Regardless of its form, property management can be handled by either a natural person or a legal entity. A property manager must be appointed during the first general assembly of co-owners.
Depending on the specific characteristics of each co-ownership, some types of management are more suitable and relevant than others. Below is an overview of the main types of property management.
Also called a non-professional manager. Contrary to what its name might suggest, a volunteer manager can sometimes receive compensation, although it is generally lower than the fees of a professional property manager. This role is often taken on by one of the co-owners of the building.
Whether professional or not, the manager has the same functions and responsibilities: maintaining common areas, convening general assemblies, collecting debts from co-owners for building works, etc.
This type of management is more suitable for larger co-ownerships (beyond 4 or 5 lots), as it is entrusted to a professional who offers all necessary guarantees. The professional property manager has strong insurance coverage, such as a professional liability insurance policy. Their legal, technical, and managerial expertise also contributes to the smooth running of the co-ownership.
Like the volunteer property manager, the professional manager has a set of responsibilities and duties. They are appointed for a maximum term of 3 years, which is renewable, by the general assembly of co-owners. During their contract, the professional manager can be dismissed.
Additionally, the professional property manager must comply with the IPI (Institute of Professional Real Estate Agents) Code of Ethics and adhere to professional secrecy. Unlike most volunteer managers, a professional property manager is paid, with fees known as management fees.
The statutory manager is a special case: it refers to a temporary manager appointed by the property developer or project owner in a new construction project. The statutory manager remains in office until the first general assembly of co-owners.
During this meeting, co-owners can either retain the existing statutory manager or appoint a new one.
The appointment of a judicial property manager by the justice of the peace aims to address deficiencies in the existing management or the absence of a manager. The law does not specify the exact scope of action of a judicial property manager, but case law considers it to be similar to an ordinary property manager. As such, they must assume the same management responsibilities.
If an existing property manager fails to perform their duties, one or more co-owners can legally petition a judge via a contradictory request to appoint a temporary manager.
Good to know: Since April 1, 2017, co-ownership associations are required to register their managers’ details with the Crossroads Bank for Enterprises (CBE).
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