Sondereigentumsverwaltung (SEV): a guide to unit management for investors

The distinction that explains everything

Question	WEG management	Unit management (SEV)
Client	The owners' association (GdWE)	The individual owner
Legal basis	Appointment under § 26 WEG + management contract	Agency services contract (Geschäftsbesorgungsvertrag)
Scope	Common property: roof, façade, stairwell, heating	Separate ownership: your flat
Point of contact for	Owners and advisory board	Tenant
Paid by	The association's Hausgeld	You personally
Termination	Resolution of the owners' meeting	You alone

The most common misconception: investors assume that the manager from WEG management also looks after their tenant. It does not. If the boiler in your flat breaks down or the tenant does not pay, that is your separate ownership (Sondereigentum) — and therefore your business, unless you have appointed unit management.

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What SEV does

Tenancy

• Managing the tenancy agreement, deadlines, notices
• Monitoring rent payments, reminders, handing over to debt collection or a lawyer
• Holding the deposit in an insolvency-proof account
• Rent increases under § 558 BGB based on the rent index — in Nuremberg the Mietenspiegel — and index adjustments
• Handovers at move-in and move-out with a written record

Accounting

• The tenant's Nebenkostenabrechnung, built on the WEG annual statement
• Adjusting advance payments
• Splitting CO₂ costs under the CO2KostAufG — the tier model, or a 50/50 split for newly installed fossil-fuel heating
• Annual summary for your tax return (income, deductible expenses)

Property

• Recording defects and commissioning tradespeople within the unit
• Telling separate from common property when damage occurs — the point where most money is lost
• Reporting and following up insurance claims

Re-letting

• Listing, marketing, viewings
• Credit checks, tenant self-disclosure, SCHUFA
• Tenancy agreement, handover

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What it costs

Model	Typical amount
Flat fee per unit	€30–42 gross/month
Percentage	4–6% of annual net rent
Re-letting	no commission if the manager manages the flat itself (see below)
Property inspection, extra appointments	€80–120 per hour

Re-letting is no longer a commission-based service. On 21 May 2026, the Federal Court of Justice ruled that a property manager may not charge a commission for letting flats it manages itself — neither to the tenant nor to the landlord (I ZR 224/25, § 2(2) WoVermittG). Such clauses in management contracts are void, and commissions already paid can be reclaimed. Before signing, ask how re-letting is paid for in the quote — and check any existing contracts.

Worked example for a 68 m² flat in Nuremberg with €850 net rent:

Item	Per year
SEV flat fee €36 × 12	€432
WEG management share (already included in Hausgeld)	—
Total SEV costs	€432
Share of annual net rent (€10,200)	4.2%

Both items — the WEG management fee and the SEV fee — are deductible expenses for a letting owner and reduce taxable income. They cannot be passed on to the tenant (§ 1(2) no. 1 BetrKV). How the tenant's statement is put together is explained under service charges for rented condominium flats.

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When SEV pays off

Clearly yes:

• You do not live where the property is. For owners in Munich, Berlin or abroad who hold a flat in Nuremberg or Erlangen, SEV is practically the only option.
• You hold more than two units. From that size, management noticeably eats into your free time.
• Your tenant pays irregularly. Consistent reminders from a third party are more effective and take the emotion out of it.
• You let furnished or for fixed terms. The management workload is many times higher.

Rather not:

• One flat, a long-standing reliable tenant, and you live in the same town. Then €432 a year for two transactions is a lot of money.

It depends:

• A property needing refurbishment with frequent defects — SEV pays off, but check whether extra appointments are charged as a flat rate or by the hour.

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The advantage when WEG and SEV are in one hand

If the same manager holds both contracts:

• Whether damage belongs to separate or common property is settled internally rather than being passed back and forth between two firms.
• The tenant's statement is produced directly from the WEG statement, without manual data transfer and without delay.
• Resolutions of the owners' association that affect your tenants — refurbishment, closure of the underground car park, new house rules — reach them directly.

The price: a certain dependency. If the association changes its property manager, you would have to decide whether your SEV contract moves with it.

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The regional picture: Nuremberg, Fürth, Erlangen

The market in the metropolitan region favours SEV for letting owners for two reasons:

Erlangen — the expansion of the Siemens Campus at Siemens' largest location worldwide ties a large workforce with strong in-migration to the city. Demand for well-managed rental housing is stable, and vacancies are short. Many units in new developments belong to investors with no local connection; what that means for landlords is covered under renting out an apartment in Erlangen.

Nuremberg — with sites of FAU, the Technische Hochschule and the new University of Technology Nuremberg, there is constant demand in the student segment. The 2026 rent index shows the strongest increase for small flats of around 30 m². Frequent tenant changes mean: re-letting skills matter more here than the monthly price.

Fürth — cheaper than Nuremberg, with rising demand. Interesting for investors, but with greater management needs in the existing stock.

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Ravenica provides unit management in Nuremberg, Fürth and Erlangen — including for single flats and for owners who are not local.