Property managers have a lot to keep track of - board and shareholder meetings, maintenance issues, and a host of other concerns that go along with managing a building - or in some cases several buildings - in a metropolitan area like New York City. Depending on the size of the management company and the number of properties in their management portfolio, a single agent often has multiple properties to take care of. That can have as many advantages as it does disadvantages.
While the need to wear different hats provides much valuable experience, the manager must be careful not to spread him- or herself too thin.
Fortunately the managing agent's parent company provides support in a variety of ways, in addition to offering seminars and training programs that help make the manager's job that much easier.
The board has shared responsibilities as well, says Mindy Eisenberg Stark, an accountant specializing in co-op and condo finance and founder of the Council of Westchester Co-ops and Condominiums. "While the management company has a responsibility to help set realistic goals and timetables, a board must have realistic expectations. The board should know the basics about the site agent's obligations, like how many properties he or she is managing, and how often he or she will visit the building and do a complete walk-through of the property. The board should also know how many meetings a month the manager will attend, and who at the management company will be fielding shareholder complaints."
Deborah Gordon, director of operations for Kaled Management in Westbury, says the average caseload of a NYC property manager is about seven buildings each.