Management company fees are are written in to the contract. I don't know what a "normal" alteration fee would be, but your board had the opportunity to negotiate this (and any other) fee before signing the management contract.

We are interviewing for a new Mang company,,, Could you let us know what your fees are for things such as processing forms for S/H renovations etc...

Also, any questions that we need to ask the new company... Thanks,,,VP

Actually Larry, Calling mang companies/lawyers to try to find out how much they charge -- is almost an impossible endeavor.

One of the purposes of Habitat has been so that we, as non-insiders on the Mang side, could compare notes and hopefully, in learning what to ask for, bring cost down and know how to handle spicific problems with the building and the Mang Company.
We are going to hire a new MangCo, and since this is a negociated item ....once more ... so that we can compare: Our last mang company still charges a processing fee of $150, our present fee is $350... also, any suggestions on what questions we need to ask new agents... Thanks AliceT

Thank you BP, but I have sent a number of questions, which I see posted, but no answers.

I dont know about the new site, but the old allowed us to exchange valuable information, and compare notes. As much as we would like to belive the best, our recent experience has taught us that the mang company, does not necessarly have the best intrest of the building in mind.

We are interviewing new MangCompaines... do you have nay suggestions as to the questions we should ask. Also, what are your processing fees? Our old company still charges $150, whereas our present company charges $350.. This is a negociated item, and we need to hear from other CoOp boards... This is not the kind of Info, mang companies give out...
PS: I am troubled to see MangCo advertisments on the site,,, is this the end of Habitat's nuteral position?
AliceT

Alice, I got an e-mail recently saying there were new Board Talk postings. I didn't get an e-mail like that for weeks. I used to get them almost every day, and this time I had to log in. The only postings I've seen lately are from you and one today from Larry. Maybe the problem is on Habitat's end. (?) It seems odd that no one is posting anything.

Look in Habitat's archives for articles on what questions to ask mgmt companies. Type in "interviewing management companies." Our mgmt company charges between $50 and $400 for processing fees, depending on what it's for and what's involved. We don't negotiate that with them. We've had the same company for a long time, and what they charge has always been up to them.

Thank you for your reply... the Archives are a good idea... would you mind sharing the name of your MangCompany...

Thanks,,, AliceT

Alice, I'd rather not share the name of our mgmt company. We have a problem with them at the moment. Look into past Board Talk postings for mgmt companies. I remember seeing some with names of companies that were recommended.

We too are having serious problems. Perhaps we can compare notes at a later date.
Carefully read your MangContract, and start reviewing the accounts.
We have one Board member who has kept every Email. So, do put everything in writing, and keep all Emails.
AliceT

Would be intrested in hearing from other B/M, S/H as to what your processing fees are...

They are out of control in our building.
AliceT

your Board can negotiate. Write to your Board and tell them you feel it is too high and that they shoudl review the fees. Get one or two of your neighbors to sign the letter for more effect. $500 is normal if it a major renovation. Many buildings have a "simple" form that is for superficial renovations (cabinet installation, painting, floor refinishing) and that has no fee.

We are negociating with a new ManCo... We would appriciate anyone who can give us idea of what you pay for simple processing of papers for things such as a small plumbing job...verses a renovation...Thanks

Minor renovation : zero (it is only one page plus proof of insurance.
Major renovation = $250

Schedule of Fees
Resale Application- $350
Closing Fee- $500
Credit Report- $75 per person
Recognition Agreement- $250
Refinance Application- $250
Sublet Application- $350
Sublet Renewal- $150
Duplicate Financial Statements- $15
Copy of Offering Plan- $250
The recognition agreement fee is a one time fee which covers the entire mortgage application. This fee is charged to new buyers who are obtaining a mortgage or shareholders who are refinancing. The refinance application is only charged to existing shareholders who are refinancing for an amount greater than their current mortgage and where the monthly payment is increasing.