Owners, and even tenants, can deduct a portion of these costs from their taxes. However, the property management must issue the statements on time. Rudolf Stürzer from the Haus & Grund association comments: “If the property management company is at fault for issuing the statement late, it is liable for damages to the apartment owners—for instance, if they can no longer claim the costs in their tax return due to the delay.”
What are the Duties of a Property Management Company?
The duties of a property management company encompass the technical, commercial, and organizational care of a property. The management is also responsible for implementing resolutions passed by the owners’ association and ensuring compliance with the house rules. Furthermore, it must regularly inspect the condition of the building and rectify any defects as necessary. If needed, it must also draw up a renovation plan.
The manager also handles communal funds, such as mortgage interest and reserve funds. They monitor the income and expenses related to managing the common property and calculate the so-called “Hausgeld” (homeownership fees) for the owners. Owners can pass on a portion of these fees to their tenants, if applicable.
The Owners’ Administrative Board
A property management company must not conduct business or transactions for its own benefit or for the benefit of affiliated companies if it comes at the expense of the tenants or owners. This is where the administrative board comes in. It consists of three members from among the owners. They oversee the property management, review the accounts, and fundamentally represent the interests of the owners’ association.
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