Is my property administrator allowed to receive commissions from suppliers?
In principle, the property administrator is allowed to receive commission from suppliers, but must communicate this openly and transparently with the general meeting.
If the property administrator receives commission without the Association of co-owners (VME) being aware of this, the manager could be sanctioned, for example by the Beroepsinstituut van Vastgoedmakelaars (Association of Estate Agents).
Professional property administrator Syncura is absolutely against commission fees received from suppliers. This is not a system that we subscribe to and we have never accepted it.
We believe that a property administrator who receives commission cannot be objective and independent vis-à-vis suppliers.
Furthermore, these practices mean that the remuneration received by these property administrators is not transparent. For example, if they receive secret commission payments, they may possibly lower their fees. If this is not communicated openly to the Associations of co-owners, it is really not possible to objectively compare the various property administrators. In addition, the choice of supplier is taken away from the Association of co-owners because the property administrator depends on those suppliers from which it receives commission payments.
This results in co-owners having the feeling that they are getting a cheaper service because they pay a lower fee, but they forget that the total operation of the Association of co-owners could be sometimes up to 15% more expensive due to the choice of suppliers.
Due to the different scandals in the media, the number of property administrators receiving commission has dropped, although there are some still on the market.
This is not to say that as a property administrator you cannot have partners with whom you have worked together for many years. We will give our sister companies Facility Comfort, Sipur (cleaning companies) and Insures (real estate broker) a chance and introduce them to the Association of co-owners as potential suppliers. However, the acceptance or non-acceptance of these suppliers lies entirely with the Association of co-owners itself and in no case affects the fees of Syncura.
When choosing a property administrator, the Association of co-owners is best placed to compare different property administrators. If the proposed fees are much lower than average, something is wrong. The fees reflect the service that the co-owners can expect (service and quality).
Professional property administrator Syncura strives for maximum transparency with every aspect of co-ownership management. With our online portal mySyncura, authorised co-owners can consult documents 24/24; moreover, the auditor of the accounts also has access to consult online all transactions with suppliers.
The market for property administrators is on the right track!
Johan Vande Moortel
18 June 2018 - Johan Vande Moortel