Although most landlords are familiar with what a property manager for a co-owned property does, the distinction between a simple manager and a genuine strategic partner can sometimes be unclear. All landlords recognise how important it is to have a competent property manager but few are aware of the multiple aspects of this partnership and what they can legitimately expect. In this article, we explore what every landlord should legitimately expect from their property manager and the benefits of a professional, effective working partnership with Syncura.

Transparent communication

Transparent communication is the cornerstone of a successful relationship between the landlord and the property manager. It helps to reduce misunderstandings and potential conflicts and also encourages owners to become more involved in community life, making it easier to solve problems. By promoting an open, honest exchange of information, transparent communication helps to boost the cohesion and wealth of the co-owned property.

A good property manager does not limit themselves to one-way communication, but encourages open, constructive dialogue with landlords. They must be available to answer questions, clarify unclear issues and take account of owners’ concerns. This kind of interaction leads to better mutual understanding, greater trust and more harmonious management of the co-owned property.

Efficient administrative management

A fundamental part of the property manager’s responsibilities is administrative management of the co-owned property. This includes updating legal documents, managing finances and preparing for General Meetings. A landlord can reasonably expect their property manager to keep things well organised, ensuring that all the administrative documents and processes are up to date and comply with the legal requirements.

Monitoring building work and maintenance

Preserving the value of the property depends largely on quality monitoring of building work and maintenance. A responsible property manager should regularly supervise any necessary maintenance work, ensuring the durability of the common facilities and protecting residents’ quality of life. Landlords are entitled to expect their property manager to be active in preventive maintenance and solve problems rapidly.

Compliance with legal regulations and standards

Strict compliance with legal regulations and standards is essential to maintain the legality and integrity of the co-owned property. The property manager must be up to date with all local and national laws governing the co-owned property. This includes compliance with safety standards, building regulations and any other relevant legislation.

Managing disputes and conflicts

Within a co-owned property, disputes and conflicts may arise. An effective managing agent must play an active role in solving these problems, by encouraging mediation where possible and seeking fair solutions. Landlords can therefore expect their property manager to intervene in a professional manner to maintain a peaceful atmosphere within the community. However, this does not mean that the property manager acts as a judge; landlords should not expect the property manager to settle a legal dispute.

Suggestions for improvements and optimisation

A proactive property manager does not just manage daily affairs, but will also suggest improvements and optimisation, such as recommendations for improvements, energy efficiency initiatives or suggestions to improve residents’ quality of life. Landlords can benefit from this proactive outlook to increase the value of their investment.

Financial transparency

Transparent financial transparency is essential in a co-owned property. Landlords should expect clear financial reports, detailing the expenses, reserves and maintenance costs. A professional property manager should make this information easily accessible, answer landlords’ financial questions and ensure responsible use of the co-ownership funds.

Preparation and chairing of General Meetings

Preparation and chairing of General Meetings are an important responsibility of the property manager. A landlord could expect their property manager to organise efficient meetings, provide clear documentation, encourage participation from landlords and facilitate constructive discussions.

Availability and responsiveness

In short, an effective landlord must, as far as possible, be available and responsive to landlords’ concerns. Expectations in terms of response times and availability must be defined at the start, ensuring fluid communication and rapid problem solving. In small co-owned properties, management can often be more available and responsive, as the structure is simpler and communication between the landlords and the property manager is more direct. However, it’s important to recognise that small co-owned properties can also present unique challenges, as more frequent problems or raised expectations can demand extra attention and effort from the property manager.

Professional ethics

Finally, a property manager must follow professional ethics. Landlords should expect their property manager to act with integrity, ethically and transparently in all their interactions. Sound professional ethics create an environment of trust and strengthen cooperation between the property manager and the landlords.

In conclusion...

All landlords can legitimately expect their property manager to adopt a professional, rigorous approach to managing the co-owned property. By establishing clear communication and properly defined expectations at the start, landlords and property managers will find it easier to work effectively together, ensuring that all aspects of property management are dealt with exhaustively. This proactive approach will boost the sustainability and long-term wealth of their property investment.

If you work with experienced, committed professionals such as OP, you will benefit from our solid support and unparalleled expertise in managing your co-owned property. Our full range of services include asset maintenance, organising General Meetings, managing cashflow and expenses, and monitoring building work and maintenance. We are committed to providing complete, efficient administrative management. In addition, our commitment to financial transparency and professional ethics means that landlords can have full confidence in how their property investment is managed. So contact us right away!