Management Fees

[Kas]

Hello

Just got a request for management fees. Originally paid a number of years upfront.
Does anyone else consider them rather high?
Is there any way of seeing accounts for the managment company (presuming there is one)?

[bulgariagetaway]

Hi Ken

I was told that fortnoks will only manage a complex for the first 5 years after that it is up to the owners to form a committee to arrange for maintenance and set up a fee for each owner to contribute, but not sure what this would be. I think it would be better for us cost wise as would know what the fees are used for as at present not sure what the money is spent on apart from grounds maintenance.

[Barry Aspden]

Hi,
Any chance you know where this is documented about Fortnoks only managing PFB for the first 5 years?
Barry

[annegobrien]

Yes Management fees very , very high. I questioned this with Fort Noks and was told it was in contract that they are entitled to raise prices in line with inflation. I checked the offical inflation rate in Bulgaria for 2009 with a qualified accountant in Bulgaria and was told the offical rate for 2009 was 0.6%.. I willl be contacting them for a recalculation in line with offical figures.