Berlin’s Powerful Tool In The Real Estate Market

Business

Payroll processing for a real estate firm is simplified through payroll management system that understands all the regulations enforced at state, local and industry level. Staff usually earn by commission or a percentage of the rental income of a property they manage. There are also cases when staff earns a fixed income plus commission. Payroll processing can be rather complex and time consuming.

Speaking of real estate, Berlin is now the hottest real estate market in Europe something that even city leaders never expected. Rent has increased by 75% in the last five years. However, Berlin is different from San Francisco and London, the diverse cities that are now enjoying an economic boom. Berlin has a very powerful tool in the real estate market which is called Vorkaufsrecht or the right of first purchase or right of first refusal.

Communities in Berlin have the right to buy up residential properties that are about to be sold in order to preserve a protected neighbourhood. This is an option that is available for Germany although only a few cities use it. Florian Schmidt, a local official in Berlin has become a thorn to real estate developers because he is buying the city back even if it is one apartment building at a time.

Mr. Schmidt who is a member of the Green Party is the person responsible for urban development, public spaces and facility management. He is not a politician although he has a background in activism and urban planning. His much celebrated cause is the preservation of social mix in his district by preventing luxurious renovations and condo conversions.

The federal building law of Germany has special rules for neighbourhoods that are deemed worthy of social preservation. Districts can approve sales of buildings in these zones and can set several terms like limitations of improvements and ban in the eviction of tenants.

Payroll processing can cease to be a headache with payroll management system that can efficiently manage the process. Companies that is very protective of wage information stand to gain more with a professional system that ensures the confidentiality of all employee pay details.