What is the role of a property manager ?

The property manager in a property with multiple co-owners has many different tasks. The concrete work of the property manager in a building can be divided into four areas: administrative management, financial management, technical management and representation of the building’s co-owners. In this new article we will look in detail at the tasks of the property manager in each of these areas.

Administrative management

The property manager:

• Is responsible for good administrative management of the building: he maintains updated contact details for all the co-owners, carries out secretarial duties and correspondence, manages and follows up specific cases, etc.
• Calls the general meeting: he attends the meeting and drafts the minutes, which he then sends to all the co-owners
• Enters into contracts (after approval from the General Meeting) with service providers (maintenance, insurance, etc.), requests quotations etc.
• Keeps all the documents relating to the co-owners’ property such as account statements, reports, etc.
• Calls an extraordinary general meeting when important events occur (serious damage, unusual costs, legal proceedings, etc.).

Financial management

The second area is financial management. The property manager keeps the accounting records for the building. He manages the income and expenditure relating to the co-owners’ property. He is also responsible for prompt payment of suppliers and for managing the reserve fund (the fund that is available to pay for major costs) and the working capital.

Technical management

The property manager is responsible for technical management of the building. He has to take the right decisions to keep the co-owners’ property in good condition (for example: cleaning the common areas and regular inspections of the lifts) and is also responsible for any repair and/or renovation work. Nevertheless, the property manager can only carry out certain types of work after approval by the Co-Owners’ Association (COA), except in cases of extreme urgency (flood, fire, natural disaster). In this case, the property manager is entitled to initiate the work on his own initiative.

Representation of the building

Finally, the property manager is responsible for representing all the building’s co-owners, especially when entering into contracts or in legal proceedings.

Conclusion

In summary, the property manager has an essential, complex role requiring a meticulous approach and a strong sense of responsibility. It must be remembered that the property manager’s remit is limited to the common areas of a property. This is different from private management, which is operational and administrative management of a leased property.

Are you looking for someone to manage a building? OP has extensive experience in this area, regardless of the purpose for which the building is used: apartments, offices or retail.

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