The role of Propertery Management is as complex and divers as the property to be managed. A split custoer base - owner vs. tenant - with often contrary interests require a high level of diplomacy and understanding of the respective situations. There are numerous aspects that determine the deliverables of a Property Management Service and thereby the best organization and processes. The main aspects will be discussed here.
Where is the Property Management legally attached, where does it fit in the org-chart? Where does it turn to for decisions? Who is the contract partner? Who can best manage the risks? Here is a list of factors to be considered when setting up or contracting a Property Management Service.
The positioning of the Property Management determines the specifications for the specifications which will be integrated into the service concept design. Besides drawing on our own experience we apply the recently established standard specifications for Property Management contracts:
BAMBI – Circle of Real Estate. The BAMBI Circle is an association of 27 investment companies and property management companies that aims to develop joint initiatives to promote the continuous professionalization of the German real estate industry. Essentially, the alliance focuses on the creation of market transparency, benchmarks, best practice strategies and closer cooperation between market participants. The Circle is sustained by the commitment of its managing directors, the management board members and the executives of the constituent companies.
Which building blocks of the specifications are applicable is determined by the positioning of the service and the goals of the investment strategy for the individual property or a portfolio.