If you have ever wondered “what exactly does a property manager do” or “why is professional management necessary,” this article answers all the key questions.
What Does Property Management Include
Property management is a multi-dimensional process that touches on four main areas:
1. Financial Management
This includes issuing and collecting common expense payments, reviewing and paying expenses (energy, water, elevator, cleaning, garden, pool, etc.), drafting an annual budget, and providing transparent reporting to owners. Essentially, the manager handles the building’s funds.
2. Technical Support & Maintenance
Coordination of routine and emergency maintenance: elevators, heating, plumbing, electrical installations, and common areas. The goal is prevention — before a problem occurs, not reaction afterward.
3. Legal & Administrative Management
Compliance with the Building Regulations, organization of General Meetings, execution of decisions, and communication with municipalities, utilities, and public bodies. Also includes monitoring legislative changes relating to real estate.
4. Communication & Mediation
The manager acts as a “linking pin” between owners, tenants, contractors, and agencies. They handle complaints, resolve disputes, and ensure everyone has continuous access to information.
Who Takes On Property Management?
There are two main options:
Owner-Manager
One of the building’s owners is elected by the General Meeting. This option is financially cheaper at first, but requires time, knowledge, and availability. In many cases, no one wants or is able to take on this role.
Professional Property Management Company
A specialized company takes over full management, with expertise, structured processes, and digital tools. Owners are relieved of the burden of day-to-day management and receive regular reports.
When Is Professional Management the Right Choice?
- When no owner is available or willing to take on the role
- In large buildings or complexes with complex needs
- When there are outstanding debts or disputes among owners
- For commercial properties (offices, shopping centers)
- When owners live far away or abroad
PREMO: 45 Years of Experience in Property Management
PREMO, founded in 1980, is the first company in Greece with the exclusive focus on Property Management. Today, more than 4,000 owners trust PREMO with the management of their real estate — both residential and commercial.
We provide end-to-end solutions that cover every need of your property, with transparency, regular updates, and prompt response.