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Subject: Management Company Fees
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Author Messages
BillR21
(Florida)

Posts:6


11/28/2018 4:36 AM  
Can anyone provide comment on the pros/cons to having an all-inclusive fees management contract? I realize the all-inclusive term may vary from company to company but am curious how anyone who has used it feels. Are your fees (all-inclusive or otherwise) calculated on a per property basis?

Thank you for any information.
BillH10
(Texas)

Posts:294


11/28/2018 7:48 AM  
Bill, can you beak down all inclusive a bit. We would never bid on a contract which does not include reimbursement for consumables, mileage above an amount included in the contract, and certain hourly rates for ad hoc projects.

We offer two forms of management contracts: full service and financials only. Full service includes a dedicated or portfolio community manager who provides day to day management services--owner calls and queries, board and meeting support, bid development, potential vendor identification, bid solicitation, bid analysis, vendor management, contract management, interface to the accounting process, attorney liaison, report preparation and analysis, collections process, compliance reviews, compliance process, etc., etc.

Financials only includes just what it says--assessment collection and processing, financial report preparation, collection process, vendor payments, account inquiries, etc. Typically the financials only portfolio manager does not attend board or annual meetings unless it is specified in the contract.

Both models include paying as many bills as possible through an auto-debit process, generally the utilities, sometimes more.

The full service contract is a fixed monthly fee with reimbursement for consumables--postage, reproduction, ancillary mileage outside that which is defined in the contract, etc. Project management is rarely included, project management involves major projects which require the participation of the community manager outside the scope of the contract.

Financials only also includes reimbursement for consumables.

Both models offer ad hoc services at specified hourly rates depending on the subject matter and complexity.

Either model is based on a "per door" basis for a single family home HOA with common areas and amenities.

Condominium communities are based on a flat fee up to a fixed number of units and per door beyond that to a maximum number of units. Our business model does not accommodate condominium communities with more than N number of units; likewise we do not bid on management contracts for HOAs or condominiums with pools.
JohnC46
(South Carolina)

Posts:7865


11/28/2018 12:40 PM  
Our MC is more than a financials only arrangement. They collect dues via a lock box. They pay all bills. They do attend our Annual Meeting as part of the Budget Review and run our BOD election. They do send out Covenant violation letters when directed by the BOD. They do track and notify of fines and dues delinquencies.
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