As the owner of an apartment or part-ownership, you certainly know how important it is to manage your property professionally and efficiently. Condominium management plays a crucial role in the smooth operation and harmonious coexistence of your community of owners.
In this post, we'll highlight the basics of condominium management and provide you with a comprehensive guide to making the right choice for managing your property - from the differences between condominium and common property to the importance of transparent communication and competent legal knowledge.
Good management can have a significant impact on the value and quality of life of your property. That's why it's critical to make the right choice. Let's dive into the world of condominium management together and discover the best practices to build a successful partnership with a manager who understands your needs and effectively represents your interests.
What is special property?
Special ownership refers to a specific part of a condominium or residential property that is used and managed exclusively by a single owner. It represents one of the two basic forms of ownership in condominium and part-ownership complexes, the other being common ownership. In detail, special ownership means the following:
- Individual use: The owner of a unit or part of the condominium owns the special property and thus has the right to design this specific area according to his wishes. It can therefore be used, for example, as an apartment, office or retail space.
- Exclusive management: Management and maintenance fall to the owner in the case of a condominium. This includes, among other things, renovations and repairs within the unit.
What is the difference between special property and common property?
As the name suggests, common property comprises the parts of a condominium that are used jointly by all owners. As a rule, this includes the staircase, the roof and the facade, elevators, heating systems, green areas and other common facilities.
In contrast to individual property, common property is not managed by one owner but jointly by all owners of the complex. Decisions are usually made at owners' meetings.
In summary, special property comprises the individual units that one owner owns exclusively, while common property is managed jointly by all owners. The distinction is set out in legal documents such as the declaration of partition and the partition plan.
The importance of the special property management
Condominium management is of great importance for the smooth operation and harmonious coexistence in an apartment or part-ownership complex. It includes the management and organization of the individual units as well as the coordination and responsibility for the common areas. Here are some important aspects that illustrate the importance of condominium management:
- Rights and obligations of owners: The SEV defines the individual rights of use and obligations of each owner. It ensures that each owner can use his area according to his own wishes. The SEV also checks that maintenance, repairs and care are carried out.
- Shared interests and finances: The management of condominium ownership ensures that common costs, such as for the maintenance of elevators, heating systems or green spaces, are shared fairly and transparently among all owners.
- Conflict resolution and mediation: When conflicts arise between owners, the condominium management can intervene. Harmonious coexistence is ensured by identifying conflicts at an early stage.
- Maintenance and value enhancement: Every professional condominium management ensures that the value of the units is maintained or even increased for a long time.
Special property management is therefore of great importance in promoting the smooth coexistence of an apartment or part-ownership complex. Care is taken to maintain the well-being of the parties involved and to promote common interests.
The role of the administrator in the SEV
In condominium management, the responsible managers play a central role. They serve as an important interface between the individual owners and the community of owners. The main task of the managers is to represent the common interests of the owners and to ensure the smooth operation of the apartment or part-ownership complex. Here are some aspects that further clarify the role of the manager in condominium management:
- Management and organization: This item includes the coordination and management of special and common property, the management of common finances and the holding of owners' meetings.
- Maintenance and repairs: Managers ensure that necessary work is carried out on both the individual units and the common property. He commissions craftsmen or service providers and supervises their execution.
- Financial management: The responsibilities also include the preparation of a business plan for the homeowners' association. Managers determine the amount of the monthly house payments and manage the common finances. Annual statements are also prepared. In addition, managers report on the financial situation of the complex.
- Communication and information: Managers serve as the main point of contact for owners and inform them about relevant matters. Important dates, events and decisions pass through this position to create transparency.
- Legal Matters: Administrators are familiar with legal rules and regulations and ensure that they are followed.
- Insurance matters: Responsible managers take care of the insurance of the condominium, including building insurance.
- Responsibility and liability: As managers, the responsible persons bear a high degree of responsibility. They are liable to the owners and the community of owners for actions taken and decisions made.
In many countries and regions, there are specific legal regulations and professional associations that regulate and qualify the activities of administrators. The selection of a suitable administrator is important to guarantee professional and efficient condominium management.
Guide: Making the right choice for condominium management!
Selecting a suitable condominium management company is an important step in ensuring that your apartment or part-ownership complex is managed professionally and efficiently. Here are important criteria to consider when choosing the right management:
- Experience and competence: Make sure that the administration of your choice has sufficient in-depth knowledge and experience. References can be helpful here.
- Transparency and communication: It is important that the management communicates transparently about working methods, costs and accounts. Regular updates are crucial to keep owners well informed.
- Legal knowledge: It is imperative that the condominium manager be familiar with the legal framework as it relates to property management.
- Cooperation with owners: Condominium management should work closely with owners and consider their needs and concerns. Working in partnership is crucial for successful management.
- Scope of services: Clarify what services will be provided by the administration. This can vary from pure bookkeeping and accounting to the organization of repairs and maintenance work.
- Costs and fees: Compare the costs and fees of different management companies. Make sure that the fees are fair and reasonable and that there are no hidden costs.
- Insurance Coverage: Ensure that condominium management has sufficient insurance coverage to cover any liability risks.
- Face-to-face meeting or preliminary interview: If possible, conduct face-to-face meetings with potential management companies or administrators. A face-to-face meeting can help to gain an impression of the administrator's work style and personality.
- Contract terms: Have the draft contract presented to you and check the contract terms carefully. Pay close attention to notice periods and agreed benefits.
Choosing the right condominium management company is an important process that requires time and care. However, thorough research and selection can help ensure that the apartment or part-ownership complex is managed optimally and that the interests of the owners are represented in the best possible way. We would be happy to assist you as a professional SEV management!
