2009 Jan
2009 January Vol. 29, No. 1
Focus on...Management/Board Relations
Making the Grade
No matter what the job—be it flipping burgers at a chain restaurant or running a multinational investment firm—employees should be given periodic reviews of their performance to assess how they’re doing and identify both their strengths and areas where they could use improvement. Read More
What Size Management Company Fits You Best?
As anybody who’s ever been to an “all you can eat” sushi buffet can tell you, bigger isn’t always better, and if “more” is mediocre, sometimes you’d rather have less. The same applies when it comes to property management
companies. Management firms come in all shapes and sizes, and offer different
items on their service menus. When negotiating (or renegotiating) your building’s management contract, determining the type of company that is the best fit for
your particular community is an important decision, and one that deserves a
great deal of careful consideration and critical thinking. Read More
Management and Board Relations
Building boards and their managing agents function best when they work together
as a team. Ideally, the two parties collaborate to implement policy, carry out
administrative duties, and make decisions about the efficient operation of the
building or association. Management contracts usually spell out the duties of
the manager, but confusion sometimes arises among board members regarding the
extent of their manager’s duties versus the limits of the board’s duties. Read More
How Companies Can Stay Competitive
In a competitive industry, management companies must continuously find ways to
retain current clients while honing an edge that makes them appealing to new
customers. This is especially true in these tough economic times, as many
individuals and communities face financial hardship and must make tough choices
about the services they purchase. While economic turmoil and the housing slump
have affected many areas of the real estate industry, management has not been
hit as hard as some other areas—at least not yet. Companies are rolling with the punches and offering their new
and existing clients the same high level of service, plus a few extras as well.
Read More
New York City Professionals Weigh in
Last January, not even television psychic, Ms. Cleo, could have predicted the
events that were set to unfold in 2008. With the unraveling of the economy that
we’ve already heard quite a bit about and forecasts for a gloomy start to 2009, it’s as if we’re dealing with an economic Murphy’s Law. As a result, it is no surprise that most professionals in the industry
have some concerns and trepidation looking forward. But the New Year is also a
time to look back. A time to look at the hard facts, while moving forward and
hoping for something better. Read More
Next Generation Property Management
Remember Stanley Roper from the 1970’s sitcom Three’s Company? To some, he might still be their idea of a property manager—the upstairs landlord or the guy you’d call when your plumbing’s on the fritz. And indeed, when the plumbing in your co-op or condo does spring
a leak onto your hardwood floors and oriental carpet, or when it’s a freezing February morning and your heat is not working, the property manager
suddenly becomes the most important person in the world. Today however,
property managers do much more than fix plumbing.
Read More
Hiring the Pros Who know
Tax time is coming soon, and a time no one really enjoys will likely be even
less fun thanks to the current recession. In the case of condo and co-op
buildings however, accountants and attorneys may be able to help the
communities they represent save money during the tax season. They can do this
by making sure they’re assessed properly and, in the event of an error, by challenging these
assessments via a tax certiorari proceeding through the New York City Tax
Commission.
Read More
Handling Sub-Par Maintenance
In most buildings—even otherwise well-run, well-managed ones—building staff and administration can sometimes get a little bit lax in their
day-to-day maintenance duties. Equipment doesn’t get serviced. Paint peels. Dust and dirt accumulate in the corners of the hallway carpets. Spiders claim ownership of hard-to-reach ceiling corners. And in the basement, where the expensive machinery sits, less obvious signs of
neglect can spell havoc for a building’s bottom line.
Read More
The Least Popular Decision
The boards of some co-op and condo buildings pride themselves on not raising
their monthly maintenance fees for years at a time. At first glance, this might
seem like a good thing—after all, low fees are appreciated by residents and can be attractive to
potential buyers.
Read More
Q&A: Sponsor's Role in Board Voting
My question is about the co-op’s building sponsor. I understand the building is owned by each shareholder and that they vote in a board to run the corporation. How does the sponsor factor into all of this? Is the sponsor part owner apart from the shareholder? Read More
Q&A: One Name or Two?
I’d like to ask about the transfer tax in co-ops. I have been living in a co-op unit with my brother for 11 years. It is currently under both of our names, but now I want to change it to my name only. How does the transfer tax figure in? What does the law say about transfer tax? Do I still have to pay the transfer taxes? Read More
Q&A: Board Refusing to Fix Leaky Roof
I am a shareholder in an eight-unit co-op in Brooklyn. The board is composed of all eight owners, of which there are four officers. My apartment is on the top floor, and over the past few years I have sustained over one dozen water leaks due to a faulty roof. In the past, the board did quick repairing and flashed the roof to prevent leaking. But, now it appears that there is serious buckling and a large portion of the roof may need to be replaced. The association does not have the funds to repair it, and the owners will not vote to make an assessment to repair it. In addition, the rest of the board challenges me when I have asked for reimbursement for internal damages due to their negligence. The board has spent a lot of money on hiring others to clean the building and empty the garbage, and I feel that this money could have been put to better use. The rest of the board will not listen to my financial suggestions, and since the leaking roof has not effected their units, they do not care about it. The board president actually referred to the roof as my issue. Read More
