Hi Folks,
Why is the property management fee so high? Every apartment pays 2 grand per year and there are 40 apartments but the actual maintenance work that's been done over the course of year not seem to justify the price. Does houses pays maintenance too?
Thanks,
Techie
Bit harsh. I am a member of two management companies and I can assure you that the directors in both are actively getting quotes beside the management agents to compare and make sure we get value for money. The beauty of them is that if you feel that there is skullduggery going on you can become and active member and director to make sure it doesn't.Cultural acceptance of high fees, absurdly high fees are the norm, area ripe for abuse,
Cultural acceptance of high fees, absurdly high fees are the norm, area ripe for abuse, developer often has directors role from the start and awards contracts for grounds maintenance,waste collection, to mates who overcharge to everyone except him.
Management company members - unit owners often take passive role and fail to challenge directors,most don't even attend AGM.
Sounds like a bad situation Palerider.
Forgive me if I misinterpreted your post. I was just specifically pointing out regard to two points mentioned in Galway blow in that there is nothing usual about a developer being director at the outset of an OMC and that the idea the developer gets some sort of deal with the service charge is just ridiculous.
As regards overall skullduggery in OMCs there are plenty of honest Boards and Agents but unfortunately I have witnessed and heard plenty of bold stuff too!
The developer usually has a strong hand in how the management company is run,tendering is often the opposite of how you might expect, most expensive service provider is chosen.
Kickbacks etc.
Owned an apartment a few years ago, bin collection was more expensive than where I live in rural Galway, block I owned the apartment in, you could lift twenty bins in ten minutes on your own.
Ah here. If the developer is a director of the OMC then course they should have a large say in running the b- Directors, be they the developer or owner, have the most say in how to run things and there's nothing unusual about that.
As regards tendering and choosing the most expensive contractor that makes no sense. If the developer chooses the most expensive providers it means their own service charge is going to be higher for it.
If the developer is indeed doing this and has sold all his units in the block but still remains as a director then the other owners need to step up and get on the Board.
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