Management Company Fees

Freddie

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163
My management company AGM is coming up. Would people be interested in putting up their annual charge, size of development, general location. I'd just like to see where my place fits in. Compare some of the costs as they are broken down for other people etc. I'm not sure my place shops around at all and suspect lots of work might be going to "friends" of the management agent company. This will be my 2nd agm do new, to all this.
 

elcato

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3,211
This comes a lot here just like estate agents, taxi drivers, insurance companies. Contrary to what you might think, it is easy enough for you to put yourself forward as a director. Then you instruct the MA and either accept or reject their giving the work to 'friends'. There is no conspiracy here, just check the budget proposals and see if the expense is reasonable. I suspect it's grand but you can do something about it if not at least.
 

Freddie

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163
It's just I don't think they aren't bothering to shop around. I will be putting myself forward this year to be a director. But it would be good to go into the agm with knowledge of what other people are paying. There are 3 blocks in my development with 3 lifts 3 external fob gates. There are 40 apartments in total.
 
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elcato

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3,211
Doesn't look too bad. We have one block of 45 apts, one lift, a small garden and underground car park.

ESB4k
Lift maintenance900
Insurance6k
Gates (two gates)1k (2k to fix last year)
Fire alarm/Emergency lighting totals2k
Bins4k
Windows - gutters1k
Repairs and maintenance7k last year
Auditors1.8k
Man. Agent10k
 

Freddie

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163
The garden is tiny where I am. It was the €12k common area cleaning. Last year we had the carpets replaced in all common areas and the common areas painted. There is 1 man who comes once a week and cleans. If he was getting the €12k I wouldn't feel as bad! Its €1000 a month to basically hoover the new carpets on the stairs and small halls between apartments. He mops the three lifts and that's it. I'll be bringing this up at AGM but maybe I'm not being reasonable.

The electricity cost of 9k seemed high. I asked for the past 12 month bills but the managing agent said the "These are the responsibility of the Directors to review etc. and as such I am not in a position to provide you with a copy of them. "

Your lift maintenance is €900 is that correct. Ours is €5000 + Lift insurance of €1300 + Lift phone of €1300
 

8till8

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316
Lift phone of €1300
You can make big savings by changing away from a fixed line to mobile with these guys; https://www.fullsignal.ie/

Also enquire what your 'lift insurance' is really for, its usually an engineering inspection policy thats offered by insurance brokers -- again you can make savings by going direct, check these guys out; http://www.irishliftinspections.ie/


Both electricity bills appear very high...has the lighting been converted to LED?
 

Freddie

Frequent Poster
Messages
163
You can make big savings by changing away from a fixed line to mobile with these guys; https://www.fullsignal.ie/

Also enquire what your 'lift insurance' is really for, its usually an engineering inspection policy thats offered by insurance brokers -- again you can make savings by going direct, check these guys out; http://www.irishliftinspections.ie/


Both electricity bills appear very high...has the lighting been converted to LED?
Thanks for thd
 

Freddie

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163
Thanks for the really useful advice there. I questioned the Electricity bill last year but was told the 3 lifts and the 3 gates really added to this cost. Don't know how true this is. It was my 1st AGM as the managing agent shot me down on any questions I had. No we don't have led bulbs. As I said I have asked for bills. I'm presuming I'm entitled to these as I do pay 1/40 of them?

Do you think the cleaning costs are quite high too? It's basically a 1 man job once a week. As there is only 1 cleaner and this man does the hoovering of the common areas and washes the floors of the 3 lifts.
 

jdwex

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392
Lifts and EM Gates will certainly use up electricity. I'm in a complex of 200+ apartments, we have just one EM Gate, for the underground car park
 
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Freddie

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163
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. No I'm not a director. I'm going to put myself forward but the guy who thinks he owns the place wont be on for it as he sees me as a threat to his dominance.
 

8till8

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316
Do you think the cleaning costs are quite high too? It's basically a 1 man job once a week. As there is only 1 cleaner and this man does the hoovering of the common areas and washes the floors of the 3 lifts.
It does seem very high but ask if there is a contract or what was the last quote in place for cleaning services.

Asking for bills as a non-director may not be received very well, its not that you aren't entitled to them but the directors/managing agent role is to manage such matters so they may feel threatened, it sounds like you should become a director and then there can be no holding back information.

Not having changed to LED by now is pretty lazy, the cost benefits are tremendous but maybe they have it planned?
 

jdwex

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392
What's budgeted is one thing, what was was spent is another. Do you have a copy of the last annual accounts?
 

Freddie

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Messages
163
It does seem very high but ask if there is a contract or what was the last quote in place for cleaning services.

Asking for bills as a non-director may not be received very well, its not that you aren't entitled to them but the directors/managing agent role is to manage such matters so they may feel threatened, it sounds like you should become a director and then there can be no holding back information.

Not having changed to LED by now is pretty lazy, the cost benefits are tremendous but maybe they have it planned?
I want to be a thorn in their sides as I dont think they tender for anything and just go with the status quo. I'd like to have as much info as possible by the AGM so I can show what they are not doing and all this will get witnessed by those there and also minutes. Hopefully I can make a case for becoming director and the guy who thinks he owns the place wont block me some way
 

llgon

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412
Are you familiar with your company's rules for election of Directors? This is probably the most important information you'll need for the AGM.

Have you spoken to other owners about the issues and are they willing to attend the AGM and elect you? If not the other guy will probably have a few friends there who will support him and block you. I would expect at an AGM in a development of this size there will be few neutrals present who haven't made up their mind about your nomination beforehand.
 

Blackrock1

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476
I want to be a thorn in their sides as I dont think they tender for anything and just go with the status quo. I'd like to have as much info as possible by the AGM so I can show what they are not doing and all this will get witnessed by those there and also minutes. Hopefully I can make a case for becoming director and the guy who thinks he owns the place wont block me some way
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
 

Freddie

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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
Yes you are right, I do need to change my attitude, persecution complex as you call it :)

I suppose I am just trying to get best value for money. I'm happy to keep the mgmt fee the same but it would be good to see if we could have the same fee but be putting some money into the sinking fund. At the moment this is non existent. I'm probably a bit annoyed/disappointed that this was never funded at all.
 
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