How to find a competent property management companyLink to this section
You're looking for a competent property management company that can handle the legal, technical, and administrative tasks of property management for you. Renovations, repairing defects and damage, and commissioning utility services – all of this requires time and expertise that you lack. But, as is the case almost everywhere, there are competent partners and so-called black sheep among property management companies.
Therefore, a quality check is paramount when selecting a property management company. In addition to the hard facts, which you can check off using our checklist, the personal impression and a good gut feeling are also crucial. Because when things are right on a human level, the collaboration works much better.
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Where to find a competent property management companyLink to this section
Finding the right property management company is often the first step when establishing a homeowners association or replacing an existing management company. Does this apply to you?
Use these two points of contact when looking for a new property management company:
Ask those around you:Personal recommendations from friends, colleagues, neighbors, or acquaintances who have already had positive experiences with a property management company are worth their weight in gold. They give you a first impression of the quality of service and the manager's reliability.Use local search terms on Google:An online search can give you an overview of property management companies operating in your area. A suitable search term is the keyword property management + your location. For example: "Property Management Berlin" or "Property Management Charlottenburg." Ralph, for example, is a property management company serving the entire city of Berlin – whether in Berlin Mitte , Prenzlauer Berg , Friedrichshain , Kreuzberg or Charlottenburg .
Finding a property management company: Your checklist for selectionLink to this section
The most important question when choosing a property management company is: What distinguishes a truly good property management company? First and foremost, a truly good property management company stands out from the rest through trust, efficiency, and a professional approach.
The administrative industry in Germany is struggling with major capacity problems, which unfortunately often means that many administrators are either unresponsive or slow to respond, simply don't complete their tasks, and are rarely reachable. All of this consumes a great deal of time and stress.
You should pay attention to the following points when searching for a property manager:
The administration is easily accessible and offers flexible office hours:If problems arise, such as a burst pipe, it's important that assistance can be provided quickly. An easily accessible administration can respond promptly and initiate the necessary steps to resolve the problem.There is full transparency regarding costs, contracts, legal documents and invoicesThis strengthens trust in administrative tasks, enables efficient administration and protects against errors and legal disputes.There are lean, digital processesBy digitizing workflows, you can be sure that all concerns from tenants and your co-owners are addressed promptly. This ensures quick and efficient handling of inquiries and problems.There are flexible contract terms:The needs of your homeowners association can change over time. Flexible contract terms allow you to adapt the contract to new requirements without having to adhere to lengthy notice periods. Should you, as an owner, be dissatisfied with the performance of your management or would you like to Change property management , this can be implemented more easily and quickly with flexible contract terms.There are personal property managers on site:Find a condominium management company in your area that personally manages the property and your community and is available.The property management is known for fast response times:Solving problems, damage, and other challenges quickly and competently is essential. With a management team that responds quickly, you'll always feel competently looked after.The administration is a member of associations:Property managers can be members of various professional associations such as the VDIV, VdH, or BfW. While such membership is not mandatory, it indicates a high level of expertise and commitment to the industry.The WEG administration has references:Feel free to request references from potential property management companies if you can't find them online. Make sure they're from long-standing relationships. Successful service over many years is a better indicator of a management company's quality than short-term projects.The administration is insured:Both commercial liability and financial loss liability insurance are legally required for property managers. Nevertheless, you should review the insurance policies carefully. Pay particular attention to the coverage amount. Given the high value of property management, the coverage amount per claim should be at least €500,000.The property management has satisfied customers:Online reviews on platforms like Google, ProvenExpert, or Trustpilot provide a first impression of a property management company's work. Pay particular attention to the source of the review and the content of the criticisms.The website makes a serious impression:A property management company's website is often the first impression you get as a property owner looking for a new property management company. While a professional website isn't a guarantee of good service, it does provide an indication of the company's working practices and modernity. Pay attention to whether services are clearly presented and whether digital tools for communication and reporting claims are available.The website has an imprint:When comparing property management companies, be sure to check the imprint. This is where you'll find important information about the company, such as the name of the management and the company's headquarters. A complete and up-to-date imprint is a sign of trustworthiness.The property management is certified:Since the 2020 reform of the German condominium association (WEG), certification has become an important quality feature for property management companies. It guarantees that the property management company has the necessary expertise to manage your property professionally. Certification of property management companies is carried out by the Chamber of Industry and Commerce.
The more points you can tick on our checklist, the better the property management company you choose.
Clarify your expectations of property management: What services do you need?Link to this section
Before submitting an inquiry, you should carefully consider what tasks the management should perform. While the German Condominium Act (WEG) stipulates certain responsibilities for condominiums, the scope of services can be tailored more individually for rental properties. The responsibilities of a property management company are diverse and range from technical support of the building to financial management and legal representation.
Many management companies also offer additional services such as concierge services or tenant matching. To ensure that the management company you choose meets your individual needs, you should clearly define in advance what services you expect and want.
Having a clear understanding of your requirements will help you find the right property manager more quickly and avoid potential problems or disputes from the outset.
Consider the property’s specific challengesLink to this section
Every property has its own unique characteristics. To better assess which property management company is right for your property, you should be able to honestly answer the challenges the property presents.
This includes, for example, the condition of the property, but also any legal disputes or administrative work from previous years. Address these challenges honestly and transparently to find a property management company that is up to the sometimes demanding tasks.
Keep the manager search clearLink to this section
Choosing a property management company is an important decision that should be made carefully. The range of property managers is large and diverse – from small, owner-managed companies to startups and large, established service providers.
It's worth getting a comprehensive overview of local providers. Then you can take the next step.
Obtain offers and order WEG managementLink to this section
Are you about to decide on a new property management company? Before you make a final decision, you should obtain individual quotes from the shortlisted companies. They will provide you with detailed information about the services offered and the associated costs.
To receive a tailored offer, it's important that you disclose all relevant information about your property. This includes any backlog of renovations or ongoing legal disputes. This is the only way the management can prepare a realistic offer.
When choosing the right property management company, personal factors such as sympathy and trust play an important role alongside costs. Ultimately, you want to work with your property management company long-term.
The appointment of a property management company varies depending on the legal form. For a condominium association, a resolution is required at the owners' meeting. The legal provisions regarding the request for proposals must be observed.
Conclusion: How to choose the right property management companyLink to this section
Finding a property management company requires careful research. When choosing, it's a good idea to consider a few basic criteria. Take a look at the services offered by your potential new property management company.
A good property management company will list all services and costs transparently. Can the property management company also provide good references? Is the property management company easy to reach, and are their processes streamlined? Are there dedicated property managers on-site?
If these and other points from the checklist are observed and fulfilled, the search for a property management company will quickly be off the table.
Property management can be changed without giving reasons
Ideally, a relationship with a property management company is designed for the long term. The more the property management company knows the property, the better it will be looked after. If you're dissatisfied with your property management company, you're probably not a good fit, and working together is no longer possible.
The existing management contract can then be terminated at any time without giving reasons. If the contractual relationship is terminated, the existing property management company is not obligated to find a successor. Sole owners of a rental property decide on the selection of the new manager themselves, whereas in a condominium association, the change must be approved by a vote.
Interested in joining Ralph? Please leave us a message and we'll get back to you to discuss the details.
