Property management is a complex task that requires expertise, experience and organization. However, not all property management is the same - property management and tenant management in particular have different focuses. While property management takes care of shared property in a condominium owners' association (WEG), the focus of rental management is on looking after rented properties on behalf of the owner. But what exactly do the two types of management do? GWB Services explains the differences and shows which solution is right for your property.
Property management (also known as WEG management) is responsible for managing communities of owners in accordance with the German Condominium Act (WEG). In apartment buildings with different owners, the property management company takes care of the organization, accounting and maintenance of the common property.
An essential part of property management is the administration of common property. This includes stairwells, elevators, underground garages, outdoor facilities and the building's technical systems. The property management company ensures that all necessary repairs and maintenance measures are professionally coordinated.
Financial management is also one of the core tasks. The property management prepares the annual property management statements for the owners and manages the communal reserves in order to finance major modernization and maintenance measures.
Another important area is the organization of owners' meetings. Resolutions are passed here, which are then implemented by the property management company. This also includes compliance with the house rules to ensure harmonious coexistence within the community.
While property management takes care of the joint property of several owners, rental management is specifically responsible for landlords of single or multiple properties. It relieves owners by taking care of all tasks relating to letting.
Tenant management is a key area. This includes selecting suitable tenants, drawing up tenancy agreements and communicating with the tenants. In the event of a change of tenant, tenant management also takes over the handover of the apartment, organizes renovations and looks for new tenants.
Rental management is also responsible for rental accounting. It ensures that the rent is collected on time, prepares utility bills and handles the dunning process if payments are not made.
Another important aspect is the maintenance of the property. Tenant management coordinates tradesmen, monitors necessary repairs and plans modernization measures in order to secure the value of the property in the long term.
The choice between property management and rental management depends on whether you are part of a community of owners or own a rented property.
A property management company is the right choice when it comes to managing shared property, for example in an apartment building with various owners. It takes care of the maintenance of the building, manages the financial resources of the community of owners and implements resolutions.
Tenancy management, on the other hand, is relevant for landlords who rent out one or more properties. It takes on all tasks relating to tenancies, from finding tenants to billing and maintenance.
Whether you need property management for your condominium or are looking for rental management for your rented properties - GWB Services is your experienced partner for professional property management.
