The present (“Dependable”) “Management fees” line of expenses is about 8% – in the upper range of what the best management companies charge. See the Financial Statements for 2022 and 2021, which were distributed at the Condo meeting of May 22, 2023:
Total common charges for 2022: $444,394
Management fees: $31,680, which comes to about 8%, the highest range of the customary charges for the property management companies. For this or less money we can get a much better company which will provide much better services.
Also note the “Omission of Required Supplementary Information about Future Major Repairs and Replacements”.
Why was it omitted?!
Michael Novakhov | 6.7.23