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Our board wants to find a new managing agent. We have done our homework regarding establishing clarity about our building's needs (thanks to archived articles on HabitatMag.com) but we aren't sure how to approach management companies. We'd like to send out a letter outlining what we are looking for in a management company and perhaps asking the management company to supply answers to a list of questions. We would then cull through responses, develop a short list, and conduct interviews. Or do some management companies respond best to a cold call, followed later by a question and answer interview?
We'd appreciate any tips or advice based on your experience. What's worked for you and what hasn't. We're not interested in theories or philosophies, just what's good practice and what isn't.
Any input will be appreciated.
Very good advice - walk around buildings they operate and speak to residents - you will get a good feel for the building and the management firm. It might even make you decide to self rule.
Yes, walk around buildings they operate but include upper floors, not just the lobby. And speak to more than 3 residents.
Again, the best approach is self rule. Our management company has destroyed our building to the point where it is impossible to even sell a unit.
Since there is no regulation, the best approach is to self rule. Get people who are competent on the board. Don't get people who on board who self deal, get kickbacks, etc., use building's discretionary account like a piggy bank, etc. Also don't put one group of friends on board - probably better to get people who will invesitage each other. This sounds extreme but after seeing what happens to condos, this is the only way. Get independent accountants and lawyers (not affiliated with each other).
living in a coop taking over by a family who turned it into their private business this advice is right on. I meet people who have been on boards, that actually ask me how to get a city streetlight fixed. these are the people many boards that have 2 controllers want. People that are sheep and will not ruffle any feathers. They have nasters degrees, but dont know what due diligance is or the name of the bank we use is, nor have they ever seen anthing that was not shown to them. This is what has made the coop field a pure cashcow for managment companies,some as in this bldg working together, so they eackh get a cut of the contracts.
The board president becomes so indignant when i question him about finances and his self dealings, and bring it up at annual meetings. His board members will not, even after written complaints and the board lets him run the meetings that he is involved in the self dealings.
Tine for a 1998 type crackdown again, plus let all the stories come out.
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I think that the Board needs to perform some due diligence too. A management company can put anything down for an answer. How do you test that the answers are real? I think you could start by collecting:
• 3-5 references, calling the reference and having a short talk
• 3-5 examples of managed property that you can walk/drive by and see how the buildings look and perhaps talk to a few residents coming and going to see what they have to say.
Good luck with your search!
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