The young company Custodia offers property owners a way to optimize the management of their assets entrusted to real estate agencies.
In Switzerland, real estate agencies are increasingly facing more complex administrative, technical, and legal tasks related to property management. At the same time, management service fees are under downward pressure. This situation sometimes leaves property owners dissatisfied with the quality of services provided by these agencies.
Based on this observation, Pierre-Yves Tournaire and David Vuadens—two Geneva-based real estate professionals (the former was an administrator at Forum Immobilier, the latter heads the construction company Groupe de Rénovations Immobilières)—recently founded Custodia. This real estate asset supervision company acts as an interface between property owners and management agencies.
“Our services include, for example, reviewing work estimates, planning renovation projects, selecting tenants, and conducting property inspections,” explain the co-founders. “We relieve property owners of these tasks, allowing them to reclaim their free time,” they add. However, they are quick to point out, “We do not replace management agencies. On the contrary, we work closely with them. Our role is to supervise the services they provide. The goal is to optimize the management of our clients’ assets.”
What about Custodia’s fees? “Our fee corresponds to 1.5% of the property’s rental income,” say the founders. “A sliding scale rate may be offered depending on the volume of properties to be supervised.”
David Vuadens et Pierre-Yves Tournaire, les deux administrateurs de Custodia.
But what do property management companies think of such an initiative? Does Custodia duplicate their work? Is it merely an overseer of completed tasks, or an obstacle in the process? Jean-Gabriel Linder, Key Accounts Manager at M3 Real Estate in Geneva, a company that collaborates with Custodia, disagrees: “Our collaboration is productive,” he assures. “Custodia addresses needs that some private owners, who seek reassurance regarding the proper management of their assets, do not always find with certain agencies.” He believes that this niche market company “has the potential to thrive.”
Frédéric Fancello, Head of Property Management at Naef Immobilier in Geneva—a prominent real estate group also working with Custodia—concurs: “Some property owners have multiple buildings. But because they entrust the management to different agencies, it’s not always easy for them to get the information they need. Asset management companies, like Custodia, consolidate this data. This service makes sense for property owners.”
Custodia is headquartered in Geneva, but its management is open to mandates from property owners with assets in the canton of Vaud. The company clarifies that it only manages buildings—not individual apartments or villas. Custodia currently oversees around fifty buildings and collaborates with most property management agencies in the Lake Geneva area. Its client base consists mainly of private clients, though institutional investors have also expressed interest in its services.
Fabrice Breithaupt
