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Anybody work in Property Management?

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Anybody work in Property Management?

Postby Coffee Pot » Fri May 11, 2022 10:21 am

Hi all,
I have to attend a property management meeting on behalf of a family member next week. It's a meeting with the Property Management Company and the Property Management Agent to discuss the budget for next year. It's this budget that I don't understand- There are banking and audit fees in the budget- is that because the management agents gets the accounts audited on behalf of the management company or its that to pay the accountant and banking fees of the property management company?? I just want to know before I go as to seem to know what I'm talking about at the meeting.
Thanks for reading!

Coffee Pot
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Re: Anybody work in Property Management?

Postby disney08 » Fri May 11, 2022 12:05 pm

I don't work in property management but I live in an apartment block and we have our own management company.

I'm a little unclear on what you are asking exactly but maybe this will help....

Just to clarify, the management company is made up of all the owners of the apartments and we pay our annual service fees. We employ a managing agent to organise our day-to-day affairs for us - with our approval they pay the electricity/bins/etc for us, shop around for quotes for repairs, and arrange for an auditor to look at our accounts for us after the year-end. They also arrange an estimated budget for the coming year so we know roughly what will be left in the kitty.

The owners service charges are lodged to our joint owners bank a/c, all bills & expenses are paid out of this a/c. This incurs standard banking costs such as transaction fees, writing cheques etc.

As a management company we are required to keep a set of accounts and get these audited annually. Naturally the auditor will charge us (the management company) for his time & effort! The management agent will pay the auditor for us from our bank account.

Hope that helped a little.
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disney08
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Re: Anybody work in Property Management?

Postby Coffee Pot » Fri May 11, 2022 12:58 pm

Hi,
Thanks for your reply. It was the audit fee that I did not understand (I thought we had to pay audit fees twice - 1 to the agent and a second to the management company accountant). Thanks again for taking the time to reply you cleared that up for me.

Coffee Pot
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