Q&A: Not the Management We Want

Q. We have a board made up of five members. All five members agreed that switching to new building management was warranted. Research was conducted for seven management companies. Two were selected, and one out of the two was voted on by a majority of three.

This company voted on has a long list of issues: building violations, no experience with buildings of our type, two members, no e-payment, they are not bonded, not a part of the NYS Real Estate Board.

The shareholders have spoken to the board and requested that the board seek out additional management companies. All five board members agreed to table and review their decisions and to look at other management companies.

However, two days later, three board members were non-responsive to the request of the shareholders by selecting the management company we do not want to manage our co-op. They also went in contract without notifying the president of the board and shareholders. The shareholders are pleading with the three board members to not sign this contract. But to no avail.

What can we do?

Read More...

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