3 essential points to successfully choose your trustee

3 essential points to successfully choose your trustee

Since May 16, 1975, when the law was revised, a trustee is required to coordinate the representation and management of a co-ownership. A mandate is used for this purpose, and it specifies the parameters of his appointment and his responsibilities. Regardless of the size of the building collection, its selection must be the subject of a competition and a thorough examination of the most important factors. In particular, the competitiveness of its price, the high quality of its skills and the closeness of its relationships.

What are the three points to consider when selecting a trustee?

1st point: Anticipated interest rate

Be careful with fixed rates, as they will probably not cover what the current management provides. Here, vigilance is required to record both the amount of exceptional services and the costs of the current management (such as the costs of organizing meetings of the trade-union council, accounting costs, etc). (recovery of unpaid bills, convocation of an extraordinary general assembly...). It is important to keep in mind that a syndicate of co-ownership must meet the needs of two different kinds of clients: the landlord, who is always looking to reduce his expenses, and the owner-occupier, who is concerned about maintaining a certain standard of living.

Second point: Capacity and influence of the syndicate

Condominium management is a specialized field that requires a good knowledge of local customs and customized software. It also requires a lot of work. The trustee sought must have the capacity and the personnel to meet these requirements. In practice, he must be able to reduce costs by contacting reliable service providers and by negotiating each intervention, whether it is routine maintenance or major renovations. More generally, he is responsible for ensuring the continuous training of his staff according to the latest standards and procedures of the condominium.

Third point: his relational qualities

A reliable trustee will know how to gain the respect of the other investors. If he wants to maintain this privileged link with his clients over time, he will have to show you certain things such as his frankness in his work and his ability to keep them informed of the administrative, financial and technical particularities of the building. A professional is one who responds quickly to calls and e-mails.

The responsibilities of a trustee of co-ownership

The trustee (who now acts as an agent) is legally bound to the syndicate of co-ownership by the mandate contract (the principal). Due to the nature of the work, it must be performed by the trustee himself and cannot be delegated. The mandate of the trustee begins immediately after his election by a majority vote (50% plus 1) at a general meeting, unless the parties agree on another date. Thereafter, the term of office cannot exceed three years without a new vote at a general meeting; however, the number of renewals of the trustee's term of office is not limited, provided that the co-ownership by-laws so permit.