The property manager such as Keyrenter Houston Property Management Company is the caretaker and organizer of a property. He is responsible for both commercial and technical administration. Traditionally, he does not take on the tasks of a caretaker, but he does monitor the work of such a caretaker. However, there is no statutory catalog of services for the duties of an administrator. These are regulated individually in the management contract but must always comply with the principles of proper management.
A property manager, different managerial activities
The areas of responsibility of real estate managers can be very different, depending on what kind of property it is or who the client is.
The manager of an apartment building, whose individual units are divided into separate, manages the common property, but not necessarily the individual units. This means, for example, that the administrator has to obtain tradesmen’s offers if, for example, the stairwell is to be renovated. However, if an apartment owner wants to re-tile his bathroom, this is not one of the tasks of the WEG administrator.
The administrator takes care of all commercial matters of the community of owners: For example, he creates business plans, does the bookkeeping, and manages the proper verification of all incoming and outgoing payments. He also prepares utility bills for the owners of the individual units.
If an apartment owner rents out his unit, he settles the additional costs with his tenant. He may not pass all cost items that the manager bills him to his tenant. Landlords have to bear maintenance reserves or the administrative costs themselves.
It is also the task of the administrator of a condominium association to organize and conduct the annual owners’ meeting. Agenda items, such as upcoming repair or renovation work, are processed, and the owners’ decisions are recorded. The administrator must record all decisions in a collection of decisions so that even years later, it is still possible to determine what the community of owners had once decided.
In contrast to the WEG administration, the rental manager does not represent the interests of a community but those of an individual owner of an apartment building. The rental manager is responsible for managing the entire property, including the individual residential units, and is even the contact person for the tenants. It is often agreed that the rental property manager also takes care of the rental of the units, issues rental contracts, and enforces rent increases. As an administrator, however, he may not demand any brokerage commission. Under certain circumstances, it can be agreed in the management contract that additional costs will be charged for the processing of new rentals. Unlike the WEG manager, the rental property manager does not have to organize any owners’ meetings since he only works for the owner.
Since a condominium manager only manages the community property and not the individual units, the owner must manage his condominium himself – or hire a manager. This is especially useful if the unit is rented and the owner doesn’t live on site. The special property manager is then the contact person for the tenant and, for example, also prepares the annual ancillary cost statement for them. Anyone who decides to manage the special property as the owner should consider hiring the administrator and not a third party. He then receives an all-inclusive package from a single source.