The field of activity of a property management services company for condominiums is legally defined. The Condominium Act is applied here, according to which the management of a building has to represent the interests of the owner via third parties. In doing so, it has to proceed economically and appropriately.
There are many services that a property management company offers. 33 Realty offers the following tasks and duties:
Maintenance and refurbishment
- Timely implementation of remedial measures, e.g. Replacing windows, repairing water damage
- Supervision and care of the house and the outdoor facilities
- Commissioning of repair work, e.g. on electrical, water and gas lines or elevators
Cost accounting and reserves
- Billing of operating costs
- Calculation of heating and hot water costs
- Build up reserves
- Reminders of arrears should payments from owners be outstanding
Duty to provide information and visibility
- Obligation to provide information to all apartment owners to provide information on the contents of the management contract
- Viewable account for every owner about deposits and withdrawals
- Annual forecast of any remedial measures that may arise
- Transparent information about the cost calculation and the required reserves
- The utility bill must be sent in writing to the owners no later than 6 months after the end of the last calendar month
Owners meetings
- At least every two years, an owners’ meeting is called
- Information about the condition of the house, changes in costs and future investments
- Discussion platform for complaints and problems, with the property management acting as a problem solver
There are no legal requirements for the management of rental properties . The area of activity of the property management results solely from the contractual agreement with one or more property owners. Consequently, it has to represent the interests of these property owners via the tenants.
