Anyone who buys an apartment acquires not only their own four walls but also a share in the community property. While you can carry out repairs or renovations yourself in your apartment, it becomes more complex with shared property.
Because, as the name suggests, this is the property of a community. Of course, this must also be managed. This is where property management (also WEG administration) comes into play.
Community Property – What Is It?
But first, it is essential to clarify the concept of community property. These include, for example, the stairwell, the house entrance, the mailbox system, or a shared garden. The outer facade and the roof are also part of the community property.
In addition, specific structural changes to the supposed separate property must also be approved by the community of owners. Incidentally, separate property is the official designation of one’s apartment in contrast to communal property. A common example of this is the balcony. If you want to convert this into a conservatory, discuss this project with the other apartment owners. Because as soon as the appearance of the entire building is affected, an owner needs the approval of the community of owners.
Good property management takes care of this
Community property management includes both commercials and administrative and technical tasks.
The property management such as Keyrenter Houston Local Property Management Company takes care of the following in the interest of all owners:
- Organization and implementation of the owners’ meeting
- Minutes and rapid implementation of the resolutions of the owners’ meeting
- Creation of the annual business plan (including creating provisions for maintenance, planning the costs for service providers, etc.)
- Preparation of the annual household fee statement
- Regularly inspecting and inspecting the common property to detect defects in good time
- Planning and implementation of maintenance, repairs, and modernizations
- Monitoring the budget according to the business plan
- Settlement of insurance claims
- Coordination and management of service providers and craftsmen (e.g., stairwell cleaning, caretaker, sidewalk cleaning)
- Enforcing house rules (set by the community of owners)
- Of course, further services with the property management can be recorded in the management contract.
Since professional property management specializes in these tasks, homeowners’ associations benefit from the expertise, experience, and network of property management.
Is Property Management Also The Point Of Contact For Tenants?
If you live in an apartment building where both owners and tenants live, the property management can also be the contact person for the tenants. Strictly speaking, this is a separate contract portfolio: because this is a rental administration. However, a property manager often takes on these tasks as well.
As part of the rental management, the property manager represents the owner vis-à-vis the tenants and is their first point of contact. The property manager takes care of drafting the rental agreement, deposit management, repairs, maintenance, and the annual utility bill. If there is a change of tenant, the property management can handle the search for a new tenant. Even if the rental management does not theoretically have to be handed over to the property management, this makes sense. Because the property management is already familiar with the building and the other owners. In addition, it is usually cheaper to transfer the rental management to the property management company that is already active instead of hiring another company.