100% increase in management fee

O

onway

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The Management of my estate has been taken over by a new company and they have sent a bill for twice the amount we were paying up until now.Can we do anything about this?I know i Probably signed something to say I would pay these fees but I can't see how we needed a 100% increase.

Also,there was never any mention of the residents forming their own management company - can this still be done and who is in overall control?
 
Was it the management agent that sent you the bill? Did they send you the budget for next year? If not, request a copy so that you can see where the rise in cost is.

Have you received an invitation to an AGM? Are all the units in your development sold?

The only way to keep management charges down is for owners to invest time in the management company.
 
Did get copy of budget but did not get one last year so have nothing to compare it with.
Never heard of an AGM.............
All units sold...............

Is there any obligation on Co. Council to take estates in charge?
 
@onway, I think you need to educate yourself on the differences between "managing agent" and "management company" - see previous threads and posts in this forum.

Is your estate a private gated one or is there public access?
 
Check out the website of the Director of Corporate Enforcement or buy Robert Gogans book on apartment living. These will answer a lot of your questions.
 
Hi
My estate had a management company looking after it and they were terrible. Charged alot with no benefits. The place was not kept well and the estate was constantly in arrears with people not paying. About 3 years ago a number of people within the estate took it over and it has been brilliant. With the exception of 2 houses - all have paid ( reduced fee then previous I may add). Any issues within the estate are dealt with. There is an AGM each year and there was plenty of money to get all houses paiinted externally last summer. Perhaps it is something to consider!
 
Choosey said:
Hi
My estate had a management company looking after it and they were terrible. Charged alot with no benefits.
Click to expand...

That is a bit self deprecating as you as an owner are part of the management company.

I believe that you mean 'management agent' which is a company employed by the management comapny (owners) to administer the day to day running of the development.
 
As others have said you need to get the budget for the year coming and the accounts for last year to see where the money is going.

Edited to say, management companies are non profit. So if there is a dramatic increase in fees its likely that either you are carrying some debt from previous years or that previous budgets were badly under-estimated.
 
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