Individual property management
Frequently, real estate owners also lack sufficient expertise to ensure optimum management of their property. The manager handles rentals, conducts property acceptance and handovers, prepares service charge statements for tenants, handles bookkeeping and debt collection, and performs numerous other duties that the owner would otherwise be responsible for.
Tasks individual property managers perform: Owners of individual property are usually one person or several people acting jointly (such as spouses or communities of heirs). The manager of the individual property may, but need not, simultaneously be the homeowners association manager. The manager may also oversee multiple property units belonging to the same or different owners. The object of individual management is indicated in the associated management agreement. As individual property managers, we perform the following tasks for you:
Financial services for individual property - Collecting and monitoring rent and other payments from the tenant and, if applicable, enforcing collections in enforcement proceedings for the individual owner - Paying and monitoring payment obligations for the rental property – if contractually agreed with the owner – and, if applicable, defending against false claims for the individual owner - Performing the regular bookkeeping for all income and expenses for the individual rental property - Preparing the annual operating cost statement in a timely manner (i.e. no later than 12 months after expiration of the statement period) for the individual owner - Leasing and handling tenancies (for instance, finding tenants, running credit checks on tenants, preparing lease agreements and, if desired, concluding lease agreements and handling security deposits) - Handling rent increases - Adjusting advance payments for operating costs - Receiving tenants’ notices of termination and, if needed, terminating lease agreements - Corresponding with contracting parties
Technical and structural services for individual property Handling property acceptance and handovers and preparing protocols on the condition of the property - Receiving notices of defects from tenants - Inspecting the rental property to identify defects - Tendering and overseeing required maintenance and repair work, servicing and renovations Support in legal matters - Representing the owner in legal matters if contractually agreed with the respective owner - Corresponding with attorneys
Our services Assessing existing tenancies and recording any opportunities for optimization - Regularly adjusting rents - Communicating with tenants, property managers, authorities, etc. - Monitoring rent payments and service charges - Preparing orders for payment and notices of termination - Settling annual accounts for heating and operating costs with tenants in accordance with the provisions of the lease agreement and case law - Handling adjustments to and advance payments for rent service charges - Thoroughly assessing and selecting new tenants - Preparing and signing new lease agreements with tenants - Conducting property handover to tenants, with detailed report - Conducting property acceptance from tenants upon termination of the tenancy, with detailed report - Regularly monitoring the proper condition of the property - Arranging and overseeing necessary (cosmetic) repairs and servicing and obtaining different cost estimates for approval by the owner - Initiating measures for maintaining the house rules - Preparing for general owners meetings and coordinating with the owner - Representing the owner at general owners meetings - Managing the security deposit in accordance with the rental agreement - Managing owner-occupied properties - Regularly reporting to and communicating with the owner - Preparing all property-related documents for the annual income tax assessment / annual balance sheet - Providing guidance and support in legal disputes in connection with the property - Providing 24-hour emergency service
