneration, the manager must define the details and the cost of the services concerning the management of a co-ownership in the service contract.
Difference Between Syndic of Co-ownership and Rental Management
For good real estate management, address yourself to a syndic of co-ownership. A good syndic takes care of the maintenance of the building and its staff. His role is to pay the various charges (electricity, fuel, security, maintenance, etc.) on time. Although the rental manager also intervenes in your building, his primary mission is to manage the rental contracts in the owner’s interest.
Managing your rental property alone is also a possibility. You can have complete control over your property. You will be responsible for everything and can make decisions by yourself. You will not have to pay property management fees. This will allow you to gain experience in the real estate industry. You will also be in direct contact with your tenants while maintaining a good relationship with them. This requires a minimum of training, time, and availability. Nevertheless, it allows you to preserve the profitability of your investment.
By delegating the rental management of your property to a professional manager, you will have a connoisseur who will be able to face all situations thanks to his great experience.