Why do we need a management company and what is included in its functions? What if she does not fulfill her duties? | Sea Inside
The concept of “management companies” (hereinafter referred to as MC) is found in many areas – in the investment industry, in management and others. Let’s talk about those who work in the housing and communal sector.
What is a management company
This is a private organization that undertakes the trust management of real estate, as well as the technical and sanitary maintenance of apartment buildings on the basis of an agreement with the owners of apartments / apartments.
How the management company works
The owner enters into an agreement with the UK. The owner of an apartment or apartments undertakes to pay monthly for the services of the Criminal Code in the amount prescribed in the document. In return, the Management Company undertakes to provide a quick and convenient solution to issues that arise from residents related to the daily maintenance of the house. There are three types of such organizations:
- Direct managers – are responsible for the rental of real estate.
- Operational – responsible for the uninterrupted operation of utilities, the technical and sanitary condition of residential complexes.
- Hybrid – perform the tasks of the first two types, that is, they manage real estate and ensure the proper operation of the building.
Most of the residential complexes of the Georgian Developers Association Sea Inside are classified as hybrid.
What is the responsibility of the management company:
- Attract tenants, advertise and promote an apartment or apartments on accommodation booking sites
- Supervise check-in and check-out processes
- Organize cleaning of the rented property after the departure of guests
- Inform about occupancy and income
- pay utility bills and taxes
- ensure the safety of property
- landscaping the backyard
- renovate the façade
- monitor the smooth operation of communications
- Provide safety
- monitor the integrity of the fire protection system
- carry out minor repairs
If the management company ceases to fulfill the obligations specified in the contract, then the owner has the right to go to court with a request to hold the company liable, compensate for damages and compensate for lost profits. We admit that there have been no cases of violation of the contract by the Criminal Code in our practice. Perhaps because the well-known international hotel brands Holiday Inn, Marriott, Hilton, Ibis Styles and others act as managing companies for Sea Inside residential complexes. This serves as a guarantee that the services will be provided according to the standards of well-known hotel chains.
