What are the duties of property management?

The duties of property management encompass commercial, technical and legal management of a property. This includes service charge billing, rent collection and dunning, tenant support, maintenance and repair coordination, insurance management, conducting owners' meetings (WEG) as well as preparing budget plans and annual statements. The goal of property management is to preserve and increase the value of the property.

What is commercial property management?

Commercial property management includes all financial and administrative activities: rent collection and dunning, annual operating and service charge billing in accordance with BetrKV, financial accounting, payment monitoring, house money billing for condominium owners, preparation of the budget plan, management of the maintenance reserve, and management of insurance policies.

What does technical property management include?

Technical property management ensures the structural condition of the property. Tasks include regular property inspections, the tendering and monitoring of maintenance and repairs, warranty management, coordination of caretaker activities, planning of energy-efficient refurbishments, monitoring of statutory maintenance obligations (heating, fire protection, lifts), and documentation of the building condition.

What legal obligations does property management have?

The legal obligations of property management include compliance with tenancy law under the German Civil Code (BGB), compliance with the German Condominium Act (WEG), preparation and conduct of owners' meetings under § 24 WEG, implementation of resolutions under § 27 WEG, representation of the owners' association towards third parties, contract management under § 34c GewO, maintenance of the resolution register, and compliance with all statutory deadlines and energy certificate obligations.

What are the duties of WEG management?

WEG management (condominium management) manages the common property of a condominium complex under the German Condominium Act (WEG). Its duties include preparing and conducting owners' meetings (§ 24 WEG), preparing the budget plan and annual statement (§ 28 WEG), managing the maintenance reserve, representing the owners' association (§ 27 WEG), maintaining the resolution register, and supporting the advisory board.

What is the difference between rental management and WEG management?

Rental management looks after rented properties for the owner – dealing with tenants, rents, service charge billing and maintenance. WEG management manages the common property of a condominium complex under the German Condominium Act (WEG), represents the owners' association and organises owners' meetings.

Who takes on property management – owner or manager?

In principle, any property owner can manage their property themselves. With several rented units, in condominium complexes (WEG), or when the owner does not live locally, professional property management is recommended. It brings legal expertise, market experience and the necessary time to fulfil all duties reliably and in compliance with the law.

How much does property management cost?

The costs of property management depend on the type and scope of services. For rental management, the fee is typically between €20 and €40 per residential unit per month. For WEG management, a monthly house fee of approximately €25 to €45 per unit is agreed. The exact amount is determined individually in the management contract.

What new statutory obligations apply to property management from 2024?

Several new statutory obligations apply to property management from 2024: remote readability of meters (§ 64a GEG, retrofitting by 2032), the lead pipe ban (Drinking Water Ordinance 2023, replacement by 2036), the Heating Act (GEG, 65 % renewable energy for new installations), as well as ESG and CSRD reporting obligations for large housing companies. Professional property management monitors these obligations and ensures timely implementation.

What is the maintenance reserve and who manages it?

The maintenance reserve is a legally prescribed fund of the condominium owners' association for future maintenance and repair work on the common property (§ 21 Abs. 5 Nr. 4 WEG). It is managed by the WEG manager in a separate account, strictly separated from the current budget. Each owner pays a monthly contribution into the reserve.

What is the budget plan in WEG management?

The budget plan is the annual forecast of all expected income and expenditure of the condominium owners' association (§ 28 WEG). It forms the basis for the monthly house fee of the owners and is prepared by the manager. It is drawn up based on past years, planned maintenance, and legal requirements, and presented to the owners' meeting for resolution.

How can I appoint a property management company?

Appointing a property management company is straightforward: in an initial consultation, we clarify your requirements and the scope of the desired services. We then provide an individual offer and review your existing contracts, accounts and documents. After your approval, we take over ongoing management and set you up in the digital owner portal. Contact us by phone at 0208 - 77 89 93 90 or via the contact form on our website.

Property Management Duties and Obligations

WELLHÖNER

Property Management from A to Z

Property Management Duties and Obligations

Property management duties and obligations encompass all activities necessary to manage a property in a value-preserving, legally compliant and economically efficient manner. Whether rental management, WEG management or commercial property management – the duties and obligations of property management can be divided into three central areas: commercial, technical and legal management.

As an experienced property management company in the Ruhr region with over 30 years of experience, Wellhöner Immobilien handles all property management tasks in Mülheim, Essen, Duisburg and Oberhausen – personally, transparently and reliably from a single source.

Rent Collection & Dunning

Timely rent collection, monitoring of incoming payments and professional dunning in case of payment arrears.

Service Charge Billing

Annual, correct service charge billing in accordance with § 556 BGB and BetrKV for tenancies and condominiums.

Maintenance & Repairs

Coordination of tradespeople, tendering of measures and monitoring of construction execution.

Owners' Meetings

Preparation, invitation, conduct and minuting of the annual WEG owners' meeting.

Budget Plan & Billing

Preparation of the annual budget plan and the annual statement for condominium properties.

Insurance & Claims

Conclusion and management of building insurance, reporting and processing of claims.

The comprehensive guide

All property management duties in detail

The duties of professional property management are divided into four central areas – commercial, technical, legal and personal tenant and owner services. Each task is governed by law and requires expertise and diligence.

Commercial Management

Finances, billing & accounting

Commercial property management encompasses all financial and administrative tasks – from annual budgeting to service charge billing.

Annual operating and service charge billing in accordance with the Operating Costs Ordinance (BetrKV) and § 556 BGBLegal basis: § 556 BGB, BetrKV
Tenancy agreement management, rent collection and monitoring of incoming paymentsLegal basis: § 535 BGB
Receivables management, dunning process and judicial enforcement against defaulting tenantsLegal basis: § 286 BGB
House money billing and budget plan preparation for condominium ownersLegal basis: § 28 WEG
Financial accounting, cash management and payment monitoringLegal basis: § 259 HGB
Insurance notifications and claims processing (building, liability insurance)Legal basis: § 21 WEG
Management of the maintenance reserve in a separate accountLegal basis: § 21 Abs. 5 Nr. 4 WEG
Audit preparation documents and accrual accountingLegal basis: § 252 HGB

Technical Management

Maintenance, repairs & value preservation

Technical property management ensures the structural condition and value preservation of the property through proactive maintenance and regular inspections.

Regular property inspections and condition checks of common propertyLegal basis: § 20 WEG
Tendering, awarding and monitoring of repairs and maintenance workLegal basis: VOB/A
Caretaker and facility services (key management, cleaning, winter service)Legal basis: § 823 BGB (traffic safety duty)
Warranty management towards construction companies and tradespeopleLegal basis: § 634 BGB
Energy-efficient refurbishment planning and modernisation managementLegal basis: § 555b BGB, GEG
Inspection of common property and documentation of defectsLegal basis: § 27 Abs. 1 WEG
Monitoring of statutory maintenance obligations (heating, fire protection, lifts)Legal basis: BetrKV, BauO NRW
Maintenance planning with a multi-year financial horizonLegal basis: § 21 Abs. 5 Nr. 4 WEG

Legal Management

Legal compliance & representation

Legal property management ensures the legal compliance and legal security of the property – from tenancy law requirements to representing the owners' association.

Compliance with tenancy law requirements (termination, rent increase, cosmetic repairs)Legal basis: §§ 535–580a BGB
Compliance with German Condominium Act (WEG) requirementsLegal basis: §§ 10–43 WEG
Preparation and conduct of owners' meetingsLegal basis: § 24 WEG
Implementation and documentation of adopted resolutionsLegal basis: § 27 WEG
Representation of the owners' association towards third partiesLegal basis: § 27 Abs. 2 WEG
Review and adjustment of contracts (insurance, service providers)Legal basis: § 34c GewO
Energy law requirements and energy certificate obligationsLegal basis: § 16 EnEVG, EVDV
Pursuit of claims and receivables in and out of courtLegal basis: § 280 BGB
Maintenance of the resolution registerLegal basis: § 24 Abs. 7 WEG
Observance of termination and exclusion deadlinesLegal basis: § 573 BGB

Tenant & Owner Services

Communication, conflicts & service

Personal support for tenants and owners is the heart of good property management – it ensures satisfaction and long-term tenancies.

First point of contact for tenants regarding disruptions and concernsLegal basis: § 535 BGB (tenancy obligations)
Management of separate ownership and support of condominium ownersLegal basis: § 13 WEG
Mediation in conflicts between tenants and ownersLegal basis: § 242 BGB
Advisory board support and minutes at owners' meetingsLegal basis: § 29 WEG
Transparent communication about damage cases and measuresLegal basis: § 27 Abs. 3 WEG
Operation of a digital tenant and owner portalLegal basis: § 259 HGB
Tenant changes: handover protocol, deposit, final settlementLegal basis: § 566 BGB
Receiving and processing damage reports (ticket system)Legal basis: § 536 BGB

New statutory obligations

New obligations for property management from 2024

New statutory obligations have been introduced that property management must actively monitor and implement. Professional management ensures timely retrofitting and documentation.

Remote readability of meters

Since 2024, meters for heat and water must be remotely readable. Retrofitting obligation for existing meters until 2032.

Legal basis: § 64a GEG

Lead pipe ban

Lead pipes in drinking water installations must be identified and replaced by 2036. Obligation to inform owners.

Legal basis: TrinkwV 2023

Heating Act (GEG)

New heating systems must operate on 65 % renewable energy from 2024. Existing protection and transitional rules apply.

Legal basis: § 71 GEG

ESG & CSRD Reporting

Sustainability reporting for large housing companies. Disclosure of ESG metrics and refurbishment plans.

Legal basis: CSRD Directive, EU Taxonomy

Our property management at a glance

Learn more about our comprehensive property management services – from rental management to WEG management and commercial property management.

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Commercial Management

Finances, billing & accounting

Technical Management

Maintenance, repairs & value preservation

Legal Management

Legal compliance & representation

Tenant & Owner Services

Communication, conflicts & service

Relieve yourself – we take care of everything.

No matter which tasks you have marked: Wellhöner Immobilien takes over the complete property management professionally and reliably. Let's talk about your property.

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Types of management

Rental Management vs. WEG Management

Rental Management

Rental management looks after rented properties for the owner. It represents the owner\'s interests towards tenants and ensures smooth rental operations.

Tenant support and tenancy agreement management
Rent collection and dunning
Service charge billing in accordance with BetrKV
Maintenance and repair coordination
Handover and return of apartments

WEG Management

WEG management manages the common property of a condominium complex under the German Condominium Act (WEG) and represents the owners\' association.

Preparing and conducting owners' meetings
Budget plan and annual statement
Management of the maintenance reserve
Representation of the owners' association
Advisory board support and minuting

Delegate professionally

Why leave property management to the professionals

Legal security

Tenancy and WEG law change constantly – a professional keeps the property legally compliant.

Economic success

Optimised operating costs, well-maintained tenancies and planned maintenance secure your return.

Time savings

Tenant enquiries, tradesperson appointments and billing are fully handled – you have peace of mind.

Value preservation

Regular inspections and proactive maintenance protect the value of your property long-term.

Frequently asked questions

FAQ: Property Management Duties

Contact

Looking for a property management that handles all duties?

We handle the commercial, technical and legal management of your property in the Ruhr region – personally, reliably and with over 30 years of experience.

0208 - 77 89 93 90

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