Property Management

Having bought property in Germany, there are a lot of daily issues to take care of. In consequence, the simplest way to effectively manage your property is by commissioning a reputable property management firm to handle all the ins and outs and red tape which ownership of real estate inevitably entails. There are no legal regulations concerning the content of such an agreement, but it is always based on a property management contract between the owner and the property management company. Within the contract, individual rights and responsibilities are spelled out on a case-by-case basis to suit the particular needs of the owner.

Basically, there are two types of property management – financial and technical management.

The financial management may include the following aspects:

• Calling the annual meeting of the building’s tenants
• Assignment and payment of supply services (utilities such as waste disposal, electricity, water etc.)
• Bill Payments
• Final accounting of annual supplementary expenses
• Collection and management of the rents
• Penalties for late rent payments by tardy tenants
• Regular financial statements
• Review of monetary transactions for accuracy and efficiency (level of rents, insurance costs, etc.)
• Accounting
• and other economical requirements

The technical management may include:

• Walk-through inspections and re-rental of flats
• Control and surveillance of services (e.g., cleaning)
• Performance and checking of maintenance chores and modernisations
• Operation and checking of equipment (bell-tone system, heating facilities, elevators, security devices)
• and other technical requirements

In a majority of cases, the property management company is the primary address tenants will contact in the event of problems within their flat. The property manager, as representative of the owner, takes care of all issues connected with the property. Therefore, he is the go-between for both owner and tenant.

Some of the property management companies also offer housekeeping services. These basically include services like:

• Small repairs
• Regular cleaning of the stairwell and spaces in front of the house
• Landscaping
• Snow and ice removal during wintertime (obligation to spread sand or salt)
• Putting out the dustbins
• Keeping the backyard clean

The cost of services rendered by a property management company depends on the individual contract negotiated.

Concabral has experience in working with different property management companies and can provide information to find the right management company for clients and their property. Moreover, Concabral stands ready to assume the role of consultant and/or middleman on behalf of the owner vis-à-vis the chosen management company.