Unsurprisingly, the syndicate of co-ownership has a crucial role in a co-ownership. It will maintain the property, administer it in the interest of the community, and ensure the respect of the declaration of co-ownership.
The syndicate of co-ownership can self-manage the co-ownership, or hand over part of the responsibilities to a manager. Although it might be more expensive, hiring a co-ownership manager can be of huge help to the syndicate of co-ownership. Nonetheless, not everything is black and white. In this article, you will discover the pros and cons of hiring a manager to manage your co-ownership.
The Challenges
First, you must know that managing a co-ownership has high stakes. The tasks related to this type of management require skills and a level of expertise in this field. From managing the administration, the finances, and the human resources to maintaining the living spaces, several tasks must be carried out to ensure that life in the co-ownership is pleasant.
Even though there are numerous tasks, and the smallest mistake can be costly, the internally elected manager is often a volunteer. Thus, one must have the necessary knowledge and be willing to make time to manage the co-ownership. This is why many syndicates of co-ownership choose to hire a manager. Still, there are advantages and disadvantages.
The Advantages of a Co-Ownership Manager
#1: Delegate Daily Tasks
The manager will help the syndicate with its tasks and objectives. For example, they can be in charge of collecting the co-ownership fees or of drafting calls for tenders for maintenance services, such as snow removal, or for professionals, such as a gardener, an electrician, a plumber, etc.
#2: Have an Advisor
The manager, who has experience in co-ownership management, can support and advise the syndicate of co-ownership in order to improve the management of said co-ownership. These tips will help the administrators make the best decisions to better the co-ownership’s future.
#3: Get Rid of a Second “Job”
When a member of the co-ownership is in charge of the management tasks, they are usually doing so voluntarily; hence they do not get paid. Evidently, these tasks must be accomplished in the morning or the evening (before or after they go to work). This is not very practical if the person already has a busy life.
The Disadvantages of a Co-Ownership Manager
The main disadvantage of hiring a co-ownership manager is the financial aspect. Indeed, a manager can be quite costly; however, the professional tips given to the syndicate are not to be overlooked, as they will have positive long-term impacts.
Moreover, the management costs vary according to many factors. For example, the rate can depend on the nature of the contract, the type of management (total or partial), and the services provided. You can also negotiate the rate with certain managers to find a middle ground that will please both parties.
An Affordable Solution
Are you hesitant to hire a manager due to the costs, but your syndicate of co-ownership still needs a helping hand? Do not worry! There are other solutions.
Online management solutions were developed specifically for these situations. They are an easy-to use tool to help you manage and schedule certain aspects of your syndicate of co-ownership.
On a single platform, you can:
- Keep all your data (regarding the properties, the co-owners, and the suppliers) in one place
- Collect co-ownership fees (through payments by pre-authorized debits)
- Manage your accounting (bills to be paid and received, investments, co-ownership fees, etc.)
- Send automated letters and notices (via email or text)
- Manage your construction works (service calls, project stages, budgets, etc.)
- Generate your financial statements
Isn’t this the perfect solution to self-manage your syndicate of co-ownership?
Try Condo Expert for free now by clicking here: