What is the difference between a property manager and a syndic?
When you invest in real estate and buy an apartment, you not only own your private unit but are also co-owner of the building’s common areas. This means you may come into contact with both a syndic and a property manager. But what exactly is the difference? And who is responsible for what within an apartment building?
PROPERTY MANAGEMENT: PRIVATE VERSUS COMMON AREAS
Both roles involve property management, but their responsibilities differ significantly. While both a syndic and a property manager handle various administrative, financial and technical tasks, the distinction lies in the type of property they manage:
The syndic manages the common parts of an apartment building and is the main point of contact for co-owners. The syndic is appointed by the General Assembly of co-owners and ensures the building remains in good condition by carrying out the Assembly’s decisions.
The property manager manages the private parts of a property, such as an individual apartment. A property manager is appointed by one owner to manage the property on their behalf, including renting it out, collecting rent and carrying out repairs.
LEGAL OBLIGATION VS. PERSONAL CHOICE
Appointing a syndic is a legal requirement for buildings with multiple owners.
Appointing a property manager is a personal choice for an owner. This often happens when an owner wants to rent out their property but does not have the time to handle administration, repairs or rent collection.
TASKS OF A SYNDIC
The syndic is responsible for managing the building’s common areas and carries out various administrative and technical tasks:
Administrative management: keeping the records of the co-ownership association, organising the General Assembly and implementing its decisions.
Technical management: coordinating repairs and maintenance of common areas such as the lift, façade and roof.
Financial management: drafting and managing the annual budget, dividing costs among co-owners and collecting contributions.
Legal compliance: ensuring the common areas comply with all legal obligations, such as fire safety and mandatory inspections.
A property manager handles the owner’s private property and has a broad range of tasks:
Administrative tasks: drafting and managing lease agreements, ensuring compliance with legal obligations and communicating with tenants.
Financial management: collecting rent, preparing statements and following up on any arrears.
Technical management: coordinating repairs and maintenance of the apartment to keep it in good condition.
Letting and tenant management: finding new tenants, screening candidates and drafting rental contracts.
PRACTICAL EXAMPLES: WHO SHOULD YOU CONTACT?
The lift in the building is broken? Contact the syndic.
The tenant reports a defect in the built-in dishwasher? Contact the property manager.
A common area needs painting? This is the syndic’s responsibility.
A tenant has caused damage in your apartment? The property manager handles the follow-up.
WHY HIRE A PROFESSIONAL SYNDIC OR PROPERTY MANAGER?
Proper property management is essential to preserve your investment’s value. Both the syndic and the property manager contribute to smooth operations, each with their own responsibilities.
A syndic ensures the building’s common areas are well maintained so the property retains its value and co-owners avoid unexpected problems.
A property manager ensures worry-free letting and takes care of private property management so the owner does not have to deal with tenants, maintenance or administration.
LOOKING FOR A PROFESSIONAL SYNDIC OR PROPERTY MANAGER?
Are you a co-owner looking for an experienced syndic to manage the common areas of your building? Or are you the owner of an investment apartment and want to appoint a property manager to take over property management?
Request a no-obligation quote from Syndicus Syncura for professional building management or from Rentmeester Rencura for worry-free management of your investment property.
