Our 170 unit condo complex in Georgia recently underwent a pressure wash/painting project. We have very low reserves of approximately $200,000.
The Property Manager firm took bids from three companies; the lowest bid was $100,000 less than the other two.
The company awarded the contract was the lowest bidder, a company with NO Better Business Bureau rating (even after supposedly 20 years in business).
My question is this: Is it "standard industry practice" for the property management firm to be paid extra (beyond their yearly contact) for securing these bids as well as possibly "overseeing" the project? Are these extra fees generally based on percentages?
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