Common Ownership Management, Frankfurt-East End

The Challenge

  • De-facto insolvent common ownership association
  • Large arrears at utility companies and other suppliers
  • Virtually no income from service charge payments
  • Unprocessed insurance claims
  • Uncared for and deteriorating condition
  • Defective building services
  • Squatters inhabiting some of the units

The Mandate

  • To resume regular management
  • To secure operation of building
  • To reduce most severe defects to protect health and safety
  • To repair financial situation of ownership situation

The Results

  • Processed insurance claims and collected compensation
  • Resumed collection of service charge payments
  • Agreed payment plan with creditors
  • Continuously reduced problems
  • Slowly improved condition over time
  • The combination of measures taken made sale and letting of units possible again