When you invest in property and buy an apartment, you’re the owner of your apartment, but also a co-owner of the common parts of the building. In that case you’ll come across a property administrator and a steward. So, it’s important to know what the difference is between a steward and a property administrator.
PROPERTY MANAGEMENT: PRIVATE VERSUS COMMON
They both manage property, but there’s a big difference. Both deal with the financial, technical and administrative tasks involved in managing property. But a property administrator manages the common parts of the apartment block and is the point of contact for the co-owners. He or she is also elected by all of the co-owners at the AGM. On the other hand, the steward manages the private parts, such as an apartment and is appointed by an individual owner.
LEGAL REQUIREMENT VERSUS VOLUNTARY CHOICE
In a building with multiple owners, it’s a legal requirement to appoint a property administrator. Appointing a steward is a personal decision of an owner.
Why would an owner appoint a steward to manage his or her property? The investor and thus owner of the apartment (or multiple apartments) does not have time to handle the administration him or herself (organise repairs, collect rent, etc.). Or he or she may not want to concern him or herself with renting out their investment.
What if the lift in the building breaks down? Contact the property administrator.
Or your tenant tells you that the integrated dishwasher has gone wrong? Contact your steward.
LOOKING FOR A PROPERTY ADMINISTRATOR OR STEWARD?
Looking for a professional property administrator with more than 30 years experience in managing the common parts of apartment blocks? Ask Syncura for a no-obligation quotation.
Looking for an experienced professional steward to manage your investment property? Ask Rencura for a no-obligation quotation.