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Management Co. looking for Business

  • 31-03-2010 7:32pm
    #1
    smithwicks
    Registered Users, Registered Users 2 Posts: 59 ✭✭


    I received a flier today from another management company offering 10% less than what i am being currently charged in management fees.

    I was under the impression that once you buy an apartment you are locked in with the management company unless they sell the rights to your development.

    Are this company looking for a group of apartment owners to get together and change or can one switch?

    I ask, as i feel competition in this area would be a good thing, not only for financial saving's but also for a better customer service .


Comments

  • #2
    connundrum
    Registered Users, Registered Users 2 Posts: 5,563 ✭✭✭connundrum


    Without being short, you should read something like this document so that you'll have a better understanding of management companies, managing agents, the role of the developer in handing over the common areas etc.

    There are many threads in this forum which deal with this exact question.


  • #3
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    For a start you don't seem to know the difference between management company and agent. When you "buy" an apartment you become a member of the management company which actually owns the buildings and common areas. Most management companies hire a management agent to administer the day to day running of the development. They collect the fees for the management company but it's the directors of the management company who agree the budget and set the fees. This is what you legally signed up to when you "bought" your apartment.

    The flyer is probably a new management agent touting for business, trying to get a group of owners to raise it at the next AGM. No harm in investigating it I suppose but do some research on the agents, there are plenty of dodgy ones out there.


  • #4
    smithwicks
    Registered Users, Registered Users 2 Posts: 59 ✭✭smithwicks


    No worries, thanks for taking the time to post a link. I just thought this was a new development..


  • #5
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    We actually got one of these flyers in over the weekend. It's total BS but I'm worried it's going to affect people paying their fees.

    Will be ringing up the company in the morning and having strong words with them!! As a director I know we've tendered for MAs and for every aspect of the budget, and the company whose flyer it was was over 50% more expensive for starters :mad:


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