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Board/Management Relations
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
When to Call Your Managing Agent...
Whenever a problem arises, board members often have a knee-jerk reaction to call their managing agent immediately. In many cases, this is appropriate. But although it might be part of their job to communicate with the board, managing agents might not be able to respond to every call right away. And if your board is calling too frequently, your persistence might begin to irk your manager and put a strain on your working relationship. 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
What Makes a Good Property Manager?
A good property manager is like a hip dad. He or she may not say things like, "Hey pal, whatcha say we go toss around the ol' pigskin?" but like a hip dad, a property manager needs to have a certain set of specific traits and other, harder-to-define skills in order to be successful. 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
Coping From a Management Perspective
Lawsuits are an unfortunate, often expensive fact of life these days, and co-op and condo communities are not immune from seeing the inside of a courtroom, or at least a lawyer's office suite. An issue that arises between a resident and the board or between two or more residents can spiral out of control, wind up involving the managing agent, and end up in court. Then it becomes a battle of he-said/she-said until the lawsuit is over, a settlement is declared and it's back to building business as usual. Or is it? 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
Above and Beyond Management
It's been said before, but bears repeating: while there are certain similarities, every co-op and condo building in New York City is different, and every building community has different needs, expectations, and amenities. Those expectations and needs may change over time as well—what works for one community for a few years may not work so well as building demographics shift and redesign themselves. 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
Focus on Building Community
It is easy to focus attention on the governance and business aspects of operating associations because of their immediacy. However, clear lines of communication and a strong sense of community among residents focuses everyone's attention on the positive benefits of being a part of the community and encourages participation in association activities. As a result, governance and business operations become less problematic. Read More
