Impact Real Estate Management Restoring Honesty and Integrity to Real Estate Management

Going solo, doing it your own way, the right way. That’s what the three principals of Impact Real Estate Management decided to do. When the three met five years ago, they all had the same idea. They agreed many in the management business were providing consumers with inferior service; not to mention the indictments for corruption that had recently rocked the industry. Mismanagement was running rampant; they decided to do something about it.

Impact Real Estate Management Inc. opened its doors for business in April 1997. Gregory Cohen, Andrew Posner and Stuart Halper, who prior to this had worked together in another management firm, felt that they could provide better service than was being offered at existing real estate management companies. Posner and Cohen, who happen to be in-laws, joined with Halper who was an attorney working with the firm, to create Impact. "We knew we could do a much better job," Halper says.

Currently located in Flushing, Queens, Impact currently manages 25 cooperatives, condominiums and a few rentals. They manage properties in Brooklyn, Queens and Staten Island averaging 70 units although they have managed as many as 140 units. The buildings range from walk-ups to high-rises to garden style dwellings. At present, they are pursuing Registered Apartment Manager (RAM) certification.

Lessons Learned

To create a firm that would provide quality service, the principals of Impact drew on both positive and negative experiences. Cohen says that as a managing agent he had the opportunity to deal with clients directly and hear their complaints and concerns. A consistent problem was that "agents were switched from one building to another just as they became familiar with it," Cohens says. He recalls one building that had five managing agents in two years. He believes the constant transfer of managers from one complex to the next was unfair to clients. "They didn’t have time to become familiar with the agent. Also just as the manager familiarizes himself with a building, he is reassigned to another one."

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