Entrusting your property to a manager means handing over the keys to an asset, access to financial flows and responsibility for a relationship with guests. With the proliferation of concierge offers in ski resorts, one point deserves particular attention: they are not all regulated in the same way. France's Hoguet law draws a clear line between the simple service provider and the professional manager authorised to collect your funds. Understanding this distinction is the first reflex of any owner concerned with protecting their asset.
This article details what the Hoguet law actually requires, why a management mandate has nothing to do with a concierge contract, and the concrete criteria for choosing a trustworthy manager, whether in the Tarentaise valley or elsewhere in the Alps.
What the Hoguet law is and why it protects you
The Hoguet law (law no. 70-9 of 2 January 1970) regulates real-estate professions, including rental management on behalf of third parties. Its purpose is simple: once a professional handles someone else's money in the course of a real-estate activity, they must provide guarantees. These guarantees are not optional; they condition the very right to operate.
In concrete terms, a manager who collects your rent, receives guests' payments and remits the funds to you is carrying out a regulated activity. They can only do so lawfully by meeting several cumulative obligations. It is precisely this framework that separates a serious operator from an informal arrangement.
The professional card: the licence to operate
The cornerstone of the system is the professional card, issued by the chamber of commerce and industry. For management activity, this is the "property management" (gestion immobilière) endorsement, sometimes referred to as the G card. Its issuance requires proof of professional competence, a financial guarantee and professional liability insurance.
The card carries an identifiable, verifiable number. At Serava, it corresponds to the number CPI 67012023000000016. A prudent owner should always ask for this number and be able to check it before signing anything.
The mandatory written mandate
The Hoguet law requires a written mandate before any intervention by the manager. This document is not a formality: it precisely defines the scope of the powers entrusted, the duration of the engagement, the terms of remuneration and the arrangements for accounting to the owner.
A written management mandate protects both parties. It sets out what the manager may do in your name, sign rental agreements, collect rent, incur maintenance expenses within an agreed limit, and what they may not do without your consent. Without a compliant mandate, the collection of your funds by a third party rests on a fragile legal basis.
The financial guarantee and the escrow account
This is probably the most important protection for an owner. The financial guarantee covers the sums held by the manager on behalf of their clients. Should the professional default, this guarantee allows the funds to be returned. At Serava, this guarantee is provided by SOCAF up to €150,000.
Added to this guarantee is the obligation to separate clients' funds from the manager's own funds, through a dedicated escrow account (compte séquestre). Your rent does not mix with the company's cash: it is isolated and traceable. Should the operator run into difficulty, your funds are not exposed to its creditors.
Management mandate versus concierge contract: a difference in nature
Many owners confuse these two arrangements, yet they carry neither the same obligations nor the same protections.
A concierge contract in principle covers practical services: greeting guests, cleaning, handing over keys, minor maintenance. The provider is not necessarily authorised to collect rent on your behalf or to represent you legally.
A management mandate falls under the Hoguet law. It covers full rental management: marketing, rent collection, accounting to the owner, and compliance with regulatory and tax reporting obligations. It requires a professional card, a financial guarantee and an escrow account.
The difference is essential. Entrusting the collection of your income to a provider without a management card means giving up the protections of the Hoguet law. This is no small matter when several thousand euros pass through each season.
Criteria for choosing a trustworthy manager
Beyond the legal obligations, a few criteria help distinguish a genuinely reliable manager:
- transparency of financial flows: a serious manager gives you clear tracking of your income, costs and remittances, ideally in real time;
- verifiability of legal credentials: professional card number, financial guarantee and insurer should be disclosed without reluctance;
- clarity of the mandate: duration, remuneration, scope of powers and termination conditions should be explicit;
- regular accounting: detailed statements, available supporting documents, and the ability to reconcile receipts against remittances;
- overall regulatory compliance: town-hall declarations, respect for co-ownership rules, and monitoring of legislative developments.
An operator who answers these points precisely operates in an institutional logic, not an improvised service. Technology plays a growing role here: a continuously updated online owner portal makes tangible the transparency that an asset of this value demands.
Accounting to the owner: a continuing obligation
The Hoguet law does not merely condition the start of the relationship; it imposes on the manager a duty to account throughout the mandate. In practice, the owner must be able to track the receipts collected in their name, the costs incurred, the commissions taken and the sums remitted to them. This traceability is not a commercial courtesy: it flows from the very nature of the mandate, which makes the manager the custodian of funds belonging to someone else.
A clear management statement distinguishes each flow: rent collected, tourist tax gathered, cleaning fees, management fees, any provisions. The owner must be able to reconcile these amounts against the remittances actually credited to their account. When this information is available continuously, through an online portal updated with each transaction, the relationship gains trust and discrepancies are spotted immediately.
Professional liability insurance
Beyond the financial guarantee, the manager must be covered by professional liability insurance. This applies in the event of fault, negligence or error committed in carrying out the mandate, a failure to inform, a management error, a breach of a reporting obligation. For the owner, this insurance is a complementary protection, distinct from the financial guarantee, which relates to the funds held.
The two mechanisms are cumulative and cover different risks: the financial guarantee protects your money, the liability insurance covers the consequences of any professional fault. An institutional operator naturally presents both, without any need to press for them.
The questions to ask before signing
Before any commitment, a discerning owner asks a few simple questions:
- what is your professional card number and with which chamber of commerce is it registered?
- which body provides your financial guarantee, and for what amount?
- are funds deposited in a separate escrow account?
- how, and how often, are management statements produced?
- what are the conditions and notice period for terminating the mandate?
The answers to these questions, given without evasion, quickly reveal how serious a counterpart is.
Information current as of July 2026, indicative data that does not constitute personalised advice, verify with a professional.
Entrust your property to Serava
Serava operates under a mandate compliant with the Hoguet law, holding professional card CPI 67012023000000016 and a SOCAF financial guarantee of €150,000. Every owner has an online portal that centralises income, costs and management documents in real time. To assess handing over the management of your property with confidence, request a free assessment.