Condominium management

Real estate and asset management is becoming an increasingly serious challenge in modern economic life. It is estimated that in the life of a property, 30% of its costs are before it is commissioned and the remaining 70% after.

Effective property management increases the market value of buildings and facilities and extends their useful life. The implementation of professional management companies leads to increased quality of service, reduced operating costs and increased direct real estate revenues. In order to achieve all this, it is necessary to start management from the planning (conceptual design) itself. The main goal is to improve management, accurate tracking and reduce costs by concentrating all information about buildings, contracts, office supplies, rents, energy costs, cleaning costs, security, maintenance and much more in one place.

In Germany, the facilities and property management business accounts for 15% of the country's gross domestic product. In the States, it is so important that in many buildings the building's board of directors may refuse to sell an apartment to a potential buyer because it is believed that the buyer may be a bad neighbor, based on submitted information about credit history, occupation and a bunch of other indicators. In Bulgaria, this is a young business that still faces a number of problems, especially in apartment buildings, where people are used to not paying for such a service and consider it unnecessary, to one that adds value to the building.

What does condominium management involve?

Condominium management combines resources and activities for the day-to-day normal use of the common areas of the building. It may include:

  • Cleaning common areas - stairs, hallways, facades, snow, parking;
  • building maintenance - roof, entrance, lighting, doors;
  • maintenance of installations - plumbing, high and low current, cabling and internet, fire alarm;
  • Facilities maintenance - elevators, air conditioning, heating, ventilation;
  • Building work - painting, drywall, tile;
  • security - doorman, concierge, CCTV, access control;
  • maintenance of parks and gardens, swimming pools, outdoor gyms;
  • house book keeping, payment of utilities - electricity, water;
  • and much more.

Different properties need different numbers and types of services, so different buildings have different maintenance costs.

Who takes care of all this?

By condominium resolution, a condominium must be created and have a board of directors and a manager. The manager, or condominium manager, can, with the consent of the board, contract with a third party condominium management and maintenance company to be responsible for all the services that the condominium has chosen to use, or the condominium can handle this task itself.

Why is condominium management important?

Imagine that you own a one-bedroom apartment in a building that was built in 2010. You bought the apartment in the "boom" with the purpose of resale, the prices have fallen, you have kept it empty and unfinished for a long time because of the loss you were about to realize. The building had no condominium management, there was no need. Now prices are going up, you wish to "get rid" of your investment. You go into the building - the elevator doesn't work, it hasn't been paid for, the railing - broken - so what, the entrance - dirty and uncleaned, the plaster on the entrance has started to fall off. And you are taking clients, and explaining to them how their purchase of your exact apartment would be the best deal of their life. What would their reaction be?

Make no mistake, more and more people are also looking for a quality living environment outside of the apartment - to be clean, inviting, and luminous. Don't you want that? After all, you also own those common areas. It's right to look after them as you look after your own home.

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