Management fees are generally in the top five of the highest expenses within a Condominium Corporation's annual budget. As volunteers on the Board, you each have your own personal expertise, but require the assistance of a professional manager to guide your decisions, advise of your regulatory obligations and handle the daily tasks of administering the business of your property.
Who sets management fees? Like every industry, condominium management is a competitive field. Management companies will set the fees (often this is done on a "per door" basis), but its very important to understand what is included in the price quoted and more importantly, what is not included.
What do fees include? Be VERY cautious in researching this aspect - unfortunately you may not, or even worse, sometimes may, get exactly what you pay for.
- The first consideration should be not only the company's experience, but that of their staff member assigned to your property as Manager - often, you will find companies with lower fees because they hire administrative professionals and "train" them to be managers - you will want more than you're paying for in this situation if you care about your investment.
