Managing a co-ownership requires accounting and financial skills. If the manager masters them, he will be able, under the supervision of the board of directors, to play a crucial role in the proper operation of the immovable. For instance, he will know how to balance budgets and manage efficiently the funds of the co-ownership such as monitoring contracts with various service providers, the payroll (salary of the janitor) and the work to be done in the short, medium and long term. A review of the various financial tasks that could be entrusted to the co-ownership manager.
One of these tasks is to keep the syndicate’s accounting. Take for granted that this mandate involves the presentation of accounting documents to the directors. If the manager has the skills to take on this task, he could be called upon to:
Cash flow management
As part of its managerial tasks, the manager may be required to:
As part of its tasks, the manager may need to:
WHAT YOU SHOULD KNOW ! The financial management of a co-ownership is a burdensome, touchy and often complex task. It requires rigorous accounting. It is therefore in the directors' best interest to retain the services of a financially competent manager.
WHAT TO KEEP IN MIND : A manager must have a wide range of technical skills with a great deal of experience. He must have extensive knowledge of the operation of an accounting department, an understanding of the various software packages available on the market, excellent communication skills and be efficient.
WARNING ! Some management companies intermingle, within the same account, the money belonging to many syndicates of co-owners' for which they work. This practice could be harmful to the syndicate’s financial assets. You must therefore ensure that your manager does not advocate this method, as this could result in extremely serious financial losses. For example, if a manager finds himself in trouble financially, the co-ownership’s funds for which he is responsible could be seized by a creditor.