Many second homes, especially on the Belgian Coast, are apartments in apartment buildings. Owners of these apartments – permanent residents, non-permanent residents and landlords – are then in a relationship of forced co-ownership and together form an association of co-owners.
More than once, the co-owners complain about a lack of transparency on the part of the property manager (the “syndic”). The property management agency refuses to submit the invoices on which its accounts are based, the property management agency acts in concert with the building promoter, the property management agency sets up a commission for the appointment of contractors,…’. It’s just a few recurring complaints. Unfortunately, there are also stories of syndicates plundering the accounts of the co-owners. A recent example (reported by a Flemish newspaper) can be read here (in Dutch).
Unfortunately, there are no lists of ‘trustworthy’ syndics. One can of course turn to other associations of co-owners to find out about their experiences. Since 2018, associations of co-owners must register in theCrossroads Bank for Enterprises who they have appointed as syndic.
One of the objectives of TWERES is to facilitate this exchange of experience with property management agencies (e.g. by collecting quality assessments).