The benefits of a property manager in a co-ownership

So you have finally found the home of your dreams. The mortgage application has been approved, you have made an appointment with the notary, and soon you will be starting to pack up your boxes.

Since the beginning of this process you may have come across the rather strange terminology that exists in the real estate world. As you are buying this apartment in a co-ownership, you are going to find out what a co-ownership property manager is. Even if you have heard the name before, their precise role and what they do are not always very clear.

With 148 years of experience, OP is able to set out the benefits of having a co-ownership property manager.

It is mandatory to have a property manager

All co-ownerships, however small, are obliged to have a property manager.

The service may be provided free of charge, where the co-ownership is not managed by a professional property manager. Smaller co-ownerships often choose this approach in the hope of minimising the associated costs and keeping the charges low. This means one or more of the co-owners taking responsibility for managing the property. Alternatively, it can of course be managed by a professional co-ownership property manager who specialises in this complex field.

What the co-ownership property manager does

We usually picture the property manager as the backbone of the co-ownership. They keep it going and make sure it stays healthy.

Representing the co-owners

The co-ownership property manager is actually the one who represents the co-owners in all administrative procedures, for example when placing orders on behalf of the co-ownership.

If problems arise, the property manager is authorised to represent the co-ownership in court, with an authorisation from the General Meeting where applicable.

You will probably agree that it is more reassuring to be represented by a person who is a professional in their field and has the experience and knowledge to match.

Managing the administrative aspects of the co-ownership

The co-ownership property manager keeps a list of the co-owners of the building. They also send them convocations to the Ordinary General Meeting that takes place once a year. Additionally, they may set up an Extraordinary General Meeting if this is needed.
The co-ownership property manager is responsible for producing the minutes of the General Meetings and sends a copy to the co-owners. Finally, they keep all these administrative documents in an archive.
How would all this get done without a dedicated service?

Taking care of day-to-day building and maintenance work

Voting in the General Meeting is usually about work that needs to be carried out. The property manager is then responsible for implementing the resolutions passed at the meeting.

Here is a practical example: the General Meeting voted by a 2/3 majority to do some renovation work on the outside wall at the front. It is the property manager’s job to send out invitations to tender and present them at the next General Meeting.

As the representative of the co-ownership, the property manager signs the agreements on behalf of the Co-owners’ Association and most importantly of all, supervises the work.

How would all this be done without the support and practical skills of a property manager?

The owner of an individual house can certainly manage any building work that needs doing on their own house. In that situation they are the only person involved, so they can make their own decisions at their own expense. Nevertheless, owners do still call on professionals such as a firm of designers to take responsibility for the work. This shows that there are some jobs that should ideally be done by experts.

The property manager also takes care of the co-ownership on a day-to-day basis. If a light bulb has gone in the lift, that is just the kind of problem a property manager will sort out very quickly.

How do you organise cleaning of the common areas? Some small co-ownerships, to keep their charges as low as possible, do sometimes decide to share out the work involved in cleaning the entrance hall, lifts etc. However, things can very easily go wrong. Even if a superb rota has been drawn up, the organisation is not always that great in the long term.

What happens when one of the co-owners goes on holiday? A neighbour comes back walking his dog in the rain and spreads dirt all over the entrance hall? It is virtually inevitable that there will be complaints from the person who has just cleaned the whole area, if another tenant comes and makes the whole area dirty two minutes later!

The co-ownership property manager can take responsibility for all aspects of cleaning, with a timetable agreed with the co-owners. The same applies when it comes to maintenance of any garden areas. Once again the co-ownership property manager is the ideal intermediary between the co-owners and any service providers.

The result is that neighbours continue to enjoy good relationships. In a previous article we offered some advice on problem-free living in a co-ownership.

Managing the personnel of the co-ownership

Some co-ownerships may involve one or more concierges or gardeners. They work for the co-ownership but it is the property manager who oversees their assignments. The property manager is also responsible for recruiting them (and dismissing them, if necessary), and for issuing pay slips.

Once again, this allows each co-owner to live in peace with the other occupants of the building, with no need to worry about the whole area of administration and personnel management.

A neutral arbitrator

Finally, the property manager is there to act as a link person between the co-owners and provide a neutral arbitrator if necessary. Voting on some issues can get a little contentious, and tensions can easily surface. The co-ownership property manager is there to moderate these discussions, which can otherwise easily turn sour. They can listen to the arguments on all sides. Thanks to their experience, they can explain why one option is preferable to another. Any co-owners who disagree might find it easier to get behind an explanation that comes from a professional.

As we said at the beginning of this article, OP has 148 years of experience as a co-ownership property manager, and we know how essential good day-to-day management of a co-ownership can be for everyone’s quality of life.

Would you like to find out more about our services? Contact us by e-mail: reception@op.be