Property managers such as Keyrenter Houston Local Property Management Company are the managers of a property. Accordingly, as the owner, you should make sure that you hire a competent person to look after your house or apartment. Constantly increasing demands on the field of activity, permanent legal changes, and court decisions make it necessary for administrators to undergo regular training. Membership in an association ensures at least a certain level of qualification.
Even if no fixed professional training is prescribed for administrators, specific points can provide conclusions about the degree of professionalism. A good administrator should meet the following criteria, among others:
Vocational training in the real estate industry, for example, to become a real estate agent or real estate specialist: The Administrator has the basic commercial, technical and legal knowledge and can work successfully full-time.
Meaningful references or recommendations from acquaintances: If the property manager works reliably for other owners, there is a good chance that this will also be the case for you.
Professional and transparent office organization: The Administrator should carefully draft documents such as the business plan or the annual accounts, be easily accessible, and be represented in the event of vacation or illness.
Adequate insurance coverage: The property manager should be insured for damage caused, for example, by negligence or exceeding his powers of attorney. Business liability, financial loss liability, or fidelity liability insurance are conceivable.
How Is The Administration Commissioned?
community of owners
The administration of the common property lies in principle with the community of owners. This means that a property manager is not mandatory. The apartment owners decide on the appointment or dismissal of an administrator. The Administrator can be a member of the WEG or an external person.
If an owner now wants to appoint a new administrator, it must convene an owners’ meeting and choose its favorite if there are several candidates for election. The manager contract may have a maximum term of five years – if the manager is appointed for the first time after establishing homeownership, even a maximum of three years. However, re-election is possible.
Parallel to the election of the new manager, the owners’ meeting must also determine the essential points of the manager contract, such as the term or remuneration of the manager. The contract details are usually negotiated between the Management Advisory Board and the Administrator at a later date.
If you, as the owner, would like to use rental management or special property management, there are no legal regulations as there are when designating a condominium management company. It is entirely up to you how you proceed with selecting the manager and which points are included in the management contract.