Hi,
I have an apartment in a complex which is managed by a property mgmt company. This company has a Board of Directors drawn from residents and a representative of the developers (as the complex is fairly new).
The company retains a property mgmt agency to look after the day-to-day maintenance of the complex.
Recently the property mgmt company (not the agency) have set a rate they will charge any apt owner for time they spend dealing with issues related to the apt (e.g. complaints about tenants etc).
I find the rate to be exorbitant (as well as being in addition to a standard mgmt fee).
My question is whether the Board of a company like this have the right to arbitrarily set the rate of their renumeration or does it have to be ratified - e.g. at an AGM?
Thanks for any help/pointers.
I have an apartment in a complex which is managed by a property mgmt company. This company has a Board of Directors drawn from residents and a representative of the developers (as the complex is fairly new).
The company retains a property mgmt agency to look after the day-to-day maintenance of the complex.
Recently the property mgmt company (not the agency) have set a rate they will charge any apt owner for time they spend dealing with issues related to the apt (e.g. complaints about tenants etc).
I find the rate to be exorbitant (as well as being in addition to a standard mgmt fee).
My question is whether the Board of a company like this have the right to arbitrarily set the rate of their renumeration or does it have to be ratified - e.g. at an AGM?
Thanks for any help/pointers.