In many co-ops and condos it is the managing agent's responsibility to work with the board, superintendent and maintenance staff, vendors and other building professionals to create a safe and satisfying living environment for shareholders. Many times this job demands actions that go above and beyond the mere call of duty. A skilled agent knows what it takes to operate a building successfully. He or she must be prepared at any time to take charge of a crisis situation by making responsible decisions under pressure.
Every year The Cooperator recognizes the managing agents whose dedication is often unrewarded. On February 29, 2000, at The Cooperator's 13th Co-op and Condo Expo, Eichner Rudd Associates, Diversified Property Management and Insignia Residential Group were bestowed the Leadership in Management Award for their dedication and success in saving their buildings from financial ruin and disaster.
Eichner Rudd Management Associates
Since being retained in August 1998, Eichner Rudd Management Associates and Gloria Amorini-French, the managing agent, have steered a truly remarkable turnaround at 689 Fort Washington Avenue. Prior to Eichner Rudd, the property had minimal operating cash and virtually no reserve fund. Today, it is fiscally sound, with sought-after apartments, a maintenance reduction, a better maintained building and a significantly improved quality of life for residents. How this turn-around was engineered is a story of hard work, sound financial guidance and how a managing agent took a proactive approach. Amorini-French went the extra mile, making the resuscitation of the building a personal commitment, as well as a professional challenge.
Within several months of Eichner Rudd taking over, the co-op had an operating surplus in excess of $40,000 and a reserve fund of $160,000 (it is now over $300,000). In addition, Amorini-French carefully examined every building expense and cut costs immediately. By negotiating more favorable service contracts and changing purchasing practices, the building reduced operating expenses and had $30,000 in operating funds within one month. With the finances in order and the appearance and maintenance of the building significantly improved, the value of the apartments increased.