WHY APPOINT A PROFESSIONAL PROPERTY MANAGEMENT COMPANY?
When a building is brought into the co-ownership system, the appointment of a professional or volunteer property manager is mandatory.
In the case of many small-scale buildings, it is one of the co-owners who acts as property manager because the fees for a professional property management company would considerably increase the annual expenses.
With the exception of the cumbersome administration and accounting that managing a building represents, you must not underestimate the responsibility of the property manager, even when considering a non-professional.
Lawmakers note that the tasks that the law entrusts to a property manager are numerous and wide-ranging, and that, by all means, the breadth of tasks and responsibilities of property management require utmost thoroughness and deep knowledge of, notably, the bylaws of the property and provisions in the laws.
It is thus emphasized that faulty property management can have extremely serious consequences for the co-owners: deterioration of the building; financial loss in the case of prolonged delinquency by a co-owner in paying expenses; loss after a disaster because of inadequate insurance coverage.
Any person acting as property manager, even as a volunteer, is held responsible by the Law and the other co-owners.
In fact, liability insurance is mandatory for the property manager, even a non-professional one.
If you want to relieve yourself of this burden and make things easier in the management of your building, and for a price that is commensurate with the size of your building, you simply need to call a meeting of the co-owners and vote to appoint a property management company. It only takes a majority of votes to make this decision.