- Jun 13, 2005
I may be wrong, and I don't have an axe to grind, but I have a feeling that some "management companies" took "liberties" with charges during the boom times and haven't yet woken up to the real world.
As someone who works for one of these management companies I can tell you it would be tough to take liberties - look at the budget - we get a flat fee for handling the management - unless the managers are getting a kickback from the suppliers (which I don't) - Before planning a budget for the year we call all the suppliers and try to get them locked in for the next year - including ourself. Insurance is one of those huge factors that is tough to read. One complex we manage insurance is half of the total association fees collected every month. Besides that they have to pay cable - pool service - trash collection - water and sewer - outside electric - landscaping etc. I believe if you are complaing about association fees - look at the insurance bills. I hear all the time we have to cut the quarterly association fees - how can you - the numbers are what they are - if you don't pay it monthly (or quarterly) you will end up paying it in special assessments.
....and then there is the increased charges to cover the folks who've opted to buy food and gas and forego the association fees on their "investment" condos.