What does a WEG management do?
WEG management is the management of homeowners' associations, or WEG for short. This form of management occurs when a residential property is jointly owned by several owners. In other words, the management of a property with several condominiums.
The tasks of WEG management are diverse and include technical as well as economic and commercial aspects. The creation and enforcement of house rules is also a typical task.
How is the WEG management implemented?
The basis for proper administration is the WEG Act. The administrator is elected by majority vote at the owners' meeting. Once an election is made, the elected party takes care of the proper calling and execution of all further owners' meetings. Both owners and external administrators can be nominated for election.
The advantages of professional WEG management
The importance of and need for external WEG management lies in the many challenges and requirements associated with the efficient management of a condominium owners' association. External management by a professional service provider offers numerous advantages:
- Professional expertise: External administrators have in-depth expertise and many years of experience in real estate management. They know the legal and administrative requirements and can competently advise the community.
- Time savings for owners: Having an external service provider take over management tasks relieves owners of time-consuming administrative tasks. This allows them to focus more on their personal interests.
- Professional organization of owners' meetings: External management plans and conducts owners' meetings professionally. It takes the minutes and ensures transparent documentation of the resolutions.
- Efficient financial management: An external administration draws up a structured economic plan and carefully manages the communal funds. This ensures financial transparency and optimal use of resources.
- Organization of maintenance and repairs: The external management coordinates the maintenance measures and repairs of the common facilities. This ensures timely and professional implementation.
- Impartial mediation in case of conflicts: The external management acts independently and can mediate as a neutral authority in case of conflicts between the owners.
- Legal protection: The external management knows the legal requirements and ensures that the community complies with all legal requirements. This minimizes legal risks.
- Transparent communication: External management ensures open and clear communication with the owners. Information is communicated in a timely and understandable manner.
External WEG management is therefore a valuable partner for condominium owners' associations, as it takes over management tasks professionally, efficiently and competently and contributes to the harmony and value retention of the property.
Typical tasks of WEG management
The WEG administration takes over a variety of tasks to make the administration of a condominium owners' association efficient and professional. In detail, the tasks of the WEG administration include, among others:
- Organization of owners' meetings: The WEG management plans and organizes the regular owners' meetings. It invites the owners in due time, prepares the agenda and conducts the meeting. It also takes the minutes and documents the resolutions passed.
- Preparation and monitoring of the economic plan: The administration prepares the economic plan for the community. This lists the expected income and expenditure for the coming financial year. It monitors the financial situation and ensures that the economic plan is adhered to.
- Management of communal funds: The WEG administration is responsible for the administration of the common funds. It maintains a separate bank account for the WEG and ensures correct accounting of all income and expenses.
- Maintenance and repairs: The management coordinates and organizes maintenance measures and repairs to the common property. It obtains bids from tradesmen, awards contracts and supervises their execution.
- Management of common facilities: The WEG management is responsible for the management and maintenance of common facilities, such as the elevator, the garden or the staircase.
- Implementation of legal requirements: It ensures that the community complies with all legal requirements. This includes, for example, the implementation of energy certificates, compliance with fire safety regulations or the implementation of renovation measures.
- Transparent accounting and annual statements: The WEG management prepares transparent accounting of all financial matters of the community. At the end of the fiscal year, it prepares the annual statement, which gives the owners an overview of the financial situation.
Communication and - Cooperation with the owners: It maintains a regular exchange with the owners and informs them about important matters and resolutions. It also answers owners' questions and concerns and ensures open communication.
- Legal representation of the WEG: WEG management legally represents the condominium owners' association vis-à-vis third parties, such as authorities, service providers or insurance companies.
- Mediation in case of conflicts: The management acts as a neutral authority and can mediate in conflicts between owners in order to find an amicable solution.
WEG management plays a key role in promoting harmonious coexistence among the owners and managing the property in a way that preserves its value. With its expertise and commitment, it supports the community and helps to ensure that the property is optimally maintained.
Responsibility and liability of the WEG management
The WEG administration bears a high responsibility towards the condominium owners' association and is entrusted with various tasks. It is important that the WEG administration performs its duties conscientiously and carefully. In the following, the responsibilities and liability of the WEG administration are explained in more detail:
- Fiduciary responsibility: The WEG management acts as a trustee of the community. It manages the community funds and keeps records of all income and expenditure. In doing so, it must ensure that the funds are used properly and for the intended purpose.
- Duty of care and professional competence: The administration must perform administrative tasks conscientiously and competently. This includes comprehensive knowledge of the legal framework and competent handling of administrative tasks.
- Liability for breach of duty: It is liable for damages caused by its breaches of duty. A pecuniary loss liability insurance can protect the WEG management from financial consequences.
- Transparent accounting and annual statements: The WEG management is obliged to keep transparent accounts and to prepare the annual statements in a timely manner. These must give the owners a clear overview of the financial situation of the community.
- Data protection: It has the responsibility to keep personal data of owners and tenants confidential and to comply with data protection regulations.
- Neutrality and independence: The WEG administration may not pursue any personal interests and must always act in the best interests of the community.
- Legal representation: It legally represents the condominium owners' association vis-à-vis third parties. In doing so, it must ensure that it properly represents the community and that its decisions are lawful.
It is important to emphasize that WEG management must perform its duties conscientiously and take its responsibilities seriously in order to serve the interests of the condominium owners' association. A well-trained and experienced management can help to avoid conflicts and ensure a smooth management of the property.
Property management and real estate management - what is expected?
The selection of a competent WEG administration is an important step for a smooth and professional administration of the condominium owners' association. To find the right management, it is advisable to consider some important aspects:
- Check experience and expertise.
- Determine customer satisfaction through reviews.
- Clarify transparency of fee structure.
- Note communication and accessibility.
- Inquire modern management software and technology.
- Expertise in tenancy law if rental properties are available.
- Conduct face-to-face interview for insights.
- Promote collaboration and synergy.
- Ensure compliance with legal requirements.
- Consider flexibility and customization.
Careful consideration of each of these points can help you find a competent and suitable administration that will work professionally and efficiently.
Conclusion: That is why you should rely on a professional WEG management!
Professional WEG management plays a decisive role in the harmonious coexistence and value retention of a condominium owners' association. The diverse tasks and responsibilities that an administration takes on are of great importance and require professional expertise as well as a careful approach.
Through its expertise and experience, professional management minimizes potential risks and conflicts. It ensures smooth cooperation with the owners, transparent communication and prompt implementation of management measures.
Overall, professional WEG management is indispensable for safeguarding the interests of the owners, managing the property efficiently and protecting the common property in the long term. With a well-chosen management, owner associations can benefit from competent support and successfully shape their community life. We are happy to be your partners for this!
