Rusty Cogs
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In any development with management fees, what would you think is an average default %, i.e. the value of aged outstanding debtors against total monies owed (of say 2009) ?
The spread of varience doesn't stop there being an average but I think I get your point. What I'm getting at is, all things considered, what would you think is a reasonable % recoup of management fees by a management agent. 90%, 95%, 99% ?
As I understand it, if the owner has rented the property and is out of the country, it's near impossible to get a judgement against them.
Withdrawing insurance cover is usually a very strong leverage tool. It's the condition of every mortgage that you have buildings cover. In the case of apartments this has to be done by the management company as the management company ultimately owns the building and leases the apartment to the "owner". The bank can then cancel the mortgage and seek immediate repayment if they have documentation to prove that no cover is in place.