You have just bought a new apartment in Berlin. There's a pile of documents on the table. Actually, you just wanted to create a new investment, but now you have to deal with piles of paper:
- Where do I start?
- How do I manage everything in a time and cost-efficient way?
- SEV, WEG or rental management? Which property management company is responsible for my property?
We will now clarify precisely these questions so that you can find the right contact person.
Are you in a hurry? Skip ahead to the summary of the difference between WEG, SEV and tenant management.
Why the right property management is important
As a homeowner, buying the property is the easiest task. Later on, patience and perseverance are required. Because as the owner of an apartment, you don't just have to take care of the letting - without external support Without external support, you become the manager yourself. For example, you are responsible for maintenance, utility bills and deposit management.
1st Learning: As the owner, you always have the option of managing your residential unit yourself.
However, the right property management company can save you a lot of time and money: You
- takes care of all aspects of your property, from maintenance to finding tenants.
- relieves you of all legal aspects, from debt collection procedures to warranty claims.
- examines the potential for cost reduction and looks for ways to increase your return on investment.
The greatest benefit for you is if the property management company knows the rental market inside out. So if your property is in Berlin, look for a property management company in Berlin. They not only know the regional politics, but also know which tenants are suitable for your apartment.
The three types of external property management
To find out which property management company is responsible for your propertyyou should know the different types of property management companies:
Are you or is your apartment part of a condominium owners'community (WEG)?
Or do you own a property with several residential units so that you need 360° rental management? rental management?
So there are three types of property management companies: WEG, SEV and rental management. The classic tasks are always similar. Whether SEV, WEG property management or rental management - your manager will always be responsible for commercial, financial, technical and legal issues. The objectives are also the same: increasing returns and smooth day-to-day business.
But how do the different types of property management differ? Who is the right contact for your property? Read on to find out!
A WEG administrator is responsible for this
The following situation: You own residential units on the 4th floor, the rooms on the 3rd floor are owned by someone else. The concrete in the stairwell is crumbling, so tradesmen have to be commissioned for maintenance. In addition, one of your tenants is moving out, so a successor needs to be found quickly.
Which property management company is responsible?
If properties such as apartment buildings in Berlin have several registered owners, they belong to a condominium owners' association (WEG). The interests of the owners are usually represented by a WEG management represented. One of their tasks is to ensure that the common areas are maintained. If repair work is required in the stairwell, the WEG administration communicates with tradesmen. Overall In addition to traditional tasks, the WEG management is responsible for the common property inside and outside the building.
If it is a change of tenant instead, this is not the responsibility of the WEG management. A rented apartment in a building is not common property, but the separate property of a single owner.
What special property management is
The following situation: You own a rented condominium in a WEG. Your last tenant moved out just last week. The wooden floor has an oil stain, a socket is broken and the living room is painted yellow.
Which property management company is responsible?
Special property management (SEV for short) manages condominiums within a condominium owners' association. So while the stairwell is common property, your apartment and the associated basement room are separate property. If this apartment needs to be renovated, refurbished or modernized, this falls under the responsibility of a separate property management. Their tasks also include finding new tenants.
2. learning: WEG or SEV? If a property management company does not offer both services, a property may commission two property management companies.
There are property managers like us at EichenGlobal who represent both condominium owners' associations and individual properties in all matters. This has the advantage that your property manager knows the property and all responsibilities are in one hand. It is even better if the property management company is close to your property so that it can be on site quickly.
What falls within the remit of rental management
The following situation: The elevator of an apartment building in Berlin needs to be repaired and one apartment needs to be completely renovated. You own the entire property. Now you need to think about how you can upgrade both the elevator and the apartment cost-effectively - and increase the value of your property at the same time.
Which property management company is responsible?
Rental management companies act as proxy for the landlord, if you are the sole owner of the property. Tenancy management tasks include financial issues relating to property development, responsibilities in tenancy law and the management of notices of defects. You communicate between tenants and owners and ensure satisfaction on both sides.
WEG management, rental management, condominium management - what's the difference?
Here is a summary: The term property management is a collective term for the three types of SEV, WEG and rental management. The tasks of a property manager always cover similar areas. The differences lie in the area of responsibility.
Which property management company is responsible for your property
Are you buying a rental apartment or an entire property in Berlin? If the former, you will most likely become part of an existing community of owners. Then ask yourself:
- Is there already a condominium management company that takes care of commercial or legal expenses?
- Does the WEG also manage separate property within?
Have you invested in the entire property with rented rooms? Find out whether the property is already represented by a rental management company. If you are an international investor, you should look for a management company in Berlin that knows the rental market and can be at the property quickly.
3. learning: A property management company supports you in all administrative activities. What a property management company is not allowed to do, for example, is intervene in house rules. It always acts in the interests of the owner and only contacts tenants on these matters.
What do owners need to consider when choosing a property manager?
A good property management company in Berlin knows your market. They acts proactively to maintain and increase the value of a property. This also includes finding the right tenants and issuing notices of termination. So it's not just about tasks such as account bookings or deposit management. Property managers are also responsible for tricky situations.
On top of that, your real estate management company should maintain a broad networkto get in touch with professional service providers. Our property management services at EichenGlobal , for example, are only so broadly based because we have a large network in Berlin. Whether refurbishment work or energy consulting - we know the experts in the city and ensure that your returns are increased.
Especially in big cities like Berlin, there are all kinds of property management companies. Pay attention to this, which management company meets your needsAre you looking for a traditional management company? Or a contact with a modern management system? The choice of property management company should also depend on how often you are in the city yourself. For example, our clientele is international. All our employees speak English and organize documents in the secure online portal. All information about the property can be viewed by the owner anytime and anywhere.
4th Learning: Ensure good and trusting communication. Transparency is also a key characteristic of top managers.
How to find your contact person
Before you change property managers or seek professional support for the first time, seek advice - e.g. from friends, acquaintances or industry colleagues who also invest in real estate. Alternatively, get in touch for a non-binding introduction at a property management company near you. We would also be happy to introduce ourselves in person at your next owners' meeting! Do you have further questions in advance? Take a look at our FAQ for landlords for landlords.
