MoiraB
Posts: 2
Posts: 2
Posted:
I recently learned that our property management company withdrew from one of their other properties because they were not happy with a small number of the board members (two members).
The majority of the board "renegotiated" the contract in favor of the property management company and the property company came back at almost 3 times the fee for the first year with 15 percent increases on the second and third year.
This was finalized and signed two to three weeks before the annual meeting.
A new board was elected and the "trouble makers" are now the officers of the HOA and are making great progress.
They put out an RFP and received quite a few responses from the it and are now looking at another management firm. The other firm does not want to do business with the new board (despite the contract) and is not complying with the contract.
Anyone ever here of this? I understand that this is not the first time they have done this and am concerned this will happen in our community.
The majority of the board "renegotiated" the contract in favor of the property management company and the property company came back at almost 3 times the fee for the first year with 15 percent increases on the second and third year.
This was finalized and signed two to three weeks before the annual meeting.
A new board was elected and the "trouble makers" are now the officers of the HOA and are making great progress.
They put out an RFP and received quite a few responses from the it and are now looking at another management firm. The other firm does not want to do business with the new board (despite the contract) and is not complying with the contract.
Anyone ever here of this? I understand that this is not the first time they have done this and am concerned this will happen in our community.