What is a property manager?
Those who want to earn money from their property without dealing with the practical side often look for a property manager. We walk through what you can expect.
Property is often seen as a form of passive income. However, when you manage and rent out property yourself, you quickly discover that it is not so passive after all. In short, a property manager ensures that you spend little to no time on your property.
Is a property manager mandatory?
Besides the questions "what is a property manager?" and "what does a property manager do?", people sometimes ask whether a property manager is mandatory. We therefore clarify here that it is not mandatory to have a property manager for your property. Depending on how much property you have and how much time you can or want to spend on it, you can keep everything under control yourself.
Difference between property manager and syndic
Apartment owners sometimes wonder what the difference is between a property manager and a . The first difference: unlike the property manager, the syndic is a legal requirement.
Simply put, the syndic is responsible for the common parts of the building, while the property manager deals exclusively with your apartment. This also means that a property manager cannot take over all your obligations and responsibilities as a co-owner. You cannot, for example, send your property manager to the annual general meeting of the association of co-owners in your place.
Finally, the property manager and syndic do not have a figurative contact ban. If a tenant reports to the property manager that the light in the entrance hall no longer works, they may of course report this directly to the syndic.
What does a property manager do?
Now that you know what a property manager is, we briefly run through what they can do for you. This does not mean that every property manager will perform all these tasks. There is no minimum task package that must be fulfilled before someone may call themselves a property manager, so always discuss this in full.
To begin with, the property manager handles all communication with tenants. All emails, text messages and phone calls go to them so you do not need direct contact with tenants.
Tenants usually only get in touch when there are problems. You can also pass those problems on to the property manager. Is an electrician needed? The property manager arranges an electrician. Of course, the cost of that electrician is still for you as the owner.
In addition, the property manager can follow up on recurring inspections and certificates. Think, for example, of renewing the EPC certificate or installing new smoke detectors in Brussels.
The property manager is then responsible for all finances, both income and expenses. In this case, rent payments may pass through the property manager's account. This is useful, for example, so they can contact the tenant in case of late payments. The annual is also handled by the property manager.
Finally, the property manager handles everything involved in finding new tenants, including the departure of current tenants. This can be the full process, from placing an advert and organising viewings to the inventory report and signing the lease contract.
How much does a property manager cost: rates
The cost of a property manager is almost always based on the rent of your property and depends on the task package. A percentage of the rent is usually withheld monthly as the property manager's fee.
That fixed percentage can vary between approximately 5% and 15%. The average rate is around 7.5%. Because this percentage is based on the rent, most property managers also charge no fees when the property is vacant.
On the other hand, there are often additional costs when there are new tenants. That makes sense, because a lot is involved in a change of tenant. Think of the key handover, inventory report, drafting of the lease contract, setting up the rental deposit…
In addition, some property managers have different rates depending on their task package. If you prefer to find new tenants yourself, for example, you can sometimes save costs. Keep in mind that not every property manager works this way and that some only offer a full package.
Do you need a property manager?
We close with the question you may be asking yourself at this point: "do I need a property manager?" Everyone naturally wants to earn money from their property without spending much time on it, but not everyone wants to give up part of the rent every month. Some also find it difficult to fully entrust their valuable property to someone else.
That is why SNDQ can be a good middle ground. The platform can automate many tasks for you. Think of rent indexation, maintenance follow-up, rent payments, administration… The price of SNDQ is a fraction of the cost of a property manager, so you keep more for yourself.
Are you ready to turn your property into passive income while still keeping control?
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