Management Company Fees.....

M

miami

Guest
I Live in a small apartment complex consisting of 24 apartments in 4 blocks just over 1 year old. Our management fees are due now and are divided up between all apartments on a square footage basic.. My apartment is the largest of the 4 blocks and is just over 900sqf last year fee was €1150 which was paid by my socitor when i purchased the aparment. But this year my fees have jumped to €1,556 + €387 for the installation of security gates (which i have no problem paying). The total proposed budget is €28,965.04 Last years budget was €21,407.00 which is over 7 and a half thousand jump.. Our refuse has jumped to €6,000. The management company receive over €6,000 for there own fee.
Is €1,556 the going rate for a 900sqf apartment ?
We only have a bank at the back of the blockwith grass and few trees but apart from that its basic enough apartment block..
Would any one have names of good management company (or is there any) that maybe i could get them to giveus a quote??
would appricate any comments thanks
 
1500-1600 is good for normal apts IMO, its quite good given the size of your also.

I get the feeling that 1600-1800 is the median for a dub 2 bed typically.
 
You should look at existing threads on this subject which will help clear up a few issues for you.
First of all the "management company" is you and the other residents. You are the members/shareholders. You cannot change management company. The management company engages a management agent who run it on behalf of the residents for a fee-in this case €6000. You may be able to change them unless the builder still controls the company in which case it'll be up to him. Generally builders keep control until the last unit is sold in the complex.
However I would advise you to ask to see accounts...if that's what it genuinely costs to run the complex then fair enough. One point I would make is any complexes I have experience of the fee for the first year is estimated and bears no relation to actual expenditure. Sales people will always paint a better picture of lower fees when selling property, hence the jump when the complex is up and running.
Tread wisely
 
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