INSIDE TRACK: PROPERTY MANAGEMENT

Co-op and condo boards are caught between a rock and a hard place when it comes to emotional support animals. They have to tread very carefully to not run afoul of anti-discrimination laws and at the same time deal with any unhappy residents who object to the pet. Alvin Wasserman, Senior Director of Asset Management at Fairfield Properties, explains the  perilous path emotional support animals can cause.

Lead is a substance no one wants to find in his or her apartment, or the common area of building either.  But it exists, and there are laws regulating who has to find it, who has to get rid of it, who's legally responsible, and who has to file lead notices with the city.  The law specifically targets rental apartments, and this includes co-op or condo owners who sublet their apartments. Josh Koppel, President of H.S.C Management, shares the story of a client who had a lead problem in one of its apartments.

Complying with New York City's Climate Mobilization Act is not an easy task. You need a report from an energy professional and you need time to digest the information and find funding. Michael Wolfe, President of Property Management and Principal of FirstService Residential, shares some insights on what is needed, what boards can require of owners to prepare for the future and why ignoring the CMA is not a route he would recommend.

Nobody wants a monthly maintenance increase, but today that is practically unavoidable. Stuart Halper, Vice President and Co-Owner of Impact Real Estate Management,  says the most important thing a board can do is to keep shareholders and unit owners informed. Sounds simple, but is often overlooked.

When a condo is making the transition from sponsor to board control serious structural issues are often uncovered. That's when management, says Drew Posner, Senior Vice President and Director of Client Services at Maxwell-Kates, turns to the bylaws and, most important, the Schedule B.  

When doing repairs on your building requires access to your neighbor's property, you need a licensing agreement. But as Margaret McAdams, Director of Management at Buchbinder & Warren explains, that's often easier said than done.  The reasons why vary, but taking one bit of advice can help: Plan in advance.

It's all about preparation, not only for the topics covered, but most importantly for vote taking. Mark Levine, Principal of EBMG, walks through the prep steps and vote tally process of running a virtual annual meeting.

The unexpected does occur, and when it does your co-op or condo better be prepared. Andy Marks, Senior Vice-President, Maxwell-Kates went through trial by fire on the first building he ever managed. He shares his experience here, the lessons he learned, and the steps he took to secure everyone's safety.

A co-op's reserve fund reveals a lot about how well it operates. It sends a message about board planning, available resources and budgeting capabilities. Ignoring it is dangerous, and replenishing it takes planning and stick-to-itiveness. Mitch Unger, Controller and Principal of The Lovett Group, explains how one of their clients opted for replenishment and the way it accomplished it. 

With the cost of building projects getting more expensive each year co-op and condo boards need to anticipate owner concern. Here, Peter von Simson, CEO of New Bedford Management,  suggests it's well worth the time for board directors to discuss current and future projects - and the potential finances involved in tackling them - with apartment owners so they can plan accordingly.