Management Company Fees

You can buy copies of the accounts and company memo & articles (which details the rules for election of directors) from www.cro.ie for €2.50 each.

Then again since you are now a member of the company so the company secretary should give you this info for free upon request.

I agree with Blackrock1, I'd change approach from persecution complex to crusade ! .... but first get elected director and then work from 'inside the tent'
 
8till8 said:
You can buy copies of the accounts and company memo & articles (which details the rules for election of directors) from www.cro.ie for €2.50 each.

Then again since you are now a member of the company so the company secretary should give you this info for free upon request.

I agree with Blackrock1, I'd change approach from persecution complex to crusade ! .... but first get elected director and then work from 'inside the tent'
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Will do, just happens that the guy who thinks he's owns/runs the development is also the secretary.
 
Just download what is up on cro.ie rather than chasing the company secretary. That is what i did.
 
Freddie said:
The 2 directors are owner occupiers. 1 guy was just appointed the other guy thinks he owns the development. He's never going to be shifted off I'd say. He's been a director for years and his rotation has already come and gone. He's also the secretary. Sits in his penthouse watching everything.
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Don't knock this. This is a great asset, a watchdog free of charge if you like. As others have alluded to, don't be surprised if this guy welcomes you with open arms.
 
I spent two years on the Board of Directors for a management company when I lived in an apartment. NEVER AGAIN. Zero thanks. Huge Effort. The last AGM I did was just constant criticism for everything done. I announced I wanted to step down from the board and mentioned that anyone at that meeting could put themselves forward. It was a development of 126 units. Number of people to come forward after spending the last 90 minutes telling us what we were doing wrong? ZERO.

Go on the board but as already mentioned, don't go on thinking you are going to change the world. It is very difficult and time consuming.
 
Blackrock1 said:
If I was you I’d get rid of the persecution complex and try and approach this rationally.
If you become a director your will probably see the scope for making any sort of meaningful decrease in the mgt charge is small
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So I've spent a good few hours the last week going through the proposed budget for next year with our AGM coming up soon.

I've gotten a few quotes on most of the line items in the budget, Insurance, Cleaning Internally, Window cleaning & drains, Lift Maintenance, Phone lines etc

In all cases I have cheaper quotes, considerable cheaper in some cases. Insurance for example is €2500 cheaper with the same Principal Risks, Buildings Insured for the same amount and contents in common area for the same amount.

Replacing fixed emergency phone lines for lift is 1/3 of the cost with GSM. There is no issue with signal and lifts are compatible.

It goes on, so I'm seeing lots of scope.

I'm new to this but I'm comparing like with like as much as possible, am I missing something?

Imo, as the owner of the Managing Agent Company we employ is a director of 10 - 15 other management agent companies, that he is putting all business through his "preferred" contractors/suppliers/brokers.
 
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Freddie said:
Imo, as the owner of the Managing Agent Company we employ is a director of 10 - 15 other management agent companies, that he is putting all business through his "preferred" contractors/suppliers/brokers.
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Thats so common, I think it comes with the territory.

Is the managing agent a director of your OMC? They shouldn't be...
 
8till8 said:
Thats so common, I think it comes with the territory.

Is the managing agent a director of your OMC? They shouldn't be...
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No not a director, but the 2 directors, well one main guy is a bit clueless and takes everything the agent says at face value.

I was shocked at the considerably lower cost quotes I could get for almost everything on our proposed budget. I wasnt looking at one man show companies either not that there is anything wrong with such providers.

For example €2500 off €11000 bulidings insurance quote with the buildings value at same price and the common area contents valued at the same price.

With a little bit of I investigation I found out agent puts all the complexes he manages through the same broker! I scratch yours .....
 
What if a director also provides cleaning services to common areas for 14 k a year. And has been collecting that amount for 10 years. Around 100 apts in the development.
 
I live in a development with 40 apartments and we have been charged 12k for as long as I can see.
 
It's the modern day gold rush, owners need to take more interest and be more challenging, good for you, keep scratching away, it will benefit every owner not that you will ever get thanks for the effort.
 
Palerider said:
It's the modern day gold rush, owners need to take more interest and be more challenging, good for you, keep scratching away, it will benefit every owner not that you will ever get thanks for the effort.
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Thanks for the encouragement. Looks like the managing agents are doing really well selling shovels and picks aswell!!
 
Yes. And the other has been managing the whole development for years for a monthly fee. And both have offered to be reelected for next year. So it can't be all too bad for them. The problem is others are too busy to look into the accounts and see if it could be done cheaper. 1600 euro a year management fee, I'm sure it could be done for less.
 
Next years budget includes; Insurance 28k, electricity 18 k for common areas, management agent fee i.e directors fees 20k, refuse 18k, 108 apts mainly 2beds, Dublin area. Any thoughts ?
 
My place is about half the size in terms of no. of apartments but all your fees are more than double ours. But I'm sure this isnt an accurate way of comparing.
 
Susie2017 said:
What if a director also provides cleaning services to common areas for 14 k a year. And has been collecting that amount for 10 years. Around 100 apts in the development.
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Do you mean director of the managing agent or director of the owner management company?



Susie2017 said:
management agent fee i.e directors fees 20k
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Management agent fees and directors fees are two very different things...OMC directors are not supposed to be paid directors fee's so I presume you mean management agent fee's ??
 
Does anyone know what level of detail as a member of a management company you are entitled too.

My management companys agent isnt shopping around and he is just putting contracts through his "preferred" providers.

Can I get access to the figures and quotes they claim to be getting. They've said only directors have can have this access. Is this correct legally? Is there a way I can check on this?

Our 2 directors just take what the agent says at face value?

Thanks everyone
 
No i mean two directors of the OMC. Yes one provides cleaning services. The other manages the development for the fee above. There was a separate outside management company employed years ago but they were more expensive and were hard to reach in the event of an issue. Very poor in fact.
 
Susie2017 said:
Next years budget includes; Insurance 28k, electricity 18 k for common areas, management agent fee i.e directors fees 20k, refuse 18k, 108 apts mainly 2beds, Dublin area. Any thoughts ?
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Do you have any detail on any of your costs for next years budget?
 
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