Property administrators are a key figure in the management of communities of property owners, whether they are residential buildings, urbanisations, shopping centres, or any other type of horizontal property. Their functions are wide and varied, ranging from the administration of economic and financial resources to the management of incidents and the maintenance of installations. In this article, we explain some of the most important functions of property administrators and highlight the benefits of using their services.
Functions of Property Administrators
- Economic and financial management of the community of property owners. This is one of the most important tasks. This includes budgeting, revenue and expenditure management, monitoring of accounts, and financial reporting. An example of this function is preparing a budget for building works, for which the property administrator will calculate the costs and distribute them among the owners equally.
- Management of incidents and problems that may arise in communities of property owners. This is another important function. Property administrators are responsible for supervising the maintenance and upkeep of the installations, as well as arranging for the necessary repairs to be carried out. For example, if there is a fault with the gas installation in a community of property owners, the property administrator will be responsible for coordinating the repair work and ensuring that it is carried out safely and efficiently.
- It advises the community to ensure compliance with legal regulations that affect horizontal property. This includes compliance with safety and accessibility regulations, as well as handling the necessary administrative procedures. For example, the management of the renewal of the Technical Building Inspection (ITE), a procedure that is compulsory for buildings over a certain age.
- Acting as a mediator. The property administrator can act as a liaison between neighbours and play a key role in the resolution of conflicts. If necessary, you can seek the assistance of a professional mediator. This function is very important, since the property administrator must always ensure that there is harmonious coexistence between neighbours.
According to Article 20 of the horizontal Property Act, the obligations established for the property administrator in managing communities of property owners are as follows:
- To ensure the proper running of the community, its installations, and services as well as to issue the appropriate warnings and reprimands to the owners in this regard.
- To prepare in due time and submit to the meeting the plan of foreseeable expenses, proposing the necessary means to cover them.
- To attend to the upkeep and maintenance of the community, arranging for any repairs and measures that may be urgently required, reporting immediately to the president or, where appropriate, to the owners.
- To implement the agreements adopted in relation to necessary work and to make the appropriate payments and collections.
- To act, where appropriate, as secretary of general meetings and as custodian of the community’s documentation on behalf of the owners.
- All other powers conferred by the general meeting.
We would like to remind you that the functions of Mediterráneo Property Administrators are guided by our VOCATION OF SERVICE and MEDITERRANEAN SPIRIT. Seeking to offer tailor-made solutions to the over 3,000 communities of property owners that we manage, thanks to our more than 60 years of experience.
Advantages of hiring a property administrator
For the management of communities of owners, having a property administrator can be one of the best options. It leads to more efficient management for properties and significant savings for the owners thanks to its experience and negotiation skills.
As for the benefits of having a property administrator, there are many.
Hiring a qualified professional ensures efficient and responsible management of the community of property owners, which reduces the risk of incidents and problems arising in the future. In addition, hiring a property administrator allows owners to delegate management and administration tasks to a professional, allowing them to focus on other aspects of their lives.
Thanks to their experience and ongoing training in community management, property administrators are always able to determine the most profitable option in each instance in order to achieve significant savings for the community.
A property administrator can provide legal and technical advice to owners, helping them to make informed decisions about the management of their property.
Civil liability insurance
Mediterráneo Property Administrators have a civil liability insurance policy that covers and protects the community in the event that the administrator is negligent in the performance of its duties and causes damage to the property.
The property administrator is always aware of all the state, community, or municipal subsidies available to the community of property owners it manages. In this way, the professional can apply for subsidies to benefit the owners.
This insurance guarantees the community compensation in case the property administrator does not comply with its legal obligations. Therefore, the community of property owners will have funds at its disposal due to the improper management by the professional.
In short, the property administrator is a key figure in the management of communities of property owners, and its functions range from economic and financial management to the coordination of repairs and compliance with legal regulations. Hiring a property administrator provides many benefits, such as efficient and responsible management of the community of owners, legal and technical advice, and the possibility of delegating management tasks.