Real estate creates a relatively high administrative burden. While this is done by 33realty.com homeowner associations themselves, others outsource this effort to a professional property management company. This is recommended due to the legal administrator’s obligation and the complexities of WEG law.
After the order has been placed, the property management services in Chicago take on the organization of a property, both as a commercial and as a technical administrative entity. Contrary to what is often perceived, property managers do not take on the tasks of a caretaker, but rather their supervision.
The owners ‘meeting of the apartment owners’ association decide whether the management should be taken over by a property manager.
Adequate insurance cover from the property management is mandatory
The professional liability insurance covers financial losses associated with the owner’s assets held in trust-related, financial loss thus caused by the administrator through negligence or exceeded its power under owner-powers. Owners should not only make sure that such insurance is in place but also the amount up to which damage is covered.
Professional liability insurance does not include compensation for property damage and personal injury in the manager’s business and within the managed property. For this reason non-statutory liability insurance. This also covers financial losses resulting from personal injury and property damage.
Ultimately, the purpose of fidelity liability insurance is to protect the owner of the property management against misappropriation of property by his employees. The extent to which the insurance also covers willful actions by the administrator must be clarified with the respective insurer. Ultimately, this insurance benefits the owners, as they are protected against embezzlement in the area of property management. The contract, accounts, documents: the calling card of a good property management company
In the management contracts, the tasks and powers of the manager, as well as the duties and rights of the owner, are to be listed. This also applies to the amount of the basic remuneration including the services contained therein. Likewise, the additionally agreed services along with the special remuneration accruing for them are to be presented. Furthermore, statements about the liability of the administrator are to be made. Should a probationary period of usually six months or another option for ordinary termination be provided are agreed, this is to be regulated in the management contract.
The annual accounts must be clear, complete and understandable. Even owners who are not legally or economically educated must be able to comprehend the billing mentally and arithmetically.